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Australia's Westpac profits up 84 percent

Australia's Westpac profits up 84 percent

Westpac Banking Corp., one of Australia's "big four" banks, reported a full-year profit increase Wednesday of 84 percent, mainly due to higher cash earnings and reduced bad debt charges.
Net profit for the country's second-largest lender rose to 6.35 billion Australian dollars ($6.34 billion) for the year ending Sept. 30, compared with AU$3.45 billion the previous year.
Westpac chief executive Gail Kelly said economic activity and credit growth was likely to improve in the current fiscal year.
"Credit growth is likely to improve in 2011 with housing growth remaining around current levels and business lending expected to pick up after two years of de-leveraging," she said in a statement.
She said, however, funding costs would remain high.
Westpac increased its cash earnings by AU$1.2 billion, and more than halved its debt impairment charges to AU$1.456 million.
Westpac's profit was the highest of the big four banks, all of which posted increases. National Australia Bank surged 63 percent to U$4.22 billion, while ANZ Banking Group Ltd. posted a bumper $4.4 billion annual profit. The Commonwealth Bank of Australia, reported a net profit of $AU5.6 billion in August.


Updated : 2021-06-21 03:49 GMT+08:00