Arab Today, arab today australias westpac hits record profit
Last Updated : GMT 23:41:38
Arab Today, arab today
Arab Today, arab today

Australia's Westpac hits record profit

Arab Today, arab today

Arab Today, arab today Australia's Westpac hits record profit

Westpac CEO Brian Hartze
Sydney - AFP

Australian banking giant Westpac on Monday posted a six percent rise in full-year net profit to a record Aus$8.01 billion (US$5.7 billion) with retail and business banking driving performance.

The cash profit at Australia's second largest bank, the measure more closely watched by analysts which strips out volatile items, lifted three percent to Aus$7.82 billion.

"Australian retail and business banking has been the key driver of performance," said chief executive Brian Hartzer, as Westpac joined other leading banks ANZ and NAB reporting major profits.

"All divisions continued to grow their businesses and are in good shape," he said.

However, despite strong loan figures, "market headwinds" saw a softer performance in wealth and institutional businesses,
Westpac reported the same figures in full year preliminary results in mid-October, when it announced a $3.5 billion equity raising to meet tougher regulations on reserves as a buffer against mortgage risks.

Ric Spooner, chief market analyst for CMC Markets, said the profit result held "few surprises".

"The potential for slower growth in housing lending will be a negative for banks," he said.

"The chances are that difficult trading conditions which were a drag on institutional banking profits in the last half will be a temporary phenomenon providing potential to recover in this area during the current year."

Westpac shares dropped 2.45 percent to Aus$30.61 as the overall ASX 200 market lost 1.41 percent.

The bank has raised $6 billion of new capital this year, which, Hartzer said, puts it in the top quartile of banks globally.

ANZ on Thursday reported annual net profit of a record $7.5 billion, while fellow banking giant NAB lifted annual net profits 19.7 percent to $6.34 billion.

Australia's biggest lender, the Commonwealth, announced a five percent rise in annual net profit to another record $9.06 billion in August.

Despite the hefty profits, markets have been slightly disappointed by the figures which saw net interest margins slip.

arabstoday
arabstoday

GMT 18:53 2017 Wednesday ,20 September

Dollar exchange rate stable at major banks

GMT 21:04 2017 Monday ,18 September

Dollar exchange rate stable at major banks

GMT 19:07 2017 Monday ,18 September

Inflation slump to hit in early 2018: ECB

GMT 20:35 2017 Sunday ,17 September

Dollar exchange rate stable at major banks

GMT 05:53 2017 Saturday ,16 September

ECB fines rescued Italian bank 11.2 mln euros

GMT 11:43 2017 Tuesday ,12 September

US sues ex-Deutsche Bank exec for securities fraud
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australias westpac hits record profit Arab Today, arab today australias westpac hits record profit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australias westpac hits record profit Arab Today, arab today australias westpac hits record profit

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday