Westpac, now Australia’s largest
bank by market capitalisation, has announced cash earnings of A$2.3
billion ($1.74 billion) and net profit of A$2.18 billion for the
six months to 31 March, down 6 percent and 1 percent year-on-year
respectively.

Cash earnings at Westpac’s retail and
business banking division rose by 17 percent year-on-year to A$990
million, but fell by 7 percent at the newly acquired St George
retail and business unit. Impairment charges were relatively flat
at both businesses.

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Westpac also said it had made “significant
progress” in implementing its local market model within its retail
banking division, which gives local managers more responsibility
and autonomy.

The bank added that it now had a
“sector-leading” retail cross-sell ratio of 2.36 products per
customer.

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