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Westpac has announced cash earnings of $7.1 billion dollars in 2012/2013, an increase of 8 per cent from 2011/2012.
In releasing its annual results, the bank also announced an increase of 14 per cent in statutory net profit to $6.8 billion for the year.
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Westpac Group chief executive officer Gail Kelly said the result was driven by strong performances across all areas, supported by an improvement in asset quality.
“Our balance sheet strength is sector leading, and we have continued to improve our funding profile, building further capital and maintaining our superior asset quality,” she said.
“We have built a stronger company, delivering improved services and value for customers, as well as higher returns for shareholders”.
Ms Kelly noted that improving customer service and productivity with simpler processes, including reducing the business lending cycle time by five days, had been a significant achievement for the bank.
She added that the bank is in a very strong position to capitalise on a strengthening economy.
“There is no doubt that domestically we are seeing a pick-up in consumer confidence which we expect will translate to a gradual increase in credit growth.
“The spring season is already seeing momentum accelerate, and our portfolio of brands is well positioned to benefit from this,” she said.
The Westpac result takes the collective profit for the four major banks to $27 billion for the 2012/2013 financial year.
