Arab Today, arab today australia\s westpac net profit down 25
Last Updated : GMT 01:33:02
Arab Today, arab today
Arab Today, arab today

Australia\'s Westpac net profit down 25%

Arab Today, arab today

Arab Today, arab today Australia\'s Westpac net profit down 25%

Sydney - AFP

Australian banking giant Westpac posted a 25 percent slump in first-half net profits Thursday after last year's result was boosted by tax benefits from acquiring St George Bank. The result in the six months to March 31 came in at Aus$2.97 billion (US$3.06 billion), compared with a record profit of Aus$3.96 billion in the previous corresponding period. While net profit was down at Australia's second largest bank by market capitalisation, its first-half cash earnings, which strip out volatile items, were up one percent from a year earlier at Aus$3.19 billion. "This is a sound result in a challenging environment and reflects continued progress in building a stronger and more productive organisation," chief executive Gail Kelly said. "A highlight of these results is the strong performance of our two largest divisions -- Westpac retail business banking and Westpac institutional bank." The bank said while there had been volatility in the first half because of the European debt crisis, some stability had returned to financial markets, supported by a more positive US growth outlook. But it added that, overall, the global economy remained fragile. And while Australian fundamentals were sound, with low unemployment and controlled inflation, it said consumers remained cautious, preferring to save money and pay off debt. "In conclusion, having come through the global financial crisis in good shape, and while expecting volatile and challenging times to continue, Westpac Group is proactively positioning itself for continued success," it said. On Wednesday, fellow banking giant ANZ announced a first half net profit rise of 10 percent to Aus$2.92 billion.

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 australia\s westpac net profit down 25 Arab Today, arab today australia\s westpac net profit down 25

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
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