BTFG helps Westpac result
Westpac has joined the other big banks in posting a strong 10 per cent increase in statutory net profit for the six months to 31 March of $3,622 million, with BT Financial Group emerging as a major contributor.
The solid six-month result saw the directors declare an interim fully-franked dividend of 90 cents per share.
BTFG chief executive Brad Cooper stated it had made a significant contribution to the Westpac Group first half 2014 results, with cash earnings of $438 million, representing a 21 per cent increase on the same period last year.
Among the highlights outlined by Cooper was that the first release (cash hub) of Panorama, the new integrated bank/wealth technology capability, intended to transform the way advisers help their clients build, manage and protect their wealth.
He said the group was on track to deliver the Panorama platform which would be important in supporting independent financial advisers.
Cooper also noted that funds under management (FUM) within the group were up 25 per cent and funds under advice (FUA) were up 12 per cent across the group and that BTFG was Future of Financial Advice-ready.
For her part, Westpac chief executive Gail Kelly said she was positive about the second half for the big banking group, noting that there had been recent signs of increased customer activity giving rise to an expectation that the economy would gradually improve over the remainder of 2014.
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