Mortgage News

Westpac's profit plummets

Sunday 30th of August 2009

The latest general disclosure statement for the Australian bank's New Zealand subsidiary shows net profit for the three months ended June was just $26 million compared with $163 million in the June quarter last year. That brought net profit for the nine months ended June to $186 million compared with $462 million in the same nine months a year earlier.

The quarterly profit fall largely r...

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