Westpac profit down 3%, but dividend up 4 cents
Westpac Banking Corporation (ASX:WBC) has announced its full-year financial results for 2024, with dividend bump and NPAT slightly exceeding expectations.
Read MoreWestpac Banking Corporation (ASX:WBC) has announced its full-year financial results for 2024, with dividend bump and NPAT slightly exceeding expectations.
Read MoreWestpac announced on Thursday that it will sell the remainder of its auto finance business to Australian non-bank lender Resimac, completing the bank's divestment of the unit following a partial sale in 2021.
Read MoreThe news on Monday that Westpac (ASX:WBC) CEO Peter King is set to retire later this year (after overseeing the 2023-24 annual results in early November) definitely took investors by surprise.
Read MoreWestpac (ASX:WBC) has followed rivals, CBA, and NAB in reporting a flat revenue performance for the three months to June. However, unlike the other two banks, Westpac said it lifted net profit by 6% to $1.8 billion, steady on the previous quarter. Revenue remained flat at $5.4 billion for the quarter.
Read MoreThe key banking regulator, APRA, thinks Westpac’s (ASX:WBC) behaviour has improved, so it has halved the $1 billion capital penalty imposed in 2019 in two tranches.
Read MoreFund Manager Chris Pedersen discusses National Australia Bank, Westpac Banking Corporation and Lyft.
Read MoreWestpac (ASX:WBC) has joined the National Australia Bank in reporting a double-digit dip in earnings for the half-year to March but will reward shareholders with higher dividends and a higher buyback.
Read MoreWestpac has revealed ambitious plans to get rid of outdated and slow computer systems, software and other technology over the next four years that will have an estimated cost close to $10 billion between now and 2028.
Read MoreWestpac Banking Corp (ASX:WBC) has attributed a slight decrease in its unaudited first-quarter net profit to accounting rules governing financial hedges. The country’s second-largest bank stated that while these hedges will reverse over time, their adjustment impacted the first-quarter figures, resulting in a lower performance compared to the preceding six-month quarterly average.
Read MoreWestpac has announced a final dividend of 72 cents per share, up from 64 cents per share the previous year.
Read MoreWestpac (ASX:WBC) has disclosed an unaudited net profit of $1.8 billion for the quarter ending on June 30.
Read MoreWestpac’s interim results yesterday capped the half way point of the Big Four’s FY2022-23, with some clear signs of loan stress already emerging.
Read MoreWestpac chairman John McFarlane says he will retire next year and in his speech yesterday made it clear who has been driving the recent changes at Australia’s oldest bank.
Read MoreShares in Tyro Payments fell more than 20% at one stage yesterday after Westpac ended takeover talks and a second offer from a private equity group failed to win approval.
Read MoreThe big four banks have all now reported, with the group lifting its combined earnings 7% to a total of $28.5 billion for 2021-22 – with the rising rate environment helping.
Read MoreWestpac has lifted its 2024 cost target to $8.6bn from $8bn after a surge in inflationary cost pressures in the six months to September 30 led to a fairly modest 2021-22 result.
Read MoreWestpac shareholders will get a 6% lift in full year dividend for after small dip in cash profit for the year to September 30.
Read MoreWestpac has edged closer to being back in the regulatory good books after APRA announced Thursday the removal of a liquidity add-on it had imposed for breaching prudential standards.
Read MoreMacquarie, the Commonwealth, the NAB and the ANZ have followed Westpac in announcing they would pass on the full 50 basis point RBA rate increase to their customers.
Read MoreThe Commonwealth Bank seems to be slowly but surely drawing away from the NAB, Westpac and the ANZ – each of which seems powerless to close the inexorably widening gap.
Read MoreThe big story from Westpac’s result on Monday wasn’t the lower earnings or higher dividend, it was evidence that the promised cost cutting was well underway and making inroads.
Read MoreA not unexpected weak interim result from Westpac with the country’s second biggest bank reporting a fall in earnings from a year ago as its cost cutting campaign kicked into gear.
Read MoreRising pressures on profit margins and the prospect of more to come has forced Westpac to bring forward by two years the bank’s long-promised target date for lower costs.
Read MoreWestpac chair John McFarlane apologised to shareholders after poor recent financial results raised serious questions about the bank’s ability to control its costs.
Read MoreThe sharp slide in the Westpac share price has forced it to alter the terms of its $3.5 billion buyback to cover the possibility that it will buy more shares than originally planned.
Read MoreMore woes for Westpac, with the company now facing legal action from regulator ASIC that will cost it more than $180 million in penalties and remediation.
Read MoreWestpac’s oversight of its NZ operations has been strongly criticised in an independent report the bank was forced to commission by the country’s Reserve Bank.
Read MoreTuesday’s solid full year result from the National Australia Bank concluded the strong recovery the big four have made from the pandemic damaged 2020 financial year.
Read MoreThe Buy rating and target price of $30.00 are retained.
Read MoreWestpac shares were hammered yesterday, losing more than 7% in value as investors looked through the higher earnings, higher dividend and share buyback to focus on rising costs.
Read MoreThe Buy rating and $30 target price are unchanged.
Read MoreSo will Westpac follow their Big Four peers down the buyback route in its full year results on November 1, after revealing a $1.3 billion hit to earnings from writedowns and other bookkeeping measures?
Read MoreWestpac has halted plans to sell its majority stake in Westpac PNG Limited and Westpac Fiji to ASX-listed Kina Securities and will retain it for the time being while it works out a future course of action.
Read MoreWestpac might be stuck with the remainder of its South Pacific banking operations after the most logical buyer was finally ruled out by the PNG competition authorities.
Read MoreDespite the regulatory troubles dogging it, Westpac has signalled it may follow rivals in launching a share buyback, saying its board will consider returning excess capital later this year.
Read MoreWestpac has hit its second money laundering problem in two years – this time in New Zealand where the key regulator has issued a formal warning to the bank for failing to report breaches of the country’s anti-money laundering law.
Read MoreThe broker makes no changes to forecasts and retains its Add rating and $29.50 target price.
Read MoreOpposite tacks for Westpac and NAB on Monday, with the former offloading its Australian life insurance business and the latter buying Citibank’s domestic consumer arm.
Read MoreWestpac has raised just on $1.1 billion from the sale of its Australian and NZ general insurance businesses as the big four bank continues a financial slimming campaign.
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