Australia's Westpac Banking lifts September year net profit 12.4 percent |
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Wed, 31 Oct 2007 23:28
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SYDNEY (Thomson Financial) - Australia's fourth largest bank Westpac Banking Corp Ltd reported Thursday a 12.4 percent rise in annual net profit to 3.451 million Australian dollars.Westpac said its cash earnings rose 14 percent to 3.507 billion dollars.The bank declared a final dividend of 69 Australian cents, taking the annual payout to 1.31 dollars, up 3 percent on the previous year's payout.The result was just above market expectations for a cash net profit of 3.442 billion dollars.Westpac chief executive David Morgan said the bank had delivered a strong and sustainable result.Morgan, who will soon retire to make way for former St George Bank Ltd chief executive Gail Kelly, said all of Westpac's units were showing good operational momentum going into fiscal 2008.'Looking ahead, the economic environment remains broadly supportive,' he said.'The Australian economy is expected to remain robust, underpinned by continuing strong demand, both domestically and internationally, and historically low unemployment.'As a result, demand for credit is expected to remain high with solid housing growth and continuing robust business investment.'(1 US dollar = 1.07 Australian dollars)bruce.hextall@thomson.com-bhx/ngCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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OUTLOOK - Australia's Westpac to report 12 pct increase in FY net cash profit 