<\/p>\n
Read the<\/p>\n
following <\/p>\n
extract <\/p>\n
from <\/p>\n
The Financial Review <\/p>\n
of May <\/p>\n
6th, 2010 <\/p>\n
by <\/p>\n
Vesna Poljak <\/p>\n
.<\/p>\n
Westpac sails <\/p>\n
to $3 billion <\/p>\n
super <\/p>\n
profit<\/p>\n
Bad debts down,home loans <\/p>\n
up<\/p>\n
GFCaftershocksa <\/p>\n
concern<\/p>\n
Westpac BankingCorp chiefexecutive Gail <\/p>\n
Kelly <\/p>\n
delivereda firsthalfcash profit<\/p>\n
of $3<\/p>\n
billion, up 30 <\/p>\n
percent,as bad debts <\/p>\n
from <\/p>\n
institutional borrowers shrank <\/p>\n
dramatically <\/p>\n
and earnings <\/p>\n
from <\/p>\n
wealthmanagement and NewZealand <\/p>\n
improved.<\/p>\n
However,she warned <\/p>\n
that the <\/p>\n
impact <\/p>\n
of the global <\/p>\n
financial <\/p>\n
crisis would be felt <\/p>\n
by<\/p>\n
Australia <\/p>\n
for <\/p>\n
many <\/p>\n
years.<\/p>\n
Westpacused the <\/p>\n
tail <\/p>\n
end <\/p>\n
of <\/p>\n
the financialcrisis <\/p>\n
to <\/p>\n
snarea <\/p>\n
2 <\/p>\n
percentage point <\/p>\n
increase in <\/p>\n
mortgagemarket share <\/p>\n
over the <\/p>\n
past 18\/months,valued <\/p>\n
at an <\/p>\n
extra <\/p>\n
$15billion in <\/p>\n
loans <\/p>\n
– <\/p>\n
something <\/p>\n
Mrs Kelly <\/p>\n
estimated <\/p>\n
would <\/p>\n
havetaken <\/p>\n
10 <\/p>\n
years <\/p>\n
to <\/p>\n
claw from her <\/p>\n
rivals <\/p>\n
in <\/p>\n
ordinary <\/p>\n
times.<\/p>\n
The bank now writesmore than one <\/p>\n
in four <\/p>\n
mortgages, <\/p>\n
with <\/p>\n
a 27 per cent share <\/p>\n
of the <\/p>\n
market,and dominates home loans alongside Commonwealth Bank <\/p>\n
of Australia.<\/p>\n
Mrs Kelly <\/p>\n
predicted credit growth <\/p>\n
would <\/p>\n
improve <\/p>\n
for <\/p>\n
the remainder <\/p>\n
of this <\/p>\n
year <\/p>\n
and<\/p>\n
next, led <\/p>\n
by <\/p>\n
a turnaround<\/p>\n
in <\/p>\n
business lending, which<\/p>\n
will <\/p>\n
swing <\/p>\n
from <\/p>\n
a contraction<\/p>\n
of<\/p>\n
3 <\/p>\n
per cent <\/p>\n
to <\/p>\n
growth <\/p>\n
of 6 <\/p>\n
per cent <\/p>\n
by 2011.<\/p>\n
She sought <\/p>\n
to <\/p>\n
temper the optimism<\/p>\n
f<\/p>\n
anned<\/p>\n
by<\/span> <\/p>\n the strongresult, <\/p>\n which <\/p>\n puts the <\/p>\n bank <\/p>\n within <\/p>\n striking distance <\/p>\n of <\/p>\n a full-year<\/p>\n cash <\/p>\n profit of <\/p>\n $6 <\/p>\n billion.<\/p>\n “W<\/p>\n e<\/p>\n are advocates <\/p>\n for <\/p>\n caution. <\/p>\n I’m <\/p>\n always concerned when people <\/p>\n talk of <\/p>\n the GFCas <\/p>\n being over, <\/p>\n implying <\/p>\n that we’reback <\/p>\n to <\/p>\n normal,” she <\/p>\n said.<\/p>\n “There’<\/p>\n s<\/p>\n no doubt we <\/p>\n will <\/p>\n be <\/p>\n living with <\/p>\n the effectsand the consequences <\/p>\n of <\/p>\n this <\/p>\n crisis <\/p>\n for <\/p>\n manyyears <\/p>\n to come.”<\/p>\n Statutorynet <\/p>\n profit <\/p>\n increased 32 per cent <\/p>\n to <\/p>\n $2.9 <\/p>\n billion…….<\/p>\n …..Mrs <\/p>\n Kelly <\/p>\n dampened expectations <\/p>\n for <\/p>\n the bank’s outlook <\/p>\n by <\/p>\n saying that <\/p>\n delivering<\/p>\n cash earnings growth<\/p>\n in <\/p>\n the second <\/p>\n half <\/p>\n wouldbe <\/p>\n challenging.<\/p>\n “Giventhe <\/p>\n f<\/p>\n act<\/p>\n that we had such a <\/p>\n strong first-half <\/p>\n result on such a materialreduction <\/p>\n in <\/p>\n the impairmentcharge, <\/p>\n I <\/p>\n thought <\/p>\n it <\/p>\n was prudent <\/p>\n to <\/p>\n call out that <\/p>\n to <\/p>\n continue growing <\/p>\n of<\/p>\n f <\/p>\n that <\/p>\n kind of <\/p>\n base <\/p>\n will <\/p>\n be quitechallenging,” she said, stressing <\/p>\n this did not <\/p>\n constitute <\/p>\n earnings <\/p>\n guidance……<\/p>\n ….Asked <\/p>\n of <\/p>\n the <\/p>\n risk <\/p>\n posed <\/p>\n to <\/p>\n banks <\/p>\n by a tax to mirror that <\/p>\n already seen <\/p>\n with <\/p>\n r<\/p>\n e<\/p>\n gar<\/p>\n d <\/p>\n to <\/p>\n the new proposed <\/p>\n tax on <\/p>\n miningcompanies <\/p>\n r<\/p>\n ecommended<\/p>\n in<\/span> <\/p>\n the government’s <\/p>\n re- <\/p>\n sponse <\/p>\n to <\/p>\n the Henry <\/p>\n r<\/p>\n e<\/p>\n vie<\/p>\n w<\/p>\n ,<\/p>\n Mr<\/p>\n s<\/p>\n Kelly<\/span> <\/p>\n said the financial services industrywas <\/p>\n already <\/p>\n the highest taxpaying <\/p>\n secto<\/p>\n r<\/p>\n .<\/p>\n “<\/p>\n W<\/p>\n e<\/p>\n are alreadythe sector that actuallypays <\/p>\n the <\/p>\n highest <\/p>\n effective tax <\/p>\n rate<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Read the following extract from The Financial Review of May 6th, 2010 by Vesna Poljak . Westpac sails to $3 billion super profit Bad debts down,home loans up GFCaftershocksa concern Westpac BankingCorp chiefexecutive Gail Kelly delivereda firsthalfcash profit of $3 billion, up 30 percent,as bad debts from institutional borrowers shrank dramatically and earnings from wealthmanagement […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_joinchat":[]},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts\/161222"}],"collection":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/comments?post=161222"}],"version-history":[{"count":0,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts\/161222\/revisions"}],"wp:attachment":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/media?parent=161222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/categories?post=161222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/tags?post=161222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}