WESTPAC Financial Services has posted a net profit after tax of $154.6 million for the year ended September, an increase of 40 per cent over last year.
Total Australian retail sales for the investment, funds
management and life insurance arm of Westpac Banking Corporation were up 18 per cent to $5 billion.
WFS joint managing director Michael Migro said total New Zealand sales grew to $338 million, an increase of 130 per cent over 1998.
Further growth on the Australian retail side was in general insurance, with total sales of new policies of $179
million, a 44 per cent increase on the same period last year.
WFS joint managing director Shaun Mays said funds under management for its wholesale division grew to $10.6 billion – a 15 per cent increase on last year.
He said that the Westpac Property Trust had also seen a very postive year with total assets now nudging $1 billion and tenancy rates steady at 97 per cent.
