Westpac gets growth engine restarted
(9 May 2006 – Australia) Westpac has posted an interim profit of A$1.47 billion, an increase of 17 percent on the previous year.
The bank said growth momentum returned over the first half of the year with revenues increasing 10 percent.
The result was built on the strong performance of Westpac’s consumer and business banking divisions, which delivered a 12 percent increase over the half to A$842 million.
The bank’s wealth management business BT Financial Group grew earnings by 20 percent to A$165 million.
However, the institutional business was impacted by New Zealand’s struggling economy, which caused a slowing of structured finance deals.
The New Zealand business delivered a four percent cash earnings increase to A$210 million.
The result was built on the strong performance of Westpac’s consumer and business banking divisions, which delivered a 12 percent increase over the half to A$842 million.
The bank’s wealth management business BT Financial Group grew earnings by 20 percent to A$165 million.
However, the institutional business was impacted by New Zealand’s struggling economy, which caused a slowing of structured finance deals.
The New Zealand business delivered a four percent cash earnings increase to A$210 million.
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