Australia’s Westpac hits record net profit

SYDNEY: Australian banking giant Westpac on Monday posted a six percent rise in full-year net profit to a record Aus$8.01 billion (US$5.7 billion) with retail and business banking driving performance.

The cash profit at Australia’s second largest bank, the measure more closely watched by analysts which strips out volatile items, lifted three percent to Aus$7.82 billion.