Westpac’s profit growth of 35% simply beggars belief. The bank quarterly profit grew from $197 million in the December quarter 2012 to $266 million.
Westpac have partially attributed their success to less loan losses (in the September 2012 quarter they had greater losses than any other NZ bank).
Westpac, which is both New Zealand and Australia’s second largest bank, is currently looking to step up its operations in throughout Asia as trade relations expand.
To put things in perspective, this quarterly profit is over $40 million higher than New Zealand’s combined aid for the Cook Islands, Fiji, Kiribati, Nauru, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, Vanuatu, Tokelau, Niue, Afghanistan, Indonesia and Timor Leste for the 2013-2014 financial year (which comes to $212 million).