Banking News

1% increase ‘sound’ - Gail Kelly

(3 May 2012 – Australia) Westpac (WBC) has recorded a 1 percent rise in cash earnings for the six months to March 31 to post a profit of A$3.19 billion, which Gail Kelly, Westpac’s CEO has described as ‘sound’ in the challenging banking environment. WBC’s operating income rose 5 percent but expenses increased at a sharp 4 percent compared with the same six month period last year.

Westpac announced a fully franked interim dividend of 82c a share, up 3 percent on the prior half.

In a statement to the Australian Securities Exchange, Mrs Kelly said the bank continued to strengthen its position "with increased capital, an improved funding profile and excellent asset quality".