Less credit risk and higher income behind Westpac profits
WESTPAC has credited a fall in bad loans and a rise in income across its Australian and international businesses for a 14 per cent increase in its annual profit.
Australia's second-biggest bank recorded net earnings of $6.8 billion for the 12 months to the end of September.
Its cash profit, which excludes one-off costs and is the banking industry's preferred measure of earnings, increased by 8 per cent to $7.1 billion.
Cash earnings from Westpac's Australian banks climbed by 12 percent to $4.5 billion, while returns from its New Zealand operations surged by 16 per cent to $634 million.
Westpac's result takes the combined annual profit of Australia's big four banks to $26.1 billion.
Read more at ABC news online.