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Australia's Westpac hits record profit

Westpac CEO Brian Hartzer arrives for a media briefing in Sydney, on November 2, 2015Australian banking giant Westpac on Monday posted a six percent rise in full-year net profit to a record Aus$8.01 billion (US$5.7 billion) with retail and business banking driving performance. The cash profit at Australia’s second largest bank, the measure more closely watched by analysts which strips out volatile items, lifted three percent to Aus$7.82 billion. “Australian retail and business banking has been the key driver of performance,” said chief executive Brian Hartzer, as Westpac joined other leading banks ANZ and NAB reporting major profits.

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