Economy

Results in: Will the Westpac Banking Corp share price jump higher

Results in: Will the Westpac Banking Corp share price jump higher

Cash earnings from Westpac's consumer bank were up five per cent for the six months to March 31 at $1.511 billion as total loans grew six per cent and deposits by seven per cent.

The New Zealand housing market is cooling faster than expected and could take some pressure off bank funding costs, says Westpac NZ chief executive David McLean.

Lending growth of 7%, including home lending growth of 6% and business lending growth of 8%, were supported by Term Deposit growth of 11% with overall deposit3 growth of 3%.

"This is a solid result given the current complex operating environment", CEO Brian Hartzer said.

"We are seeing growth in positive sentiment and market share in key segments".

Kipchoge narrowly misses two-hour marathon attempt
To get an idea of the pace required, go down to your local athletics track and try to run half a lap, or 200m, in 34 seconds. Nike said the track surface had ideal temperature (54C or 129F average), wind (2.6mph) and altitude (600ft above sea level).

Westpac's New Zealand division contributed A$435 million to the group's cash earnings of A$4.02 billion, up 3 percent from a year earlier.

The bank was "actively responding to new digital opportunities" it said in its investor presentation today, backing various innovation accelerators, including its internal Hotbox program, fintech space Stone & Chalk and distributed ledger group R3.

"In the past six months we've improved our self-serve offerings". The average balance is up from $5800 in December 2012 to $11,400 in December 2016.

WBC Institutional Bank, which contributed almost 17% to the group's cash earnings, experienced a 34% jump in income compared to the year-ago half as the credit quality of its customers improved, customer transactions increased and markets-business delivered a strong performance.

Cash earnings per share also rose 1% from the prior corresponding period to 119.8 cents per share.

Vin Diesel remembers Paul Walker at #MTVAwards
During the acceptance speech, Vin Diesel remembered the first time he and Walker took the stage together, 15 years earlier. It truly speaks to the best of a generation, and deserves this kind of recognition.

The Australian group's board declared a fully-franked interim dividend of 94 Australian cents per share to be paid on July 4 and unchanged from a year earlier.

The result came after ANZ posted a A$3.4b profit last week and National Australia Bank, owner of BNZ, announced a A$3.29b profit a few days later.

Investment continues in mortgage broker disruptor Uno and cloud claiming and payments platform Lantern Pay, and the bank has committed $100m to independent venture capital fund Reinventure which allowed it to "gain insights into emerging fintech business models".

"The benefits of our strategy are also clear in this result".

"We saw growth in targeted market sectors, including Auckland and millennials, and it is good to see a continuing recovery for many of our dairy farming customers, which is reflected in our significantly improved impairment position".

Ex-Obama aide: Obama warned Trump against hiring retired general Flynn
White House officials rejected the notion they tried to throw up a roadblock to her appearance before members of Congress. The relationship between Yates and the White House is further complicated by the circumstances surrounding her firing.


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