Westpac Banking Corporation
(ASX:WBC) has reported a 10.7 per cent fall in full year net profit this morning.
Net profit after tax for the 12 months to September 30 came to $3.446 billion, with cash earnings of $4.63 billion down 8 per cent for the year.
CEO Gail Kelly says the company achieved a sound financial performance in what has been a very challenging year for banks around the world.
Revenue increased 13 per cent to $16.76 billion, with impairment charges up $2.1 billion on last year.
Westpac declared a final dividend of 60 cents a share, taking total dividends for the year to 116 cents, down 18 per cent on the prior year.
Looking ahead the bank says there is continued uncertainty in global markets and recovery is likely to be gradual.
Westpac’s 2008 net profit was $3.859 billion.
