Westpac Bank annual net profit jumps 7%

SYDNEY: Australian banking giant Westpac posted a seven percent jump in annual net profit Monday, helped by a fall in bad and doubtful debts with the lender saying it was in “excellent shape”.

Westpac’s Aus$7.99 billion (US$6.11 billion) result in the year to September 30 rounded out annual reporting from three of the nation’s big four banks, with all of them growing their business.