Australian banking group Westpac has reported statutory net profit of A$7.44bn for the full year ended September 2016, a fall of 7% compared to the prior year.

Annual cash profit stood at A$7.82bn, flat compared to a year ago, the bank said in its earnings statement.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Compared to last year, total revenue increased 3%, while net interest income rose 8% to A$15.35bn. Non-interest income dropped 7% year-on-year to A$5.85bn.

The banking group’s common equity Tier 1 capital ratio stood at 9.5%, a fall of 2 basis points compare to lat year.

Westpac CEO Brian Hartzer said: “We are continuing to deliver our service-led strategy, increasing customer numbers, delivering world-leading digital services, and supporting more customer needs. At the same time we have strengthened our balance sheet, carefully managed margins, and achieved $263 million in productivity savings, while increasing our investment in digital and other service initiatives.

“The result demonstrates our consistent approach to managing our core franchise over many years, including the discipline we apply to balancing growth and returns.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The group’s consumer banking unit posted cash earnings of A$2.98bn for the full year ended September 2016, a 14% rise compared to the prior year.

“Westpac’s foundation is built on a strong and prudently managed balance sheet, strict performance disciplines, and a service-led strategy that is embracing technology to deliver great service and deeper customer relationships. With top-quartile capital, healthy liquidity, and sector-leading asset quality, we remain in a strong position to respond to the volatile global environment,” Hartzer added.