Westpac chief executive Peter Clare is confident that the bank’s record profits can continue after a 9% increase on last year brought profit to $770 million.
Rising profits have been attributed to a sharp reduction in bad debts (from $191 million to $117 million). Customer deposits rose 11% to $46.6 billion, outpacing overall lending growth of 4% to $61.6 billion.
The Westpac Union Council has met with the bank and presented the findings of our members’ targets survey.
A key theme in the survey is that staffing levels in the bank are at a crisis – with increased workloads, unpaid overtime and inability to achieve targets.
The other theme is targets themselves with the majority of respondents stating that they were not achieving target levels – with feedback reporting that aspects like where branches are located, customer base, demographics and local socio economic factors are at play here.
Two NZ banks, Wespac and ASB, are using people’s internet browsing history as a tool to try and sell them more products and services. This means customers who access information on certain products of the banks’ websites will find those products being marketed to them next time they log in or drop into a branch.