AAP

Westpac investor profits up 12% in fiscal year

ONE of Australia's biggest banks, Westpac, earned investors a stand-out 12% net profit increase, or $7.6 billion, in the past fiscal year.

On Monday the bank posted its annual results with the stock exchange.

Results showed $7.6 billion in cash earnings, off the back of a slower 8% rise on last year's cash earnings results.

Key to the results were the fastest rises in customer numbers in four years and continued growth in housing credit off the back of the Reserve Bank's low cash rate.

But the banks results, which are reliant on accommodating policies on the cash banks must keep in reserve, could soon be threatened.

The Abbott government's financial system inquiry has been investigating the potential for increasing all banks reserves to help further protect the banking system, and tighten lending practices.

- APN NEWSDESK



BREAKING: Fire crews are protecting properties from fire

BREAKING: Fire crews are protecting properties from fire

Watch and Act levels have been enacted for three fires

Men face court over alleged drug syndicate

premium_icon Men face court over alleged drug syndicate

They have been accused of involvement in a prison-linked drug ring

Drone flying over bushfire grounds RFS aircraft

premium_icon Drone flying over bushfire grounds RFS aircraft

Fire-fighters disgusted by drone flyover at bushfire

Local Partners