BT Panorama remains as simpler Westpac reports ‘solid’ profit

Mike Taylor

Managing Editor/Publisher, Financial Newswire

7 November 2022

BT Panorama remained the substantial unsold asset on Westpac’s books as the big banking group reported a 4% increase in full-year net profit to $5.694 billion despite a 1% decline in cash earnings.

In what chief executive, Peter King described as a solid financial result, he said that the company had made steady progress on its strategic priorities.

The board declared a dividend of $1.25 per share.

“I’m pleased with our overall performance,” he said. “We have sharpened our focus on core banking, reduced costs and improved service to customers.”

King said Westpac returned to growth in its key segments of Australian mortgages and business lending.

He said Westpac had reduced expenses by 7% driven by its simplification program and a reduction in full-time equivalent employees of 2,667.

While Westpac did not go into significant detail on the state of BT Panorama, its investor pack pointed to a business in which funds under advice (FUA) were down 9% but investors were up 6%.

It said SMSF funds on BT Panorama were down 10%.