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Westpac NZ profit rebounds; CEO to retire

Westpac New Zealand recorded a 98% profit increase in the six months to March and has announced the imminent retirement of its chief executive, David McLean.

Monday, May 3rd 2021, 10:37AM

The lender made a $583 million cash profit in the six months to March, it announced today.

The big four bank, which could be sold by its Australian parent group pending a strategic review, attributed its turnaround in fortunes to the strong economic recovery. 

Home loans grew by 10% year-on-year, the bank said, while customer deposits rose by 7%. The lender's net interest margin remained at 2.06%. 

Westpac was boosted by a net impairment benefit of $99 million, compared to last year's impairment charge of $211 million in the six months to March 2020.

Chief executive David McLean said the Government's successful Covid strategy had helped the lender increase profits.

"Thankfully, New Zealand has so far avoided the worst effects of the global pandemic, largely thanks to decisive leadership from the Government, and we are now cautiously optimistic.

"Westpac NZ’s balance sheet is sound and we’re well-positioned to support the economic recovery and the needs of households and businesses."

Westpac also announced that McLean would retire from his position on June 25. The CEO has been in the role since 2014. 

McLean's departure comes as Westpac Group in Australia performs a sweeping strategic review of its NZ operations. 

The group is considering a sale, spinoff, or partial sale of the Kiwi business due to forthcoming changes around bank capital requirements, which will force the big four to put more capital aside.

Analysts say Westpac NZ could be worth $10 billion to $15 billion. 

Tags: people Westpac

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.25 2.59 2.89
ANZ 4.44 2.85 3.19 3.49
ANZ Special - 2.25 2.59 2.89
ASB Bank 4.45 2.25 2.59 2.89
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▼2.25 ▼2.55 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼2.85 ▼3.15 3.39
BNZ - TotalMoney 4.55 - - -
Lender Flt 1yr 2yr 3yr
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.40 3.50 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 ▼3.40 ▲3.64
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 ▼2.55 ▲2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.79 2.99 3.29
SBS Bank Special - 2.29 2.49 2.79
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 ▼2.25 2.59 2.79
The Co-operative Bank - Standard 4.40 ▼2.75 3.09 3.29
TSB Bank 5.34 3.05 3.29 ▲3.59
TSB Special 4.54 2.25 2.49 ▲2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 ▼2.85 3.19 3.49
Westpac - Offset 4.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - ▼2.25 2.59 2.89
Median 4.55 2.71 2.99 2.89

Last updated: 6 May 2021 10:51am

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