Australia's Westpac Bank reports record year net profit

0 Comments | AFP, November, 2004

SYDNEY (AFP) — Australia's Westpac Banking Corp Ltd. announced a 16.3 percent rise in its annual net profit and said it was confident of delivering strong results in the fiscal year to June 2005 despite strengthening competition.

The group posted a record net profit of 2.539 billion Australian (1.937 billion US) dollars for the year to September 30, 2004, after revenue jumped 15 percent to 18.126 billion dollars.

The result was at the top end of analysts' forecasts of 2.4 to 2.6 billion Australian dollars profit.

Westpac posted a final dividend of 44 cents, fully franked, taking the full year dividend to 86 cents, fully franked per share, which was an increase of 10 percent on the previous corresponding period.

The bank said its cash earnings per...