Westpac: Interim result 2015

Westpac’s underlying result was perhaps a bit better than it looked, but it’s the underwritten dividend reinvestment plan that we’re most disappointed by.

Westpac’s share price dropped 3% after announcing a flat interim profit compared to the same period last year (Westpac has a 30 September year end). Cash earnings of $3.8bn were down 2% compared to the most recent half, as was cash earnings per share of $1.21. That didn’t stop the board from increasing the interim dividend by 3% to 93 cents per share for a forecast fully franked dividend yield of 5.2%.

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