Westpac Banking Corporation (ASX:WBC) has booked an 84.2 per cent jump in full year net profit to $6.35 billion, aided by a decline in troubled loan charges and a better performance from its funds management business.
Cash profit also advanced for Australia's third largest bank, up 26 per cent to a record $5.55 billion.
In the year to 30 September the bank posted increased revenue by 2.4 per cent to $16.91 billion, supported by a 56 per cent decline in impairment charges from the year before.
A fully franked final dividend of 74 cents has been declared which takes the total dividend for this year to $1.39, representing a 20 per cent increase from last year.
Looking ahead, CEO Gail Kelly says credit growth is expected to improve, but has cautioned funding costs will remain high.
The warning comes following the RBA yesterday boosting rates 25 basis points to 4.75 per cent.
Chief financial officer Philip Coffey says the bank will now be considering its mortgage rates over the next few days.
In the first half of 2010, Westpac recorded a profit of $2.9 billion.
WBC Price at posting:
$23.51 Sentiment: None Disclosure: Held
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