Westpac's strong quarter
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The Westpac banking group believes that worst of the global financial crisis (GFC) is probably behind it — something reflected in a significant fall in impairment charges.
In a trading update covering the first quarter of 2010 released to the Australian Securities Exchange (ASX) today, the banking group’s chief executive, Gail Kelly, said Group cash earnings on an unaudited basis for the three months to 31 December had been about $1.6 billion.
She said the performance provided clear signs of an improved environment with reduced impairments and good momentum across all businesses.
Kelly said that although the banking group remained cautious about the economic outlook, it believed the worst of the GFC was behind it.
Looking at the operations of the bank, she pointed to the growth in market share in superannuation deposits and home lending.
The bank’s briefing material also revealed solid growth with respect to both its BT Wrap and Asgard platforms.
AUTHOR
Mike Taylor
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