Westpac Bank annual net profit slides seven percent

Westpac's Aus$7.45 billion (US$5.72 billion) result in the year to September 30 rounded out annual reporting from three of the nation's big four lenders, with all battling regulatory changes and rising bad loansAustralian banking giant Westpac posted a seven percent slide in annual net profit Monday on the back of market headwinds and impairment charges but said it was well positioned with a strong balance sheet. Westpac’s Aus$7.45 billion (US$5.72 billion) result in the year to September 30 rounded out annual reporting from three of the nation’s big four lenders, with all battling regulatory changes and rising bad loans.

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