St George credits initiatives for improved momentum
(5 May 2011 – Australia) St George Bank reported first-half cash earnings of A$582 million, up 23 percent from the 2010 first-half result.
A substantial improvement in asset quality was a feature of the result with impairment charges falling A$155 million or 47 percent over the first half of 2010.
The bank said in a statement this decline was due to a significant decrease in collectively assessed charges, particularly in the business portfolio, following improved asset quality.
St George chief executive Rob Chapman said recent initiatives to improve lending growth had gained traction.
"Over the past twelve months, St George has undergone significant change which has brought our business back to its regional roots.
"We’ve introduced targeted initiatives to drive growth, including enhanced customer offers, improved sales processes and competitive lending policies. These initiatives have delivered good momentum to our lending pipeline."
Mr Chapman also said home lending approvals in March were considerably higher than in February, while the diversified business lending pipeline improved 38 percent in the same period.
The bank sales of wealth management and insurance products had increased measurably and over customer numbers had grown strongly during the first half.
Operating expenses were managed, up 1 percent compared to the second half of 2010.
Home lending was up 3 percent on first half 2010, credit cards and personal loans were up 9 percent for the same period.
The bank said in a statement this decline was due to a significant decrease in collectively assessed charges, particularly in the business portfolio, following improved asset quality.
St George chief executive Rob Chapman said recent initiatives to improve lending growth had gained traction.
"Over the past twelve months, St George has undergone significant change which has brought our business back to its regional roots.
"We’ve introduced targeted initiatives to drive growth, including enhanced customer offers, improved sales processes and competitive lending policies. These initiatives have delivered good momentum to our lending pipeline."
Mr Chapman also said home lending approvals in March were considerably higher than in February, while the diversified business lending pipeline improved 38 percent in the same period.
The bank sales of wealth management and insurance products had increased measurably and over customer numbers had grown strongly during the first half.
Operating expenses were managed, up 1 percent compared to the second half of 2010.
Home lending was up 3 percent on first half 2010, credit cards and personal loans were up 9 percent for the same period.
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