The boss of Westpac's New Zealand arm insists our banking market is competitive

Westpac is reporting a 10-percent increase in net profit in New Zealand, while being hit by "intense market competition" in Australia.

It comes as the bank bosses are being hauled before a banking inquiry at Parliament.

Catherine McGrath says the bank is positioned to support Kiwis as the economy starts to grow.

She says as the smallest of the big four banks, Westpac believes any way to make competition easy is a good thing.