Why the Westpac (ASX:WBC) share price jumped 13% in February

The Westpac Banking Corp (ASX: WBC) share price continued its positive run in February.

The banking giant’s shares rose an impressive 13% during the month. This compares favourably to a 1% gain by the S&P/ASX 200 Index (ASX: XJO).

This latest gain means the Westpac share price is now up a sizeable 40% over the last six months.

Why did the Westpac share price outperform in February?

Investors were buying Westpac shares last month following the release of its first quarter update.

For the three months ended 31 December, the bank posted a $1.97 billion first quarter cash profit. This was up an enormous 144% over the quarterly average cash earnings of $808 million it achieved in the second half of FY 2020.

And excluding notable…