Westpac reports 22% jump in profits over six-months to $4bn on back of interest rate hikes

The result, which is above market expectations, cashes in on gap between interest collected on loans and interest paid to fund them

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Westpac has reported a 22% surge in six-month net profit to $4bn, after using a string of interest rate hikes to increase its margins.

The retail bank, like its big four counterparts, has been raising borrowing costs at a faster pace than deposits and banking the difference. On Monday, it reported strong profitability metrics, with its margins and return-on-equity both enjoying a healthy rise.

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