Menu
Menu
Westpac profit falls 11% in FY09

Westpac profit falls 11% in FY09

Westpac (ASX:WBC) said its post-tax profit fell 11% in 2009 to $3.46 billion, but that business conditions were improving by the end of the year.

But CEO Gail Kelly warned that excessive regulation in the banking sector could cause a second global credit crunch in 2010.

The company said it increased its revenue 13% to $16.76 billion over the same period, but earnings per share declined 18% to 162 cents.

“We have remained strong in uncertain times by being well funded and provisioned,” Kelly said.

Westpac’s merger with St George was going well, and has already delivered $143 million worth of synergies, she added.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

Join the newsletter!

Error: Please check your email address.

Tags Westpacfinancial resultsbanking

Show Comments
Computerworld
ARN
Techworld
CMO