Australia's Westpac H1 profit up 10 percent

MELBOURNE, May 1 (Reuters) - Westpac Banking Corp (WBC.AX: Quote, Profile, Research), Australia's fourth-biggest lender, said on Thursday first-half cash profit rose 10 percent, driven by growth in loans and wealth management.

Westpac reported cash profit of A$1.839 billion ($1.73 billion) for the six months to March, up from A$1.678 billion a year earlier.

Six analysts on average expected cash profit of A$1.844 billion, according to a Reuters poll.

This is Westpac's first set of results under its new chief executive, Gail Kelly, who was poached from smaller rival St George Bank Ltd (SGB.AX: Quote, Profile, Research) just as Australia's banks started facing higher funding costs and growing problem loans.

Westpac shares have fallen 12 percent so far this year, outperforming a 20 percent fall in the financials index . ($1=A$1.06) (Reporting by Sonali Paul; Editing by Louise Heavens)