Westpac Institutional Bank yesterday reported a spectacular increase in cash earnings, from $361 in 2008/09 to $1.5 billion in the year to September. Most of the gain came from a reduction in impairments. Core earnings for the division were 10 per cent over the full year and fell 12 per cent in the second half.The loan book contracted 18 per cent, as corporate deleveraging continued, resulting in a one per cent fall in the division's net interest income. Revenue growth came from non-interest income. One part of the business that achieved higher fees was equity sales, which benefited from better equity market conditions.