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Australia's Westpac Banking Corporation on Monday posted a 14 percent increase in its full- year net profit, driven by a strong performance across all its operating division.
The Australian oldest and second-biggest bank recorded a net profit of 6.8 billion AU dollars (6.4 billion U.S. dollars) for the 12 months to September 30.
Westpac said cash earnings, which excludes on-off costs, grew 8 percent to 7.1 billion AU dollars (6.7 billion U.S. dollars) in the year to September amid stronger demand for home loans, a further improvement in asset quality and customer deposits.
Westpac Group Chief Executive Officer Gail Kelly said all of the bank's operating divisions had contributed positively to the 2013 result.
"I am very pleased with our 2013 result. It demonstrates strength, consistency, careful balancing of growth and return, and disciplined execution of our strategy," she said in a statement.
She said Westpac would continue to remain disciplined, recognizing structural changes underway within the Australian economy, and continued volatility in the global environment.
Kelly said she was encouraged by signs of improving confidence in the country.
"There is no doubt that domestically we are seeing a pick-up in consumer confidence which we expect will translate to a gradual increase in credit growth," she said.
The bank also believes China's growth is expected to continue at its more recent, sustainable pace while the prospects for U.S. economy are improving slowly.
On Monday, Westpac declared a fully-franked final dividend of 88 AU cents a share, taking the full year dividend to 174 cents a share fully franked.
A further fully franked special dividend of 10 AU cents a share will also be paid to shareholders, the bank announced.
