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Westpac Banking Corporation (ASX:WBC) has recorded total cash earnings of $3.17 billion for the six months to March 31, and is expecting sentiment to improve and business credit growth to recover.
Although the timing remains uncertain, the bank’s seven per cent rise in first-half cash profit is a record, beating records.
The news comes three weeks after the bank said its Asian team has grown in credit, rates and foreign exchange, and is now targeting Singapore as its regional hub.
In the 2010 financial year Westpac reported a net profit of $6.4 billion.
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