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.

Melbourne: National Irish Bank (NIB) parent National Australia said expected cash earnings after exceptional items for March 2004 to be between 3% and 5% lower than the March 2003 half year results of A$2,027 million.