Another big bank profit: Westpac cracks $1 billion mark

New Zealand's strong economy - as well as good deposit and lending growth - has helped boost Westpac's profit to $1.017 billion.

The Australian-owned bank said its cash earnings were up 5 per cent compared to the prior year to September.

Westpac New Zealand chief executive David McLean said a three-year focus on business transformation was delivering benefits for the bank, its customers and communities.

"This project involved investing money into critical parts of the business to simplify the banking experience, streamline dated processes, and improve services and fees for our customers."

Westpac's profit follows ANZ last week reporting a near $2b profit and BNZ also cracking through $1b in annual earnings.