The result was healthy 14% net profit growth and a 23% RoE, which placed the bank at the top of the major Australian lenders and up with leading banks globally.
The bank leveraged specific growth opportunities in areas like wealth management superannuation, positioning the group to take a leading role in the current wave of corporate activity and regearing of balance sheets, and diverting more assets to the two faster-growing, resources-rich states of Queensland and Western Australia. This and other initiatives have enabled Westpac to grow ahead of its peers in the past year in the core business areas of lending and wealth management.
A key focus for the bank in 2006-07 was to continue to pioneer the development of sustainable environmental practices. Westpac partnered this year with Easy Being Green to assist credit card customers to help the environment by using reward points to purchase energy and water-saving devices or offset their greenhouse emissions and become carbon neutral.
“In its 191st year, Westpac Banking Corporation is in very good shape,” says chief executive David Morgan. “Again, this year we have delivered good results and real, tangible returns for shareholders and the broader community. A clear, focused strategy, highly committed and engaged employees, a deep understanding of our customers, disciplined implementation and strong leadership have been the keys to our success.
“In recent periods, we have delivered sector leading growth and returns, and were ranked as one of the world’s most sustainable companies in the 2007 Dow Jones Sustainability Index for the seventh year running. We are delighted to be named the Bank of the Year for Australia, for the fifth time in the past six years.”
