Westpac Bank posts 14 pct profit hike to $6.7B

AP News
Posted: Nov 03, 2013 5:55 PM

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.

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