Westpac's (ASX:WBC) first quarter net profit hits $1.7b

Company News

by Rachael Jones

Westpac (ASX:WBC) reported a first-quarter unaudited statutory net profit $1.70 billion compared to a second-half 2020 quarterly average of $550 million.

First-quarter unaudited cash earnings are at $1.97 billion, up on the 2H20 quarterly average of $808 million - 54 per cent higher excluding notable items.

Westpac Group CEO, Peter King is optimistic. He says “The economy is recovering, consumer and business confidence is strong, and the labour market has been much more resilient than expected”.

Shares in Westpac (ASX:WBC) are trading 5.38 per cent higher at $23.72