Westpac records 3% fall in net profit for FY24

Westpac Banking Corporation (ASX:WBC) has reported a final year net profit after tax (NPAT) of $6.99 billion for the 2024 fiscal year- a fall of 3% compared to the number for FY23.

There was positive news: The bank registered an increase of 2% in its net interest income for the year (to $18.75 billion in FY24, compared to $18.32 billion in FY23), and provided a final dividend of 76 cents fully franked – this was up 6% from the previous year, and means a total of $1.51 for the year.

CEO Peter King said he had been pleased with several developments at Westpac in the last year.

“Our disciplined performance in FY24 has set Westpac up for growth and success,” he said.

“We’ve significantly improved our customer service, grown in key segments and delivered another financial result built on a solid balance sheet and capital position.

“We’ve continued to manage margins well in a competitive environment while growing in line with system in loans and deposits.

“The Consumer division built momentum in the second half and performance in Business has been a standout.

“Westpac’s capital position is one of the strongest I’ve seen, allowing us to further increase the share buyback program by $1 billion. In addition, fully franked ordinary dividends increased by 6% this year with a final dividend of 76 cents per share.”

Westpac shares rose after the report, and at 12:51 AEDT they were trading at $32.23 – a rise of 0.4% since the market opened.

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