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Shares in Australia's Westpac slump after H1 net profit miss

Shares in Australian banking heavyweight Westpac slumped on May 4, 2015, after a worse than expected first-half net profit of Aus$3.61 billionShares in Australian banking heavyweight Westpac slumped on Monday after a worse than expected first-half net profit of Aus$3.61 billion (US$2.82 billion), with solid mortgage lending growth offset by its institutional arm taking a hit. The cash profit of Australia’s second largest bank, the industry’s preferred measure which strips out volatile items, was Aus$3.77 billion in the six months to the end of March. ANZ Bank ended down 2.67 percent, National Australia Bank was off 1.41 percent and the nation’s biggest company, Commonwealth Bank, fell 1.02 percent. Despite the flat result, Sydney-based Westpac lifted its interim dividend to 93 cents per share.

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