St George growth on track
(30 May 2005 – Australia) St George Bank is on track to meet its earnings forecasts with business lending a key driver for the continued growth of Australia’s fifth largest commercial bank.
Speaking at a shareholder briefing, St George chairman John Thame said the bank would deliver 11 percent earnings per share growth in 2005 and also reach double digits the following year.
"The year ahead is expected to bring a small lift in growth as the housing sector and consumer spending level out," he said.
Thame said housing credit growth would be in the area of 12 percent for the year ending September 2005, which would be less than previous years.
However, he said St George’s business lending remained positive and that the bank’s key differentiators meant it was well positioned to deal with increased competition.
St George chief executive Gail Kelly said the bank’s middle market and wealth management businesses would grow above industry average.
"The year ahead is expected to bring a small lift in growth as the housing sector and consumer spending level out," he said.
Thame said housing credit growth would be in the area of 12 percent for the year ending September 2005, which would be less than previous years.
However, he said St George’s business lending remained positive and that the bank’s key differentiators meant it was well positioned to deal with increased competition.
St George chief executive Gail Kelly said the bank’s middle market and wealth management businesses would grow above industry average.
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