Westpac New Zealand’s (NZX:WBC) profits rise 12%

Follow us on Google News:
 Westpac New Zealand’s (NZX:WBC) profits rise 12%
Image source: © Wisconsinart | Megapixl.com


  • Westpac announced its FY22 results today (7 November).
  • It is the second big bank after ANZ to announce profits.

Westpac New Zealand (NZX:WBC), announced its full-year results today (7 November 2022). The bank made an annual profit after tax of NZ$1.05 billion, which signifies an increase of 12% over the previous year.

Westpac NZ chief executive Catherine McGrath said that the sale of the life insurance business added  NZ$126 million to the bank’s financial result.

As per the announcement, the company’s net operating income rose 10% to NZ $2.70 billion, while expenses were up 2% to NZ$1.158 billion. The  margin of the bank was flat at 2%.

Westpac New Zealand registered a lending growth as per the announcement, with a rise of 5% to N$96.8 billion, with home lending up 5% to NZ$63.8 billion. Business lending was up 4%, and deposits rose by 3%.

The bank also reported a net impairment benefit of NZ$27million, compared with NZ$84million in the previous financial year (FY21).

McGrath said that Westpac was extending support to customers who were experiencing big mortgage rate increases.

McGrath added that the bank also increased its branch hours and opened a new contact centre at the regional level in Hamilton and extended help to customers who need special care.

Special developments in Westpac NZ

Westpac New Zealand Limited (WNZL) conducted two reviews as per the Reserve Bank of New Zealand guidelines.  The reviews were with regard to risk governance and liquidity  (the Risk Governance Review and the Liquidity Review). These reviews were undertaken by Westpac New Zealand only and not by the parent company.

 The first review was related to the effectiveness of WNZL’s governance, with a focus on the board. The second review was related to WNZL’s effectiveness in improving liquidity risk management. It was done by Deloitte Touche Tohmatsu.

Westpac Australia

Westpac Banking Corporation, the parent company based out of Australia, made a net profit after tax of AU$ 5.69 billion in FY22, signifying a 4% rise over the previous comparable period.

However, the cash earnings of the parent company fell by 1% to AU$5.27 billion. 

Strategic priorities and outlook for FY22

Peter King, Group CEO, spelled out the strategic priorities before the group by saying that the bank seeks to improve customer services in Australia and New Zealand. He added that the bank hopes to focus on performance by simplifying its processes.

He said in an environment of economic uncertainty, Westpac is in a good position to handle the road ahead.

Stock update

On 7 November 2022, the bank’s stock was trading down by 2.33% at NZ$ 25.61, at the time of writing this article.


The content on this website, including, but not limited to, any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (“Content”) is a service provided by Kalkine Media New Zealand Limited (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide financial advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests users seek financial advice from a financial advice provider, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all liability to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without any express or implied warranties of any kind. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit a source wherever it is indicated or is found to be necessary or desirable.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK