ACA targets Westpac over profit

Westpac's record $2.19 billion profit announced last week has prompted the Australian Consumers' Association to call for the bank to put “put its money where its mouth is” and meet customers' needs for affordable and accessible banking.

The ACA's Catherine Wolzhuizen says Westpac's profit result shows credit-card lending contributed to a $49 million, or 36 per cent, rise in bad and doubtful debts in consumer credit. Ms Wolzhuizen criticised the bank for “irresponsible lending practices” such as unsolicited credit card increases and card offers.

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