Westpac will rein in its expense growth in response to a business outlook that it characterised as "lower for longer". Expenses rose five per cent during the year to September, which Westpac chief financial officer Peter King said was too high. King said the bank would target expense growth of two per cent to three per cent and would initiate productivity measures to offset its annual investment of around A$1.3 billion in technology and customer service initiatives.Westpac made a net profit of A$8.01 billion for the 12 months to September - an increase of six per cent over the previous corresponding period. After adjusting for the impact of the partial sale of BT Investment Management and changes to the accounting treatment of technology investment spending, cash earnings of $7.8 billion were up three per cent.Income: Net interest income rose five per cent over the previous corresponding period to $14.3 billion. Non-interest income rose 15 per cent to $7.4 billion. Total net operating income rose nine per cent to $21.6 billion. On a cash basis, operating income rose four per cent to $20.5 billion.Expenses and cost-to-income: Operating expenses rose 11 per cent to $9.5 billion. The cost-to-income ratio rose 90 basis points from 42.9 per cent in 2013/14 to 43.8 per cent in the year to September. On a cash basis, expenses rose five per cent and the cost to income ratio rose from 40.5 per cent to 41.1 per cent.Impairment charges, provisions and credit quality: The charge for bad and doubtful debts rose 16 per cent from $650 million in 2013/14 to $753 million in the year to September. The ratio of impairment charges to average loans was unchanged at 12 basis points. The ratio of gross impaired assets to gross loans fell from 0.4 per cent to 0.3 per cent. The proportion of mortgages overdue by 90 days or more fell from 0.45 per cent to 0.42 per cent.Margin: The group's net interest margin remained unchanged year-on-year at 2.09 per cent. On a cash basis, NIM was 2.08 per cent. In the September half NIM rose to 2.11 per cent. Return on equity and assets: ROE fell from 16.27 per cent in 2013/14 to 16.23 per cent in the year to September. On a cash basis, the ROE fell from 16.41 per cent to 15.84 per cent.Earnings per share: EPS rose five per cent to 256.3 cents a share. On a cash basis, EPS rose two per cent to 249.5 cents a share.Dividends: The bank will pay a final dividend of 94 cents a share. Combined with the interim dividend of 93 cents a share, the total payout for the year is $1.87 a share. The dividend payout ratio (on a cash basis) was 75.4 per cent.The divisions: The retail and business and business banking division contributed $2.8 billion to group cash earnings - an increase of eight per cent over the previous corresponding period. Retail and business banking makes up 35.6 per cent to total profit. St George