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Colin Lea
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The author is Australian with a long term interest and personal stake in financial planning and management. He works within the Financial Services Industry, is a member of the FPA Australia, and is a Certified Gold Seeking Alpha Contributor. Prior professional background of 20 years in military... More
My company:
Carey Group
  • Australian Big Four To Pass $25b In Profit 2 comments
    Nov 4, 2012 9:16 PM | about stocks: EWA, CBAUF, WBK, NAUBF, ANZBY

    From the Sydney Morning Herald's Eric Johnston:

    THE combined annual cash profit of Australia's four big banks is set to pass $25 billion, with earnings helped by widening profit margins and a fall away in bad debts.

    Westpac is on Monday scheduled to round off the big bank reporting season, with the nation's second-biggest lender tipped to deliver a profit of $6.46 billion.

    This would be up slightly from last year's $6.30 billion.

    This is behind Commonwealth Bank's bumper $7.11 billion profit and ANZ's $6.01 billion.

    National Australia Bank was the only major bank to see profit go backwards, following problems at its UK banks, with earnings down 0.5 per cent to $5.43 billion.

    Read more: http://www.smh.com.au/business/big-four-to-pass-25b-in-profit-20121104-28s36.html#ixzz2BJIS7eub

    Themes: Banking, Financials Stocks: EWA, CBAUF, WBK, NAUBF, ANZBY
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Comments (2)
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  • PSalerno
    , contributor
    Comments (3695) | Send Message
     
    Thank you for the post.
    From your numbers WBK profit was behind CBA, not behind AZN in absolute terms.
    5 Nov 2012, 03:47 AM Reply Like
  • Colin Lea
    , contributor
    Comments (578) | Send Message
     
    Author’s reply » WBK took a $165 million tax hit on its cash profit reducing it's net profit to $5.97 Billion. Thanks for your comment PS, I have included more info and link for you below:

     

    Westpac has posted its third consecutive record cash profit but full-year net profits fell 15 per cent due to the tax implications of its takeover of smaller rival St George.

     

    The result for the year to September 30 was down from $6.99 billion in 2010/11, when Westpac received $1.1 billion in tax benefits. The 2011/2012 result includes $165 million in retrospective tax charges. Westpac announced a final dividend of 84 cents, up from 82 cents a year earlier.

     

    Cash profits rise 5% to $6.598 billion
    Net profit down 15% to $5.97 billion
    $165 million retrospective tax charge on St George takeover
    Impairment charges up 22% to $1.2 billion

     

    Read more: http://bit.ly/SNHQMW

     

    Regards, Col
    5 Nov 2012, 08:53 AM Reply Like
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