Westpac is set to increase its focus on growth for 2014, as it looks forward to another record making profit season. For the year ending September 30,2012, the bank had earned a cash profit of AUD7.1 billion, an increase from its 2011 profit.
The bank attained the result through a 3% increase in net interest income, as stronger demand for home lending had boosted profits as well as a 30% decline in bad debt charges.
According to Westpac CEO Gail Kelly, it had been a good year for the bank. All of the divisions had recorded solid earnings during the fiscal year. She said, "I am thrilled with the result and I'm particularly looking forward to driving this momentum through another good result next year.
She said the focus for 2014 would be to grow its business. She added, "We have been very clear in calling out that our priorities over the last 18 years have been strength and returrn. But we are tilting this priority focus to picking up a little more growth as we go into the 2014 year."
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