Westpac Bank posts 14 pct profit hike to $6.7B

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Associated Press

Posted on November 3, 2013 at 8:04 PM

Updated Monday, Nov 4 at 12:01 AM

SYDNEY (AP) — Westpac Banking Corp., one of Australia's largest banks, has posted a 14 percent rise in its annual profit to 7.1 billion Australian dollars ($6.7 billion), saying it was poised to benefit from increased lending in the current fiscal year.

The result for the year through September posted on Monday built on a profit of AU$6.6 billion for the previous fiscal year.

Westpac chief executive Gail Kelly says she hopes a recent improvement in Australian consumer confidence would translate into higher lending activity in the current year, particularly in the most populous state, New South Wales.

She says the bank is "well positioned to benefit from the pick up as confidence returns."

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