Bank profit
p. 38 · Read in the full issue
WESTFAC Bank-PNG Ltd has recorded a record after tax profit of K 6.53 million for the year to September 30, 1989. This com pares with last year’s result of K 4.42 mil lion, and represents a 33 per cent in crease after allowing for changes to corporate tax rates.
Strong growth in the bank’s retail core deposit base underpinned an overall im provement in Westpac’s overall market share, a bank statement said. Interna tional business and travel product sales also increased substantially.
Return on average shareholder’s funds was 21.8 per cent, and Westpac PNG has declared a final dividend of 25 toea per share (interim dividend was 15 toea) making a total for the year of 40t, up from 30t last year.
Westpac Chairman Sir Eric Neal said the Papua New Guinea staff had worked magnificently during the year, and there would be an increased emphasis on cus tomer service in the coming year. □