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.


Five arrested after luxury car involved in dramatic pursuit

Five arrested after luxury car involved in dramatic pursuit

Police conducted an extensive search of bushland near Byron Bay

Daryl Braithwaite set to perform on the Northern Rivers

Daryl Braithwaite set to perform on the Northern Rivers

Tickets are now for sale for the 18+ event

Local Partners