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Article: AUSTRALIA'S WESTPAC BANK POSTS SHARP FALL IN FULL YEAR PROFIT.
- Article from:
- AsiaPulse News
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SYDNEY, Nov 4 Asia Pulse - Westpac Banki'ng Corporation's (ASX:WBC) full year profit has declined 10.7 per cent but Australia's second biggest lender says its business has strong momentum going into fiscal 2010 as the bad debt cycle stabilises.
Net profit was A$3.446 billion (US$3.107 billion) for the 12 months to September 30, compared with A$3.859 billion in the prior corresponding period, Sydney-based Westpac said in a statement on Wednesday.
Pro-forma cash earnings, the bank's preferred measure because it takes out fluctuations based on unrealised losses on asset values, fell eight per cent to A$4.627 billion. The pro-forma results treat St George ...