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Westpac Banking Corporation (ASX:WBC) has posted a better than expected annual cash profit for the 12 months to the end of September.
The lenders cash profit rose 8 per cent to $7.63 billion while its net profit gained 12 per cent to $7.56 billion.
CEO Gail Kelly has described the result as ‘high quality’ and says it was driven by a strong operating performance from all divisions.
A fully franked final dividend of 92 cents per share has been declared, taking the full year payout to $1.82.
Last week ANZ Banking Group (ASX:ANZ) increased its annual cash profit by 10 per cent to a record $7.1 billion.
National Australia Bank Limited’s (ASX:NAB) annual cash profit fell 10 per cent to $5.2 billion on the back of weakness from its US arm.
Commonwealth Bank of Australia’s (ASX:CBA) cash profit soared 12 per cent to a record $8.7 billion over the 2014 financial year.
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