Westpac posts 15% profit lift

Westpac has announced a 15 per cent lift in annual profit to $2.19 billion for the year to September. The figures is operating profit after tax but does not include the cost of its takeovers of fund managers Rothschild and BT.

More than $1 billion of profit alone came from its consumer and business banking division. Outstanding home loans were up 12 per cent and credit card lending up 8 per cent. Retail deposits grew 13 per cent and business ledning 9 per cent.

A final dividend of 36 cents per share has been declared for a total dividend of 70 cents fully franked. Last week ANZ announced 24 per cent rise in profit to $2.3bn.