Westpac profit up as home loans grow; Premier Investments to repay $15.6m in JobKeeper – ABC News
Westpac’s profit has rebounded after being hit by COVID-19, as the bank grows its home loan book.
The bank reported a 189 per cent increase in first-half net profit, to $3.4 billion.
Cash earnings more than tripled, to $3.5 billion, ahead of forecasts.
The bank’s home loan book increased by $2.6 billion in the six-month period, driven by owner-occupiers, as investor lending fell.
Westpac said owner-occupier loans increased by 3 per cent, with first home buyers making up 13 per cent of new loans.