'Adaptive': Westpac CEO hopeful despite bank's annual profit dropping

Westpac New Zealand is cautiously optimistic about the year ahead, despite annual profit dropping nine percent.

It's reported a net $1.09 billion profit for the year to September.

Lending grew five percent.

Chief executive Catherine McGrath says geopolitical uncertainty's high, but it's likely unemployment has peaked and will be about to fall.

"The other thing that we're seeing is that businesses in New Zealand are doing what great Kiwis do - they've recognized we're never going to have those calm blue waters we've had in the past and they're been really adaptive." 

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