RETAIL BANKING | Staff Reporter, Australia

Westpac profit drops 15%

Westpac Banking Corporation profit has fallen to US$6.2 billion.

The bank said the 15% drop in profitability from US$7.3 billion was due to tax implications of its takeover of St. George Bank, a small rival. Westpac received US$1.15 billion in tax benefits in 2011.

Four major Australia banks have reported mixed operating results. National Australia Bank registered a 22% fall in its annual profit to US$4.3 billion because of bad debts and restructuring costs of its problematic British operations.

Commonwealth Bank of Australia rose 11% to US$7.4 billion while ANZ Banking Group was up 6% to US$5.9 billion.

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