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Westpac profit falls 11% in FY09

Westpac profit falls 11% in FY09

Westpac (ASX:WBC) said its post-tax profit fell 11% in 2009 to $3.46 billion, but that business conditions were improving by the end of the year.

But CEO Gail Kelly warned that excessive regulation in the banking sector could cause a second global credit crunch in 2010.

The company said it increased its revenue 13% to $16.76 billion over the same period, but earnings per share declined 18% to 162 cents.

“We have remained strong in uncertain times by being well funded and provisioned,” Kelly said.

Westpac’s merger with St George was going well, and has already delivered $143 million worth of synergies, she added.

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Tags Westpacfinancial resultsbanking

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