Australia's Westpac annual profit up 14%

Australian banking giant Westpac on Monday posted a 14 percent jump in full-year net profit, driven by strong performances across all core divisions. The result in the 12 months to September came in at Aus$6.82 billion (US$6.44 billion), compared with Aus$5.97 billion the previous year. Cash earnings -- the measure more closely watched by analysts which strips out volatile items -- were up eight percent at Aus$7.10 billion compared to the previous year, slightly better than expectations. The country's second largest bank by market capitalisation said all of its operations contributed higher revenue and earnings amid stronger demand for home loans, improving asset quality and solid growth in customer deposits. "I am very pleased with our 2013 result. It demonstrates strength, consistency, careful balancing of growth and return, and disciplined execution of our strategy," chief executive Gail Kelly said. "I am particularly pleased that all of our operating divisions and brands contributed positively to the result. It demonstrates the quality of the performance, with cash and core earnings up across the board." The company announced a final dividend of 88 cents and a special dividend of 10 cents, taking its annual payout to shareholders to Aus$1.74 per share. The solid result follows a record annual net profit last week for ANZ Bank, up 11 percent to Aus$6.3 billion, and a 33.6 percent jump in full-year profit to Aus$5.45 billion for National Australia Bank.