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AUSTRALIA'S ST GEORGE BANK POSTS 14 PCT RISE IN H1 NET PROFIT.
SYDNEY, May 1 Asia Pulse - St George Bank Ltd (ASX:SGB) has posted a 14 per cent lift in first half earnings and increased its guidance for the full year.
Australia's fifth largest bank said earnings per share (EPS) growth for the full year would now be between 11 to 12 per cent, up from its earlier forecast of 10 per cent.
The bank's net profit rose 13.9 per cent to $A572 million ($US474.1 million) in the three months ended March 31, after preference dividends, from $502 million in the same period last year.
But its normalised cash net profit, which is before hedging and significant items and after deducting preference dividends, was $568 million, up 14.7 per cent.
That was slightly better than the market consensus for a cash net profit of $566 million.
St George said its first half performance on a cash basis represented EPS growth of 13.6 per cent.
Managing director Gail Kelly said the result reflected an excellent contribution from all of the bank's divisions.
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Source: HighBeam Research, AUSTRALIA'S ST GEORGE BANK POSTS 14 PCT RISE IN H1 NET PROFIT.