Reuters logo
Australia's Westpac posts record FY cash profit as H2 rises 9 pct
November 4, 2012 / 9:21 PM / in 5 years

Australia's Westpac posts record FY cash profit as H2 rises 9 pct

SYDNEY, Nov 5 (Reuters) - Westpac Banking Corp, Australia’s third-largest lender by assets, reported a 9 percent rise in second-half cash profit, beating expectations on tight costs and said it had improved its balance sheet even as bad debts rose.

Westpac, Australia’s second-largest mortgage lender, said second-half net profit came in at A$3.4 billion ($3.5 billion)compared with A$3.1 billion a year ago and A$3.24 billion expected by analysts. That took its full-year cash earnings to A$6.6 billion, marking the third consecutive year of record profit.

Australia’s top four banks, which posted a combined record annual net profit of about $25 billion in 2011/12, are facing their slowest profit growth in three years and bad debt provisions are seen rising hurt by a cooling economy. ($1 = 0.9645 Australian dollars) (Reporting by Narayanan Somasundaram; Editing by Richard Pullin and John Mair)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below