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Westpac Banking Corporation (ASX:WBC) has lifted its first-half cash profit by more than expected and hiked its dividend.
The bank boosted its interim cash profit by 8 per cent to $3.77 billion while its net profit gained 10 per cent to $3.62 billion.
CEO Gail Kelly says Westpac has noted signs of increased customer activity and expects the economy to gradually improve throughout this year.
On these trends Mrs Kelly says it is reasonable to expect a sustained, albeit modest, lift in business activity over the remainder of this year and next.
A fully-franked interim dividend of 90 cents per share has been declared.
The results come after Macquarie Group Limited (ASX:MQG) and ANZ Banking Group’s (ASX:ANZ) financials beat analyst expectations last week and ahead of National Australia Bank Limited’s (ASX:NAB) results due Thursday.
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