AUSTRALIA'S WESTPAC BANK LIKELY TO POST SOLID RISE IN PROFIT.

AsiaPulse News, October, 2003

SYDNEY, Oct 28 Asia Pulse - Westpac Banking Corp (ASX:WBC) is expected to post a solid increase in underlying annual profit on Thursday, thanks to continued strength across its lending portfolio.

Market observers will also be keen to hear the bank's latest response to mounting speculation it could be planning a takeover tilt at the Australian assets of struggling financial services group AMP Ltd (ASX:AMP).

Analysts expect Westpac, Australia's fourth biggest bank, to post a A$2.255 billion (US$1.58 billion) cash net profit, which does not include amortisation charges or significant items, up about nine per cent over the previous year.

That represents the upper end of the 7-9 per cent forecast growth range given by the bank over the last year....