Westpac's CEO has identified a range of reasons for its fall in profits.

The bank had a $963 million net profit for the year to September, down seven percent from 2022.

Catherine McGrath says Westpac has been investing heavily in key parts of the business to improve the customer experience.

"We've been investing in the foundation of the bank, so we've been introducing new tools. For example, we're the first bank in New Zealand to bring in an extra layer of security for our customers to protect them from fraud and scams."

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