Westpac’s cash earnings declined 50 per cent by September and stood at $236 million against $473 million in the same period last year. Earnings, before impairment charges surged to $901m, reporting an unexpected increase in the year to September 30.

Westpac New Zealand Chief Executive George Frazis said that both half of current financial year reflected difference in growth based on prevailing conditions of the economic market. Mr. Frazis added, “It’s really been a performance of two halves for us,” he said. “In the second half we started to see some growth and momentum.”

Frazis admitted that the commercial property sector, a major revenue source for the bank, was the first economic segment that experienced recessionary waves before any other sector. However, demand in property market has started to pickup and it is speedily heading toward recovery.

Mr. Frazis said that things are turning better and the bank has been pondering upon to raise number of branches in the current calendar year.