Westpac post 15% fall in profits

Westpac Banking Corporation, one of Australia’s largest banks, has posted a 15% fall in its annual profit to AUS$5.97bn (€4.8bn) due to the tax implications of its takeover of smaller rival St George Bank.

The result for the year through September announced on Monday was down from AUS$6.99bn (€5.62bn) for the same period the previous year, when Westpac received AUS$1.1bn (€0.88bn) in tax benefits.