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WESTPAC BANKING CORP POSTS 12.4PCT RISE IN YEAR NET PROFIT.
SYDNEY, Nov 1 Asia Pulse - Australia's Westpac Banking Corp (ASX:WBC) has reported a 12.4 per cent rise in annual profit and says that demand for credit will remain high amid ongoing robust economic conditions.
Australia's fourth-largest bank said it will continue to deliver strong results and that it is well-placed to respond to the challenges posed by a global credit market crunch that has resulted in higher borrowing costs.
Westpac's bottom line net profit rose 12.4 per cent to a record $A3.451 billion ($US3.22 billion) for the year ended September 30.
Cash earnings rose 14 per cent to a record $3.507 billion.
Westpac chief executive David Morgan said the bank had delivered a strong and sustainable result.
"This is a high quality result, led by revenue increasing 11 per cent, the highest for many years," he said.
Dr Morgan, who is leaving the bank soon to make way for former St George Bank Ltd chief Gail Kelly, said all of Westpac's units are showing good momentum going into fiscal 2008.
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Source: HighBeam Research, WESTPAC BANKING CORP POSTS 12.4PCT RISE IN YEAR NET PROFIT.