Westpac Posts Drop In Q1 Cash Profit

Westpac Banking Corp

posted a decline in its first-quarter cash profit. Westpac posted its quarterly unaudited net profit of around 1.4 billion Australian dollars (US$1.5 billion). Its cash profit declined to A$1.5 billion, versus A$1.55 billion, in the year-ago period. Westpac shares closed at $111.24 yesterday.