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Westpac posts weaker-than-forecast profit

Australia's second biggest lender's drop in profitability blamed on finicky consumers and sluggish economy

Westpac reported on Monday a record cash profit of A$8.06 billion for the year ended Sept 30, up from A$7.82 billion a year ago. That narrowly missed the A$8.12 billion average estimate.


WESTPAC Banking Corp posted a lower than expected three per cent rise in annual cash profit and a drop in profitability, with hesitant consumers and a tepid economy weighing on the growth prospects of Australia's second biggest lender.

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