Australian banking group Westpac has reported a statutory net profit of A$3.70bn for the first half of fiscal year 2016, an increase of 3% compared to the year ago period.
For the period ended 31 March 2016, cash earnings were A$3.90bn, a marginal rise of 3% compared to the first half of fiscal year 2015.
Cash earnings at the bank’s Consumer Bank division increased 16.4% year-on-year to A$1.44bn from A$1.24bn.
BT Financial Group, the wealth management arm of the bank, posted cash earnings of A$452m, slightly down from A$453m a year ago.
The bank’s net interest income for the period stood at A$7.65bn, up 10% from a year earlier.
Total income increased 6% from the same period in 2015. Non-interest income was A$2.96bn, a fall of 4% from the first half of 2015.
Total lending increased 6% from March 2015, while customer deposits increased 5%.
The bank’s common equity Tier 1 capital ratio increased 171 basis points to 10.5% in the first half compared to a year ago.
Westpac CEO Brian Hartzer said: "The quality and value of our franchise continues to grow, with increased customer numbers, deeper customer relationships and strategic technology investments that make it easier for customers to do their banking. At the same time we have continued to focus on controlling costs and delivering sustainable returns.
"The Consumer Bank delivered strong home loan and deposit growth and well-managed margins. The Business Bank also recorded sound balance sheet growth, particularly in SME, with margins stable over the period."