Westpac has reported a cash profit of $7.82 billion for the year to 30 September 2016, flat on the previous year.
While Westpac's cash profit was flat on the previous year, statutory net profit was down 7 per cent to $7.45 billion.
The bank maintained a strong core equity tier 1 (CET1) capital ratio of 9.5 per cent, keeping it in the top quartile of banks globally – satisfying one of the recommendations of the 2014 Financial System Inquiry.
But the ongoing strength of Westpac's CET1 ratio came at a cost to returns, said the bank – with return on equity and earnings per share both down on the previous year.
Westpac's cash return on equity was 14 per cent, down 185 basis points from the year ending 30 September 2015.
Cash earnings per share were 235.5 cents, down 5 per cent on the previous year.
The final dividend will be 94 cents per share, unchanged from the interim dividend and taking the year's total dividends to 188 cents per share, up 0.5 of a percentage point on the previous year.
BT Financial Group contributed $876 million in cash earnings to the Westpac Group result – a decrease of 4 per cent on the prior corresponding period.
The wealth management division's funds under administration (FUA) was up $9 billion (7 per cent) on the previous year, and funds under management (FUM) was up $2 billion (5 per cent).
BT chief executive Brad Cooper said, "Our key performance measures are positive despite the wealth management industry being adversely impacted by a number of headwinds.
"This financial year we have finished significant builds for our intelligent and intuitive wealth management platform BT Panorama, with all assets now complete on the Advised investment platform and delivered our advised SMSF offer, which provides a full end-to-end solution for all customers including trustees, advisers and accountants.
"We are also pleased that BT’s licensing solutions continued to attract high quality firms looking to run compliant businesses and remain focused on assisting these practices drive greater efficiencies to enhance client engagement."