Westpac interim profit up eight percent
(6 May 2005 – Australia) Westpac has posted an interim operating profit after tax of A$1.33 billion, an eight percent increase on the corresponding period a year earlier.
The bank’s retail business delivered a 17 percent rise on the previous year while business lending grew 10 percent.
Westpac’s Institutional bank grew its cash earnings by 23 percent, boosted by a strong financial markets performance.
Wealth management arm BT was a star performer, growing its earnings by 33 percent.
Westpac chief executive David Morgan said the bank was focussed on achieving disciplined, long term profitable growth rather than growth for growth’s sake.
"The foundations are in place to further drive up revenues and productivity improvements while simplifying how we do business with our customers," he said.
"Our revenue growth and expense control remain strong and credit quality is first class. The result shows that Westpac has the resilience and flexibility to meet the competitive and trading challenges as they arise," Morgan said.
He said the bank expected to deliver full year earnings growth at the upper end of the major banks.
Westpac’s Institutional bank grew its cash earnings by 23 percent, boosted by a strong financial markets performance.
Wealth management arm BT was a star performer, growing its earnings by 33 percent.
Westpac chief executive David Morgan said the bank was focussed on achieving disciplined, long term profitable growth rather than growth for growth’s sake.
"The foundations are in place to further drive up revenues and productivity improvements while simplifying how we do business with our customers," he said.
"Our revenue growth and expense control remain strong and credit quality is first class. The result shows that Westpac has the resilience and flexibility to meet the competitive and trading challenges as they arise," Morgan said.
He said the bank expected to deliver full year earnings growth at the upper end of the major banks.
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