Westpac profit well up
NZPA-AAP Sydney Westpac Banking Corp has reported a big rise in halfyearly profit over the previous corresponding half, which the chairman, Sir Noel Foley, said was an indication of recovery in the Australian economy. Westpac's operating profit for the six months ended March 31 rose 41.5 per cent to J143.52M from $101.43M earned in the same period ended March, 1983. This was despite only a small increase in income
which rose SIOM to $2.34 billion. Sir Noel qualified the results in a statement by adding that the previous corresponding period was a difficult one for Westpac, and the preceding half-year was a better comparison. The profit compared with that period was 18.8 per cent higher. Directors attributed the profit rise to improved banking returns, a steady contribution from finance comoanies
and improved profitability in non-banking investments.
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Press, 12 May 1984, Page 25
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140Westpac profit well up Press, 12 May 1984, Page 25
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