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.

Australia’s four largest banks have reported mixed results.

National Australia Bank last week posted a 22% fall in its annual profit to AUS$4.08bn (€3.28bn) due to bad debts and restructuring costs of its troubled British operations.

Commonwealth Bank of Australia was up 11% to AUS$7.1bn (€5.71bn) and ANZ Banking Group was up 6% to AUS$5.7bn (€4.58bn).