Westpac Profit up 15% to $2.19bn
By Richard Harrison, 31 Oct 2002
Westpac Banking Corporation (WBC) has announced an after-tax profit of $2.19 billion for the year to 30 September 2002, up 15%. Earnings per share (fully diluted) were also up 15%, to 118 cents. The final dividend is 36 cents per share, bringing total dividends for the year to 70 cents, up from 62 cents. All dividends are fully franked.
The result included a number of significant items. The sale of AGC resulted in an after-tax profit of $754 million; WBC took a $60 million charge relating to its wealth management businesses; it took a $109 million charge due to an accounting policy change; the write-down of high-yield investments resulted in a $149 million charge; capitalised start-up costs of $95 million were expensed; and a change in the valuation of superannuation liabilities resulted in a charge of $160 million.
Excluding significant items, WBC's profit was $2.01 billion, compared with $1.90 billion previously, a rise of 6%.
The bank stated that, "Core business performance remains strong and growth and efficiency initiatives on plan. Combined with improving service quality trends and staff commitment at global best practice levels, futher improvement in earnings are expected in the year ahead. Our ongoing businesses continue to perform well with earnings growth in the next twelve months likely to be in line with double-digit EPS growth expectations."
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