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WESTPAC POSTS 34PCT RISE IN NET PROFIT.
SYDNEY, May 1 Asia Pulse - Westpac Banking Corporation Ltd (ASX:WBC) has shrugged off higher costs from the credit crunch to post a solid rise in first half profit, as demand for credit from business and retail customers remained buoyant.
Australia's third largest bank reported a 34 per cent increase in net profit, including significant items, such as the spin off of its wealth management business, to $2.202 billion.
Cash net profit, which strips out one-offs, rose ten per cent to $1.839 billion, which was ahead of the consensus analysts forecast of $1.815 billion.
Profits at Westpac's consumer and business banks both rose by double digits, but profits at the institutional bank and wealth manager BT Financial Group declined in the first half.
Provisions for bad debts increased to $433 million from million, as exposure to three unnamed institutional clients significantly increased provisioning in that division.
Westpac said tight conditions in global capital markets would continue to dominate the near term outlook for the financial services sector, with higher funding costs and slower system growth expected.
"Despite these conditions, the Australian economy remains sound," Westpac said.
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Source: HighBeam Research, WESTPAC POSTS 34PCT RISE IN NET PROFIT.