Wealth cross-sell helps Westpac bottom line
Westpac has reported a solid third quarter despite subdued market conditions, with cash earnings down 2 per cent to $1.55 billion, but operating income up 1.5 per cent on firmer margins.
The quarterly update, released to the Australian Securities Exchange today, also revealed that BT Financial Group had put in a good quarter, with solid flows into both corporate and retail superannuation helping offset weaker markets.
It said BT Super for Life flows had continued to grow, with record flows recorded in June.
Commenting on the result, Westpac chief executive Gail Kelly acknowledged that the June quarter had seen the operating environment become more subdued, with consumers increasingly cautious and larger businesses continuing to 'de-leverage'.
She said this had been reflected in slowing system credit growth in the quarter and weaker markets.
"Notwithstanding these trends, momentum across the group has been sound, with solid flows in lending, deposits and funds under administration, underpinned by a further deepening of relationships," Kelly said.
She said sales of wealth and insurance products had been particularly pleasing, and that over the past 12 months Westpac had experienced the biggest increase in cross-sell of the major banks.
Recommended for you
The financial advice sector has benefited from a net rise of 11 advisers this week, according to Wealth Data, while AMP Group reports losses as several advisers open their own licensees.
Praemium has updated on the progress of its integration with platform OneVue, which it acquired from Iress earlier this year.
ASIC leadership has waded into the political debate about Qantas flight upgrades, confirming its executives hold membership of the Chairman’s Lounge but denying it affects their regulatory ability.
Perth advisory firm Capital Partners Private Wealth Advisers has announced a new managing director to take over from David Andrew as he steps down after 25 years.