Westpac Banking Corporation (ASX:WBC) says global uncertainty and the associated market volatility continue to weigh on revenues from its markets.
Speaking at the bank’s annual general meeting today CEO Gail Kelly says this year’s revenues have been impacted, despite positive growth in customer deposits.
Mrs Kelly also warned that the bank may not be passing on future rate cuts from the Reserve Bank of Australia in full.
Outgoing chairman Ted Evans told the AGM the bank must have flexibility to deal with market volatility and called on the government not to over-regulate the economy.
Westpac reported a net profit of $7.1 billion in the 2011 financial year.
