Westpac Posts Record A$7.1B Cash Profit

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Nov. 4 (Bloomberg) –- Bloomberg’s Paul Allen reports on Australia’s Westpac bank earnings which is showing record results. He speaks with Angie Lau on Bloomberg Television’s “First Up.” (Source: Bloomberg)

Westpac bank.

The special dividend for shareholders.

Quickly good morning.

Shareholders will get a 10 cent special dividend on top of the 88 cent.

They have started trading after the record result.

The market reaction is pretty much meh.

It is up 0.3%. if you look at the run-up over the past year, it is a been pretty impressive.

Shares up rd three percent.

When the results come out of market tends to react with a shrug of the shoulder.

-- shares up 33%. $409 million for the year down from 600 million.

Westpac has been focus on the quality of -- instead of trying to expand.

It does has the highest mortgage rates among the big 4 lenders.

It's a long book is pretty quality product.

The ceo speaking after the result said she does expect a borrowing to increase in the coming year.

Of consumer and business confidence rebounds.

Just to recap.

The cash profit is up 8%.

This text has been automatically generated. It may not be 100% accurate.

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