Westpac Sees 189% YoY Jump in Statutory Net Profit in First Half of 2021

Westpac Group, an Australian bank and financial services provider, today announced its financial results for the first half of 2021, showing a significant increase in statutory net profit on a YoY basis.

More specifically, the bank registered a statutory net profit of $3,443m, up 189% compared to a year ago. Cash earnings reached $3,537m, up 256% compared to first half 2020. Cash EPS came in at 97 cents, more than tripled compared to the previous year. ROE amounted to 10.2%, up from 2.9%. In terms of CET1 capital ratio, that number is 12.34%, up 153 bps compared to the same period in 2020.

Westpac Group CEO, Peter King, commented: “It has been a promising start to the year with increased cash earnings, growth in mortgages and continued balance sheet strength. First half earnings were considerably higher than the prior corresponding period, mainly due to an impairment benefit reflecting improved asset quality and a better economic outlook. ”

As Fazzaco reported today, Westpac announced that David McLean​, currently served as Chief Executive Officer of Westpac New Zealand Limited, will be retiring after spending over 20 years with the Group. He will remain in the role until 25 June.