Westpac income up

Business, Normal

WESTPAC Bank PNG Ltd posted a net income of K126,805 during the September quarter, up 2.5% from K123,652 earned during the same period last year.
Total capital was K388,685, up 32.6% from last September’s K261,88, while total liabilities amounted to K1,839,496, down 16.1% from K2,193,566.
Assets for the period ending Sept 30 were valued at K2,208,181, down 10.1% from previous September’s K2,455,446.
Total deposits (interest bearing and non-interest bearing) amounted to K1,651,962, down 15.7% from K1,958,913.
The bank’s income statement for the period ending Sept 30 prepared under the international accounting standards (IAS) stated:
“Net interest income was K96,048, up 9.5% from June quarter’s K86,918; net income from investments and lending was K93,612, up 9.4% from K84,792 during the same period last year.”