Westpac Bank

Following in ANZ’s footsteps, Westpac has announced another record profit for the six months to 31 March (Westpac has a 30 September year end). Operating income increased 5% to $8.9bn compared to the same period last year, despite income from the core lending businesses remaining ominously flat. Underlying profit increased a meagre 1% to $3.2bn, but earnings per share fell 1% to $1.05. A fully franked interim dividend of 82 cents was declared (ex date 14 May), up two cents. In contrast to ANZ, Westpac’s Australian Retail and Business Banking division was the best performer, with profit increasing 3%...

Following in ANZ’s footsteps, Westpac has announced another record profit for the six months to 31 March (Westpac has a 30 September year end). Operating income increased 5% to $8.9bn compared to the same period last year, despite income from the core lending businesses remaining ominously flat. Underlying profit increased a meagre 1% to $3.2bn, but earnings per share fell 1% to $1.05. A fully franked interim dividend of 82 cents was declared (ex date 14 May), up two cents.

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