BT Financial Group has produced flat cash earnings for the year to 30 September as a result of the partial sale of BT Investment Management (BTIM), higher insurance claims and lower performance fees.
Westpac announced a net profit after tax of just over $8 billion for the 12 months to 30 September, up six per cent on the previous year.
The bank's common equity tier one (CET1) ratio is sitting at 9.5 per cent, thanks in part to the $2.5 billion capital raising earlier in the year and the partial sale of BTIM in June, which raised $700 million.
Commenting on the result, Westpac chief executive Brian Hartzer said that the additional $3.5 billion of ordinary equity expected to be raised through the bank's recent renounceable entitlement offer would give Westpac a CET1 ratio of over 14 per cent.
The wealth management arm of Westpac, BT Financial Group, reported flat cash earnings of $904 million as a result of the BTIM sale, higher insurance claims and lower performance fees.
Stripping out general insurance catastrophe claims ($80 million) and the partial sale of BTIM, BT's full-year cash earnings growth was up six per cent, said a spokesperson.
BT also contributed about 12 per cent of the overall Westpac profit, and remains the largest player in the platform market with 19.9 per cent market share.
The Westpac result announcement highlighted the group's "digital transformation", noting enhancements to Panorama, Westpac's "new, integrated wealth management system".
BT chief executive Brad Cooper said there are now more than 2,000 registered financial planners using the new Panorama platform.
"The cutting-edge technology behind Panorama will allow advisers and investors to access, organise and interact with their wealth portfolio in a seamless manner," Mr Cooper said.
Upcoming releases for Panorama in November include the SMSF offering and a direct equities option, he said.
"The continued development of Panorama will be a key factor enabling us to respond quickly to rapid industry change and to the changing needs of advisers and their clients," Mr Cooper said.
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