St George today announced a net profit of $1.174 billion for the year to September 2008, a 0.9 per cent rise from 2007.
Cash profit, the bank’s preferred performance measure, which excludes significant items, jumped 13.9 per cent to $1.321 billion.
Paul Fegan, managing director and CEO of St George, said it was extremely pleasing to present such a result.
“To be able to report a record profit and sound credit quality as at September 2008; the completion of a large percentage of our 2009 year term funding; a sub 40 per cent cost-to-income ratio; a 20 per cent growth in deposits; and a sound capital position, underpin the core strength of the organisation.”
John Curtis, the bank’s chairman, said St George’s merger with Westpac would create an even stronger bank moving forward.
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