Mortgage book up 17% at Westpac
By
Larry Schlesinger
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4/11/2009 10:00:00 AM
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Annual results posted by Westpac today, which showed 17% growth in its mortgage book, have re-affirmed its status as one of the 'Big two' of mortgage lending
In comparison accounts filed last week revealed that NAB's mortgage book grew by just 4% while ANZ managed 10% growth.
For the year ending 30 September, net profit after tax at Westpac fell 11% to $3.45bn.
Westpac CEO Gail Kelly called the results a "sound financial performance in what has been a very challenging year for banks around the world"
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"We have remained strong in uncertain times by being well capitalised, well funded and well provisioned," Kelly said.
Nearly a year since Westpac bought St.George, Kelly said the integration of the two companies was proceeding well.
"Pleasingly, customer numbers have grown for both St.George and Westpac since the merger, reflecting the strength of our multi-brand strategy, the high levels of engagement of our staff and our commitment to putting our customers at the centre," she said.
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Annual results: NAB mortgage book up 4%, profits down 42% - Overall net profit at NAB fell 42.9% to $2.6bn for the 2009 financial year ending 30 September, while the bank's mortgage book recorded just 4% of growth, according to annual results released today.
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