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Westpac’s cash earnings up 14%

Westpac Banking Corporation has announced cash earnings of $3.51 billion for the 12 months ended on September 30, 2007, 14% higher than cash earnings posted in the same period of 2006.

The company’s cash earnings per share were up 13% to 189.4 cents. The net profit increased 12% to $3.45 billion. Westpac has also announced a final dividend of 68 cents fully franked, up 13% over the prior corresponding period. This takes the full year dividend to $1.31.

David Morgan, CEO of Westpac, said: This is a high quality result, led by revenue increasing 11%, the highest for many years. We have achieved strong double digit earnings growth of 14% without compromising new business margins or risk settings. Importantly, our return on equity of 24% is the highest in Westpac’s recent history.