Westpac expects total system Aussie credit demand 'to improve'

Westpac thinks mortgages are likely to keep going at a solid rate and hopes business investment will return.

Westpac believes total system Aussie credit demand will get better, with mortgages likely to remain solid and business investment hopefully returning.

It made the prediction after reporting cash earnings of $2,983 million for the half year ending March 31st, 30 per cent higher than last time out.

The bank – which offers a range of ANZ credit cards – also recorded a statutory net profit after tax of $2,875 million, a rise of 32 per cent.

Westpac chief executive officer Gail Kelly said the organisation's results marked an improvement for the overall Australian economy and a good momentum across all companies.

She added: "It is very clear that the Westpac Group is emerging from the global financial crisis in a stronger position and with a sustainable platform for growth."

The Bank of Queensland – which offers a range of savings accounts - recently stated it had made a cash net profit after tax of $97.2 million for the first half of 2009/10.

By Nate Sawyer