Banking giant Westpac has recorded a 16 per cent slide in half-year profits to $3.34bn, with CEO Peter King warning of a “slowing economy and competitive banking sector” in the company’s latest results.
Westpac reported its half-year results for the first half of the 2024 financial year on May 6, 2024. Picture: NCA NewsWire / Luis Enrique Ascui
The ASX-listed $91bn behemoth reported its results for the six months to December 31, 2023 on Monday morning, with the bank delivering a special dividend of 15c a share fully franked and share buybacks of $1bn to $2.5bn. The $3.34bn profit figure marks a 16 per cent fall from the corresponding period in the 2023 financial year but a five per cent rise from the immediate six months prior.
Net interest margin, a key measure of bank profitability, was 1.89 per cent, a fall of five basis points from the prior period.Australian shares notched a tepid bounce on Thursday following some dovish rhetoric from the US Fed and positive sentiment around half-year results from NAB.Despite the decline in earnings, freshly minted NAB boss Andrew Irvine hinted that the competitive home loan market was easing.
Duncan Evans Profit Figure Half-Year Results Competitive Banking Sector Basis Points Net Interest Margin Bank Profitability Slowing Economy Pete King Westpac Banking Corporation Profit Fall
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