Westpac Reports Strong Annual Financial Results
Westpac, one of Australia's major banks, has announced a significant increase in its annual net profit, reporting a rise of 26% compared to the previous year. The company attributes this growth to the success of its key divisions and has consequently decided to launch a share buyback program worth AUD 1.5 billion (USD 980 million). Furthermore, Westpac plans to reward its shareholders by increasing its dividend.
In the 12-month period ending in September, Westpac achieved a net profit of AUD 7.2 billion, which aligns with the consensus estimates of analysts. Peter King, the Chief Executive of Westpac, expressed satisfaction with the results, stating that they deliver a higher return on equity, increased earnings per share, and greater net profit. King credited this success to positive growth in key markets such as deposits, mortgages, and institutional banking.
While Westpac managed to reduce its operating expenses by 1% to AUD 10.69 billion, King acknowledged that there is still room for improvement in terms of the cost-to-income ratio when compared to industry peers.
In light of these positive results, Westpac's directors have declared a final dividend of AUD 0.72 per share, representing an increase from AUD 0.64 per share in the previous year.
It is worth noting that at the end of September, Westpac's common equity tier 1 capital ratio stood at 12.4%, marking a growth of 109 basis points compared to the previous year.
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