Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Australia's Westpac annual profit slides 15%  Join our daily free Newsletter

MENAFN - AFP - 04/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) Australian banking giant Westpac Monday posted a 15 percent slump in full-year net profit, but said momentum picked up in the second half and trumpeted a strong result in a difficult environment.

The result in the 12 months to September 30 came in at Aus5.97 billion (US6.17 billion), compared to Aus6.99 billion the previous year.

Australia's second largest bank by market capitalisation said the profit slide was largely due to the tax implications of its takeover of smaller rival St George.

A one-off benefit from a tax consolidation related to the takeover pushed last year's profit higher.

While net profit was down, its cash earnings -- the bank's preferred measure which strips out volatile items -- were up five percent at Aus6.59 billion compared to the previous year, slightly above analyst expectations.

Chief executive Gail Kelly said it was "a strong result in a lower growth economic environment".

"We have strengthened our balance sheet while delivering attractive returns to shareholders and investing for future growth," she said.

"Our performance, particularly in the second half, demonstrates that we have increasing momentum across our businesses.

"Our disciplined approach to productivity has improved customer service and increased efficiency. Importantly, we continue to be the most efficient Australian bank, with an expense to income ratio down to 40.8 percent."

Kelly said the highlight was the strong performance of the new Australian Financial Services division, which includes the Australian retail banking, business banking and wealth operations.

Cash earnings from that arm were higher than the previous year, up 14 percent to Aus2.1 billion as deposits and loans grew.


 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help