Westpac reports 10% profit growth, partially thanks to popularity of floating interest rates
Westpac New Zealand's profits are continuing to rise, as it makes more money from existing customers, rather than materially growing its business.
The Australian-owned bank's New Zealand division reported a net profit of $525 million in the six months to March – a 10% rise from the same period
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RNZ News
10 minutes ago
- RNZ News
Midday Report Essentials for Thursday 21st August 2025
money economy 7 minutes ago In today's episode, the Reserve Bank cut the Official Cash Rate by 25 basis points on Wednesday, as expected; Plane spotters lined the streets of outside Whenuapai air base last night to watch the United States Air Force's largest plane touch down; One hundred and forty two jobs could be about to go in Nelson, with the planned closure of the Eves Valley Sawmill.
1News
an hour ago
- 1News
SkyCity share trading suspended at its own request
Casino operator SkyCity Entertainment has confirmed it is considering raising new capital forcing a halt in the trading of its shares. The company said it was aware of media reports that it was looking to raise more than $200 million to reinforce its finances. The Australian outlet speculated that SkyCity would be looking to investment firms to buy shares as it faces soft earnings, high debt levels, and continued issues with regulators about the operation of its casinos. "SkyCity... is not presently in a position to make an announcement regarding the capital raise, as no final decision has been made to proceed and the final details are still being determined," it said in a statement to NZX. It said the trading halt was necessary as it finalised any potential capital raise and its annual earnings, which are due to be reported on Thursday morning. ADVERTISEMENT It said, if a capital raise did go ahead, it would need to extend the trading halt until the offer was completed. Last week, an independent South Australian inquiry cleared SkyCity as fit to hold the licence to operate Adelaide casino after it admitted breaches of anti-money laundering and host responsibility rules. In May, the company warned that its full year profit would be softer than originally expected because of weak consumer spending and lack of tourists.
NZ Herald
4 hours ago
- NZ Herald
BNZ lowers variable lending rates after Official Cash Rate cut
BNZ has dropped some of its variable home loan rates following the latest Reserve Bank's Official Cash Rate (OCR) cut . The OCR was cut by 25 basis points (bps) from 3.25% to 3%. BNZ said its standard variable rate would drop 15bps to 6.29% from next Wednesday . Its
