An article from The Adviser reports Westpac has followed in ANZ’s footsteps, announcing a strong net profit for the first half of the 2011 financial year.

ANZ recorded a 38 per cent increase in its first half year profits to 2.64 billion. Similarly, Westpac also announced a 38 per cent increase in statutory net profit to 3.96 billion.

Speaking about the group results, Westpac chief executive Gail Kelly said the bank had materially benefited from the St George merger.

“This healthy result reflects building momentum across the business with strong financial disciplines. All divisions delivered improved financial results over second half of 2010, something we’ve not seen since before the GFC. The performance of Westpac retail and business banking was particularly strong with the benefits of our Westpac local investment clearly emerging,” she said.

With this announcement I find it difficult to work out why the banks had to put up home loan interest rates above the reserve bank increases.

All the banks state they are customer focused, but are they?

If they do focus on customers it appears as if it is secondary to profits.   

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