Westpac grows slow and steady amid a credit lull

Westpac’s cost cutting has helped overcome a slow market for business lending. Like its peers, Westpac will be hoping things turn around soon.

After its dash for growth-by-acquisition and then its home-lending spree post-crisis, Westpac’s introspection in the past few years has paid off handsomely. There has been a sense, however, this year of a tweaking of Gail Kelly’s strategy.

With its base of strong and clean profitability, very conservative capital and funding structures and an intensifying focus on costs and productivity, Westpac has been generating solid results. The latest is no exception.

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