Westpac's profit up 10% to US$7.2B

Westpac Banking Corporation posted a 10 percent rise in full year profit to US$7.2 billion from US$6.54 billion U.S. dollars last year.

According to the bank, its cash earnings increased seven percent to US$6.49 billion U.S. dollars for the full year 2011, reports Xinhua News.
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Westpac Group Chief Executive Gail Kelly said it was pleasing to see evidence of the bank's business strategy delivering tangible benefits.

"Deeper customer relationships, measured by customers with four or more products, are a real strength at a time of more subdued economic growth," she said in the statement.

"We are also growing overall customer numbers in each of our major brands," she said.

"In addition, our customer experience is continuing to improve, aided by our investment in people, in technology and in simplified processes."

The Sydney-based bank said its bad debts declined 32 percent to US$1022.29 million from a year earlier, which helped boost its net profit.