Australian lender Westpac’s full-year profit ticks higher

Nov 2(Reuters) – Australian lender Westpac Banking Corp reported a marginal rise in its full-year profit on Monday, helped by healthy growth in deposits and lending, although mortgage demand slowed following the government’s tax changes.

The country’s third-largest lender by market value reported net profit excluding notable items of A$6.99 billion ($4.91 billion) for the year ended September 30, compared with A$6.97 billion reported last year.

That was in line with the Visible Alpha consensus estimate of A$6.99 billion.

($1 = 1.4225 Australian dollars)

(Reporting by Sherin Sunny and Shivangi Lahiri in Bengaluru; Editing by Edmund Klamann)

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