Westpac First-Half Cash Profit Rises 7% as Bad Debts Drop
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Westpac Banking Corp., Australia’s second-biggest lender, said first-half cash profit rose 7 percent as bad debts fell and home lending increased.
Cash earnings gained to A$3.17 billion ($3.43 billion) in the six months ended March 31 from a year earlier, the bank said today. The shares fell the most in six months after net profit of A$3.96 billion missed the A$4.13 billion median estimate of four analysts surveyed by Bloomberg News.