Australia-based bank Westpac has reported growth in its home loans and credit cards business, following initiatives taken to give more priority to customer deposits and loan growth.
According to Westpac, new home loan approvals rose by 30% in 2013, driven partly by stronger property market and cheap credit.
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Westpac Australian financial services CEO, Brian Hartzer, was quoted by The Sydney Morning Herald as saying that conditions continued to improve in retail banking, and the bank remained optimistic about stronger credit growth in 2014.
"Last year we were in a low growth environment with falling interest rates, and we set our approach very much around managing the balance sheet and managing our margin.
"We now think we are in a different mindset so we are beginning to ramp up our efforts on growing in mortgages," Hartzer added.
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