Westpac Banking Corporation Ltd
(ASX:WBC) says cash earnings for the first quarter came to $1.6 billion.
CEO Gail Kelly says the result provides clear signs of an improved environment, with reduced impairments and good momentum across all businesses.
Ms Kelly says that although the bank remains cautious on the economic outlook, it believes that the worst of the crisis is now over which is reflected in the significant fall in impairment charges.
In a trading update the bank says consumer asset quality remains strong although it expects a small increase in delinquencies throughout the year.
Westpac says customer margins declined by 5 basis points in the first quarter, driven by an increase in the average cost of funds.
Westpac earned net profit after tax of $3.4 billion in fiscal 2009.
