Westpac has delivered a $6.9 billion full-year net profit, up slightly on its result for the previous year.

The big four bank on Monday said its net interest margin, a key metric that contributes to a lender's profitability, slipped slightly over the year amid persistent competition in loans and deposits.

Westpac's loan book increased by six per cent to $851.9 billion and its customer deposits climbed seven per cent to $723 billion.

The bank had a market share of 21 per cent of Australian household deposits and mortgages, and 16 per cent of Australian business lending.

Operating expenses rose nine per cent to $11.9 billion, reflecting salary and wage growth and the cost of rolling out the Unite program to simplify its banking systems.

"This has been a solid year at Westpac and I'm ple

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