Asian Awards for Excellence 2013: By country
|Regional Awards for Excellence 2013: Asia|
|Asian winners by country
Best Bank: Westpac
The basic numbers tell a positive story. The first-half 2013 earnings showed impressive progress on cash earnings (A$3.53 billion – $3.26 billion – for the first half), asset quality, return on equity (16.1%), customer deposits (up 12%) and margins. Behind those numbers are some other positive trends, such as $228 million in productivity savings in the first half, and a leading position in the lucrative wealth management area. All five constituent parts of the business – Westpac retail, Westpac institutional, St George, BT Financial (the wealth management business) and Westpac New Zealand – grew in core earnings in the first half.