Strong, resilient financial performance
All this has underpinned a strong, resilient financial performance over the past nine years including our very good result for shareholders this year. We have consistently delivered strong growth and returns, built on a conservative balance sheet with a very diverse and deep funding base – great assets in the current volatile market and credit conditions.
Taking into account share price movements and dividends, total shareholder returns have averaged more than 18% compound per annum growth over the past ten years. And Westpac has comfortably outperformed the market as measured by the All Ordinaries Accumulation Index over this time.
I am pleased to say that during the nine years of my tenure Westpac’s market capitalisation has increased from $20.1 billion to $53.2 billion, as at 30 September 2007, an increase of $33.0 billion or 164%.
A strong team
Finally, I’m proud of the quality of the Executive Team I’ve been able to assemble to lead our journey. Over the last 12 months or so, we have recruited Brad Cooper, from GE Capital in the UK, as our CEO New Zealand; promoted Peter Hanlon to run business banking; Jon Nicholson, previously CEO of Boston Consulting Asia Pacific is now running strategy; and Diane Sias, who has returned to Westpac after some time with McKinsey in the US, heads our technology and operations division. Collectively these changes represent a significant lift in the senior executive bench strength.
Thank you
In conclusion I must thank our shareholders, customers and employees. On their support Westpac’s success has been built. In particular I acknowledge with deep gratitude and genuine admiration the commitment and support of our 28,000 Westpac employees.
It has been a wonderful journey and, above all, a profound privilege to lead not just Australia’s first bank but Australia’s first company. It gives me great satisfaction to be handing it on as a company transformed and in very good shape.
I wish the Board, Gail Kelly, who will replace me as your Chief Executive in February next year, the Executive Team and all the Westpac family the very best for the years ahead.
David Morgan
Chief Executive Officer
All this has underpinned a strong, resilient financial performance over the past nine years including our very good result for shareholders this year. We have consistently delivered strong growth and returns, built on a conservative balance sheet with a very diverse and deep funding base – great assets in the current volatile market and credit conditions.
Taking into account share price movements and dividends, total shareholder returns have averaged more than 18% compound per annum growth over the past ten years. And Westpac has comfortably outperformed the market as measured by the All Ordinaries Accumulation Index over this time.
I am pleased to say that during the nine years of my tenure Westpac’s market capitalisation has increased from $20.1 billion to $53.2 billion, as at 30 September 2007, an increase of $33.0 billion or 164%.
A strong team
Finally, I’m proud of the quality of the Executive Team I’ve been able to assemble to lead our journey. Over the last 12 months or so, we have recruited Brad Cooper, from GE Capital in the UK, as our CEO New Zealand; promoted Peter Hanlon to run business banking; Jon Nicholson, previously CEO of Boston Consulting Asia Pacific is now running strategy; and Diane Sias, who has returned to Westpac after some time with McKinsey in the US, heads our technology and operations division. Collectively these changes represent a significant lift in the senior executive bench strength.
Thank you
In conclusion I must thank our shareholders, customers and employees. On their support Westpac’s success has been built. In particular I acknowledge with deep gratitude and genuine admiration the commitment and support of our 28,000 Westpac employees.
It has been a wonderful journey and, above all, a profound privilege to lead not just Australia’s first bank but Australia’s first company. It gives me great satisfaction to be handing it on as a company transformed and in very good shape.
I wish the Board, Gail Kelly, who will replace me as your Chief Executive in February next year, the Executive Team and all the Westpac family the very best for the years ahead.
David Morgan
Chief Executive Officer