Dispatches: Westpac profits soar by 84 per cent

Westpac reported an 84 per cent rise in full-year net profit today, sending its shares up as much as 1.6 per cent. Net profit jumped to $6.35bn from $3.45bn. (The Australian)

Banks are prepared to accept "appropriate" reforms to increase competition in the sector, the sector's peak body has declared. However Australian Bankers Association chief executive Steven Munchenberg also defended the decision of the Commonwealth bank to increase its key lending rates by almost double yesterday's official 25 basis point rise by the Reserve Bank Australia. (Daily Telegraph)

Bendigo and Adelaide Bank has declared itself ready to expand its wealth management business on the back of finalising its acquisition of a 24 per cent stake in Linear Asset Management. (Money Management)