According to Westpac New Zealand’s half-year financial reports, the bank’s after-tax net profits totalled $477 million, with an 8% decrease in pre-provision profit. The net profit statistics are higher than the $428 million from the last period, which covered the six months ending in September 2023, and represent the period ending at the end of March. A representative for the Australian bank stated that it represented “higher impairment provisions in the prior period which included an overlay for the financial impacts of severe weather following Cyclone Gabrielle, which has since been removed.”

“Net operating income was 1% greater than in the previous similar period, but rising costs from ongoing investments in personnel and technology as well as various inflationary pressures more than offset this. The bank’s chief executive Catherine McGrath said a “sluggish economy, weakness among key trading partners such as China and a tense geopolitical environment are all contributing to uncertainty across the economy”.

“The dominant narrative right now is that economic weakness and tight financial conditions are weighing heavily on households and businesses,” she said.

“However, our economists see the current economic headwinds easing this year and a slow recovery taking hold, with subdued growth across the rest of this year and 2.4% GDP growth in 2025.”
She went on to say: “Despite the recession, we’re backing customers’ growth aspirations.”We have helped first-time homebuyers buy 3,101 properties in the last six months, which is a 14% rise from the previous equivalent period. To assist them on their journey, we have a wide choice of options available in the market.”In an effort to help companies and the economy flourish, we have increased household lending by 3% and business lending by 1%.

“We’re heading into the second half of the year with good momentum and are well positioned to support further growth as the economy recovers.”

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