Westpac has recently announced that their profits are up by 12 percent, putting their earnings at $1 billion dollars before the years' end.
The timing of this coincided with Jacinda Ardern's latest post-cabinet briefing, in which she said that banks had to assess their “social licence to operate” as they make record profits in a cost of living crisis.
Westpac NZ CEO Catherine McGrath defends these earnings as Westpac's profit margins have been flat.
Catherine also states that in times of economic crisis, customers are better off if their banks are well capitalised and financially resilient. This allows banks to easily step up and support their customers through hardships.
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