Westpac Bank Annual Net Profit Slides Seven Percent

Westpac Bank annual net profit slides seven percent

SYDNEY, Nov 7, (Pakistan Point News - 07th Nov, 2016 ) - Australian banking giant Westpac posted a seven percent slide in annual net profit Monday on the back of market headwinds and impairment charges but said it was well positioned with a strong balance sheet. Westpac's Aus$7.45 billion (US$5.72 billion) result in the year to September 30 rounded out annual reporting from three of the nation's big four lenders, with all battling regulatory changes and rising bad loans. Cash profit at the nation's second largest bank, the measure more closely watched by analysts which strips out volatile items, was flat at Aus$7.82 billion, in line with expectations. Despite rising bank funding costs and tougher capital rules, it paid a dividend of 94 cents, in line with what shareholders received in the first half of the year.