Why the Westpac (ASX:WBC) share price just hit a 52-week high

Although it is on course to end the day lower, at one stage today the Westpac Banking Corp (ASX: WBC) share price was pushing higher.

In fact, the banking giant’s shares were pushing so high they climbed to a 52-week high of $25.28.

Why is the Westpac share price at a 52-week high?

Investors have been scrambling to buy Westpac shares since the release of its first quarter update last month. And it isn’t hard to see why.

For the three months ended 31 December, Australia’s oldest bank reported a $1.97 billion first quarter cash profit. This was more than double the quarterly average cash earnings of $808 million it recorded during the second half of FY 2020.

Even when adjusting for notable items, Westpac’s growth was…