(4 November 2009 – Australia) Westpac announced their pro-forma net profit after tax was down 11 percent from A$3.85 billion from the previous year.Net profit for the bank was A$3.44 billion, down 11 percent, and the pro forma cash earnings were also down by 8 percent to A$4.62 billion.
Gail Kelly, chief executive officer, Westpac said that the group had achieved sound financial performance in what has been a very challenging year for banks around the world.
Mrs Kelly highlighted that she believed the bank had remained strong in uncertain times by being well capitalised, well funded and well provisioned.
The group’s Tier one capital increased over the period from 7.8 percent to 8.1 percent, above the group’s target range.
Expense growth moderated over the year to 5 percent, due to the scale of benefits from the St George merger and implementation of efficiency initiatives.
The bank is nearing the first anniversary of the merger between Westpac and St George.
Mrs Kelly said that the bank is pleased that customer numbers have grown for both Westpac and St George since the merger, reflecting the strength of the multi brand strategy.