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Westpac FY profit falls 15% to $5.97b


Westpac's full year net profit has fallen by 15 per cent to $5.97 billion due to the tax implications of its takeover of smaller rival St George.

The result for the year to September 30 was down from $6.99 billion in 2010/11, when Westpac received $1.1 billion in tax benefits.

The 2011/2012 result includes $165 million in retrospective tax charges.

Westpac's cash earnings in the 12 months to September 30, which takes out one-off financial items, rose five per cent to $6.598 billion compared to the previous year.

The cash result was above analysts' expectations of $6.46 billion.