Westpac reports record first-half profit

First half profit to March 31 hits $3.3 billion.

Westpac Banking Corporation, one of the Australian Big Four banks and the second-largest bank in New Zealand, said this figure was 11% higher than the previous corresponding period. It announced shareholders will receive a special dividend following the performance.

Cash earnings for the half rose 10% to $3.525 billion.

ANZ, however, said it would not cut its interest rate since it needed to balance the interests of shareholders, deposit holders and mortgage holders when making this decision. It said funding costs, the reason banks typically give for not passing on Reserve Bank interest rate cuts, were not decreasing.