Australia's Westpac cash profit up 8 pct to record, bad debts fall
SYDNEY Nov 4 (Reuters) - Westpac Banking Corp booked an 8 percent climb in full-year cash earnings and marked its fourth straight year of record profits, on a stronger performance across all its operating divisions and a 30 percent fall in bad debts.
Westpac, Australia's second biggest bank by market value, posted profit of A$7.1 billion ($6.70 billion), meeting an average forecast from three analysts polled by Reuters and up from A$6.6 billion booked the year before.
Cash earnings exclude one-off and non-cash items and are a measure of profitability closely watched by investors.
Westpac declared a final dividend of A$0.88 per share and a special dividend of A$0.10 per share. ($1 = 1.0597 Australian dollars) (Reporting by Jackie Range; Editing by Edwina Gibbs and Lincoln Feast)
- U.S. war veteran released by North Korea returns home |
- South Korea expands air defense zone to partially overlap China's |
- Dynasty's Congress party punished in Indian state elections
- South Korea to make announcement on air zone; expansion is anticipated |
- Pennsylvania newlyweds "just wanted to murder someone together:" police