Source: Westpac
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  • Westpac Banking Corporation (WBC) releases its 2023 half-yearly results, increasing dividends by 15 per cent to 70 cents per share
  • The company recorded net profits of over $4 billion, marking a 22 per cent rise from the first half of 2022
  • WBC increased its Common Equity Tier one (CET1) ratio to 12.3 per cent and opened its 50th co-located branch
  • WBC announced it’s entering a new phase, switching it focus to customer care, providing expert solutions and tools, and advocating for positive change
  • WBC shares are up 1.62 per cent and trading at $21.70 at 3:55 pm AEST.

Westpac Banking Corporation (WBC) has announced a 15 per cent increase in dividendsto 70 cents per share, in its half-yearly results for 2023.

The bank recorded net profits of over $4 billion, representing a 22 per cent increase from the first half of 2022 (1H22).

Despite facing challenges such as high inflation and continued regulatory demands, WBC has managed to reduce its cost base, and brought its expense-to-income ratio down to 45.9 per cent, saving more than $1 billion since FY20.

The company also improved its balance sheet by increasing its Common Equity Tier one (CET1) ratio to 12.3 per cent, which will support its customers through any further economic challenges.

In the first half of 2023, WBC completed the exit of two businesses and opened its 50th co-located branch, and the company continues to benefit from its Customer Outcomes and Risk Excellence (CORE) program.

Looking ahead, WBC announced a new strategic phase focused on repositioning its future priorities, including customer care, providing expert solutions and tools, and advocating for positive change.

The company’s credit quality remains intact, with little change in the level of stressed assets. However, WBC has reported a boost in credit impairment provisions to reflect a tougher economic outlook.

WBC outlined in its release the progress made would see the company in a position to increase its growth aspirations over time in key markets, including in business lending while managing downside economic scenarios.

WBC shares were up 1.62 per cent, and trading at $21.70 at 3:55 pm AEST.

WBC by the numbers
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