Westpac Banking Corporation (ASX:WBC) has delivered a 7 per cent increase in its annual cash profit, coming in slightly below expectations at $6.3 billion.
The bank’s record result follows Commonwealth Bank of Australia (ASX:CBA) and National Australia Bank Limited (ASX:NAB), who also reported record results for the 2011 financial year.
Over the year to the end of September, Westpac’s statutory net profit grew 10 per cent to $6.99 billion while revenue came in flat at $16.9 billion.
Westpac CEO, Gail Kelly, says the bank is well positioned to respond to current uncertainty in financial markets with solid operating momentum across all divisions, and, a strong balance sheet.
Yesterday Westpac became the first of the big banks to lower its standard variable rate by 25 basis points to 7.61 per cent, following the Reserve Bank of Australia’s rate cut.
A final fully franked dividend of 80 cents per share has been declared.
