Australian lender Westpac’ retail and business banking segment has reported cash earnings of A$2.58bn for the fiscal year ended September 2014, a rise of 10% from A$2.35bn a year earlier.
The division posted annual net operating income of A$7.36bn, up 6% from A$6.97bn during the same period a year ago.
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Net interest income rose by 5% to A$5.96bn from A$5.65bn for the fiscal year ended 30 September 2013.
The total deposits for the fiscal year amounted to A$163.3bn, an increase of 9% compared to A$150.1bn a year ago.
The retail and business banking segment’s total assets rose 6% to A$276.5bn from A$261.9bn in the prior year.
Overall, Westpac Group reported a 12% increase in statutory net profit to A$7.56bn for the 12 months to 30 September 2014, versus A$6.75bn last year.
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By GlobalDataWestpac CEO, Gail Kelly, said the result was driven by a strong operating performance from all divisions: "This is a high quality result, which reflects the consistent execution of our customer-focused strategy. We have delivered on improved growth and returns, while maintaining our disciplines of strength and productivity that have become hallmarks of Westpac."
