Westpac half year profit rises 11 percent

Font Size:
Default font size
Larger font size

Posted: Friday, May 3, 2013 12:00 am

SYDNEY (AP) - Westpac Banking Corp., one of Australia's largest banks, has posted an 11 percent rise in half-year profit to 3.3 billion Australian dollars ($3.4 billion) as it pursued growth opportunities for deposits.

The Sydney-based bank's profits for the six months to March 31 announced Friday were up from AU$2.9 billion for the same period a year earlier.

Westpac chief executive Gail Kelly said the results showed the benefits of the bank's strategy of targeting high growth opportunities in the sector.

She said in a statement, "The operating environment continues to be challenging, with subdued lending growth."

Australian banks proved resilient against the global economic downturn and remain among a handful of banks in the world to maintain AA credit ratings.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



Inside Business
To submit an announcement for "Inside Business", click here. For questions call (402) 444-1371 or e-mail announcements@owh.com.

World-Herald Alerts

Want to get World-Herald stories sent directly to your home or work computer? Sign up for Omaha.com's News Alerts and you will receive e-mails with the day's top stories.