St George 2005 profit up 15.5 percent
(31 October 2005 – Australia) Australia’s fifth largest bank, St George, has posted a record profit after tax of A$828 million for the year to 30 September 2005, up 15.5 percent on the previous year.
Earnings per share growth beat the 11 percent adjusted target, coming in at 12.1 percent.
St George managing director Gail Kelly said the result was "very pleasing" and praised bank staff for constantly delivering.
"It is noteworthy that our profit number of A$828 million is almost three times what it was five years ago," she said.
"As a result of significant investment in the group over the past few years, we have strong momentum going into 2006 and expect to continue our pattern of high single digit percentage revenue growth and low single digit percentage cost growth," Kelly said.
The bank grew its commercial lending by 17.4 percent to A$20.4 billion with middle market lending receivables growing by 20 percent.
Residential lending grew 13 percent over the year to A$56.3 billion. Managed funds grew 31.5 percent to A$32.6 billion.
St George reduced its cost to income ratio from 47.5 percent to 45.5 percent in 2005.
St George managing director Gail Kelly said the result was "very pleasing" and praised bank staff for constantly delivering.
"It is noteworthy that our profit number of A$828 million is almost three times what it was five years ago," she said.
"As a result of significant investment in the group over the past few years, we have strong momentum going into 2006 and expect to continue our pattern of high single digit percentage revenue growth and low single digit percentage cost growth," Kelly said.
The bank grew its commercial lending by 17.4 percent to A$20.4 billion with middle market lending receivables growing by 20 percent.
Residential lending grew 13 percent over the year to A$56.3 billion. Managed funds grew 31.5 percent to A$32.6 billion.
St George reduced its cost to income ratio from 47.5 percent to 45.5 percent in 2005.
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