Westpac Banking Corporation Ltd has shrugged off higher costs from the credit crunch to post a solid rise in first half profit, as demand for credit from business and retail customers remained buoyant. Australia's third largest bank reported a 34 per cent increase in net profit, including significant items, such as the spin off of its wealth management business, to $2.202 billion. Cash net profit, which strips out one-offs, rose ten per cent to $1.839 billion, which was ahead of the consensus analysts forecast of $1.815 billion. (MORE to come)