Westpac has tipped the country's housing market to cool but not crash as it unveiled an $4.017 billion cash profit for the first half of the financial year.

The profit result was up 3 per cent of the year in line with the 3 per cent lift in revenue $10.77 billion.

"This is a solid result given the current complex operating environment," Westpac chief executive Brian Harrtzer said.

"We have been disciplined in balancing growth and returns with cash earnings up 3 per ent over both the previous half and the same period last year."