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Middle markets star again for St George

Middle markets star again for St George

(31 October 2007 – Australia) In a year in which St George lost its chief executive Gail Kelly to Westpac, the bank has delivered another strong full year profit with its middle market business again making a major contribution. The bank posted a A$1.16 billion cash profit after tax for the full year to 30 September, up 13.1 percent on the previous year.

Earnings per share growth of 11.8 percent meant St George hit the upper end of its market forecast of 11 to 12 percent.

Acting chief executive officer Paul Fegan said the result was underpinned by strong revenue growth across all business lines, outstanding credit quality and cost control.

Receivables in the middle business market grew 26.5 percent to A$24.1 billion over the fiscal year in spite of the flat NSW economy and property market.

The bank said customer loyalty and satisfaction in the business markets continued to be key differentiators for St George.

Managed funds grew by 26.7 percent to A$49.7 billion; retail deposits were up 10.9 percent to A$47.8 billion; and home loans grew 10.4 percent to A$69.2 billion.

St George said it was targeting 10 percent EPS growth in 2008.
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