(Australia) – Australia’s fifth ranked bank, Sydney based St George, has announced a 5.4 percent profit increase to A$427 million for the 12 months to September 30.St George chief executive Gail Kelly described 2002 as a “watershed” year for St George, which is now competing on a “level playing field” after restrictive takeover articles lapsed in June.
St George is predicting double-digit earnings per share growth for the next three years, and says it aims to improve its home loan division, which has lost business to other lenders over the past year.
The bank is also considering a share buy back in 2003.