Westpac Banking Corp increased its dividend and expanded its share buyback program despite reporting a slight drop in profit for the financial year 2024.
Westpac raises dividend and expands share buyback
The Sydney-based financial services provider reported a 2.8% decline in net income attributable to owners, falling to AUD 6.99 billion (approximately USD 4.61 billion) from AUD 7.20 billion in the previous year. Earnings per share also dipped to 201 cents, down 2% from 205 cents.
Amid these results, net interest income saw a modest rise of 2.4%, reaching AUD 18.75 billion, compared to AUD 18.32 billion last year. However, non-interest income dropped significantly by 15% to AUD 2.84 billion, down from AUD 3.33 billion.
Dividend raised
Westpac raised its final dividend by 5.6% to 76 cents per share, resulting in a total annual dividend of 151 cents, up 6.3% from 142 cents the previous year. The company also announced an additional USD 1 billion boost to its share buyback program.
Operating expenses rose by 2.4% to AUD 10.94 billion, and the bank’s Common Equity Tier 1 (CET1) capital ratio improved slightly to 12.5% from 12.4%, signaling a solid capital position.
