Westpac Annual Net Profit Down 15%

Westpac Banking

reported a 15% drop in its fiscal-year profit. Westpac's annual net profit declined to 5.97 billion Australian dollars (US$6.17 billion), from A$6.99 billion, in the year-ago period. Its cash earnings increased 5% to A$6.6 billion, from A$6.3 billion. However, analysts were expecting a profit of A$6.5 billion. Westpac also announced its plans to pay a dividend of 84 Australian cents a share in the second half.