sydneywestpac banking corp said its annual net profit rose by 40 as the company lifted its cost target due to the impact of higher inflation westpac said its net profit totaled 569 billion australian dollars us359 billion in the 12 months through september underpinned by its ongoing simplification plan and a focus on core banking analysts had expected a fullyear net profit of a547 billion according to factsets consensus estimate westpac returned to growth in our key segments of australian mortgages and business lending said chief executive peter king in the second half our banking divisions delivered strong growth in core earnings on the back of good cost and margin management while westpac said its annual expenses were down 7 on year as it worked to simplify its business the lender revised its fiscal 2024 cost target to a86 billion it had previously targeted an a8 billion cost base by that year directors declared a final dividend of a064 per share up from a060 per share a year ago the groups closely watched common equity tier 1 capital ratio was 113 at the end of september