Standard&Poor's Ratings Services said today that Westpac Banking Corp.'s (AA-/Stable/A-1+) full-year profit result is sound, underpinned by solid growth in business lending in a favorable credit environment, although home loan growth was behind the market average. Full-year net profit to equityholders (after excluding nonrecurring significant items) was up 9% to A$2,183 million, with growth in underlying cash earnings up 10% to A$2,271 million. A noteworthy improvement was the 19% increase in noninterest income, with the A$468 million increase due to fees from strong lending growth, new and enforced fee structures, and the higher contribution from wealth management income. This increase has offset the decline in net interest income from the divested Australian Guarantee Corp. (AGC). "The bank's ratings
