Westpac, Australia's third largest bank by market capitalisation, posted another record annual profit of A$3.45 billion, 12 per cent higher than last year, with earnings increases from all of its major businesses but particularly by its consumer division, wealth management and corporate banking. Its wealth management division, BT Financial, experienced the biggest growth in percentage terms, seeing its contribution rise by 23 per cent to $417 million thanks to the well-flagged boom in the superannuation industry. Retiring Westpac chief executive David Morgan said Westpac comfortably shrugged off the effects of the global credit crisis thanks to the strength of its retail and institutional franchises. Dr Morgan will be replaced in February by the former chief executive of St George Bank, Gail Kelly, who is currently on "gardening leave" whilst she waits to take up her new job.