32 percent first half profit gains for Westpac
(6 May 2010 – Australia) Westpac increased first half net profit 32 percent as Australia's second biggest bank benefited from a stronger economy and lower bad debts.
Net profit rose to $2.875 billion for the six months to 31 March from $2.175 billion in the prior corresponding period the bank said in a statement.
Cash earnings gained 30 percent to $2.983 billion and the bank declared a fully franked interim dividend of 65 cents per share, compared with the 56 cents paid a year earlier.
Westpac’s CEO, Gail Kelly, said that the bank had been able to extend its share in the Australian home loan market by two percentage points to 27 percent, as it grew its home lending by $43 billion.
The bank also grew customer deposits, increasing its Australian market share to 24 percent.
The growth in Westpac’s home loan lending was equivalent to 1.6 times system growth while the household deposits growth was equivalent to 1.3 times system.
Westpac said impairment charges had been reduced by $732 million to be $879 million for the half.
Total provisions for impairments on loans and credit commitments came to $5.273 billion, compared with $4.734 billion six months earlier.
Cash earnings gained 30 percent to $2.983 billion and the bank declared a fully franked interim dividend of 65 cents per share, compared with the 56 cents paid a year earlier.
Westpac’s CEO, Gail Kelly, said that the bank had been able to extend its share in the Australian home loan market by two percentage points to 27 percent, as it grew its home lending by $43 billion.
The bank also grew customer deposits, increasing its Australian market share to 24 percent.
The growth in Westpac’s home loan lending was equivalent to 1.6 times system growth while the household deposits growth was equivalent to 1.3 times system.
Westpac said impairment charges had been reduced by $732 million to be $879 million for the half.
Total provisions for impairments on loans and credit commitments came to $5.273 billion, compared with $4.734 billion six months earlier.
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