Financial Results

Westpac's Wealth Businesses Drive Strong Gains In FY 2013

Vanessa Doctor Asia Correspondent 5 November 2013

Westpac's Wealth Businesses Drive Strong Gains In FY 2013

Westpac Group, the Australian financial services giant, posted a 14 per cent rise in statutory net profit to A$6.816 billion ($6.48 billion) in the 12 months to 30 September 2013, compared to the previous year, owing to strong performances across all operating divisions. 

Cash earnings were up 8 per cent in the year to A$7.097 billion, while core earnings rose 4 per cent to A$11.123 billion. There was growth noted in key divisions, particularly customer deposits (up 10 per cent to A$383 billion) and Asia trade finance (up 33 per cent). 

Australian Financial Services, which includes Westpac Retail & Business Banking, St George and BT Financial Group, saw a 12 per cent rise in cash earnings to A$4.478 billion.

Westpac Retail & Business Banking saw cash earnings go up 9 per cent on the previous year to A$2.3 billion, driven mostly by a 7 per cent increase in revenue and modest cost growth of 2 per cent. St George Banking Group saw cash earnings go up 17 per cent, while BT Financial enjoyed a 13 per cent gain in cash earnings. 

Notable in the year's figures is the A$32 million increase in income from advice, which was attributed to higher new sales from a rise in financial planner numbers. Productivity enhancements were also identified to be a key driver as Westpac boosted investment related spending in Asia, wealth platforms, the expansion of the Bank of Melbourne and new mobile and online technologies.  


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