November 4, 2018 / 8:41 PM / 15 days ago

Australia's Westpac FY profit flat as legal costs, refunds mount

Nov 5 (Reuters) - Westpac Banking Corp reported flat cash earnings growth on Monday, missing expectations, as customer refunds and legal costs soared in the wake of damaging revelations of wrongdoing at a public inquiry.

Australia’s No. 2 lender said cash earnings for the year ended Sept. 30 came in at A$8.07 billion ($5.80 billion), compared with A$8.06 billion a year ago.

That was lower than an average estimate of A$8.18 billion from six analysts polled by Reuters. ($1 = 1.3918 Australian dollars) (Reporting by Rushil Dutta in Bengaluru; Editing by Stephen Coates and Kevin Liffey)

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