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Westpac this morning delivered a “robust” net profit for the six months ending 31 March 2008 of $2,202 million – an increase of 34 per cent from the interim 2007 result.
Chief executive Gail Kelly said the result demonstrated that the bank was managing current market volatility well.
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Contributing to the performance was Westpac’s strong balance sheet growth. The bank attributed this to more customers directing business to the major banks.
Consumer financial services cash earnings were up 10 per cent although mortgage income was lower as the bank had not “fully passed on the increase in funding costs”.
Moving forward the bank said it expected slower loan growth, higher impairment charges, continuing market volatility and higher funding costs to persist, however it said it would be well positioned to compete strongly.
Published: 01-05-08
