Westpac beats the profit banks

Australian banking giant Westpac on Monday posted a 14 percent jump in full-year net profit with all their core divisions performing well, making it a a bumper year for the country’s major lenders in the banking sector.

Westpac, the country’s second largest bank, said all of its operations contributed higher revenue and earnings. They also said that there was stronger demand for home loans and solid growth in customer deposits.

Chief executive Gail Kelly said ‘I am very pleased with our 2013 result. It demonstrates strength, consistency, careful balancing of growth and return, and disciplined execution of our strategy,’.

Earnings were Aus$6.82 billion (US$6.44 billion), compared with Aus$5.97 billion the previous year.These results follows a record annual profit reporting last week for ANZ Bank, up 11 percent to Au s$6.3 billion, and a 33.6 percent  jump to Aus$5.45 billion for National Australia Bank.

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