Skip to main content

Westpac first half profit up 22% to $4.01b

Mike Taylor8 May 2023
Westpac branch with family walking past

Westpac has delivered a strong first half with net profit up 22% over the prior corresponding period to $4,001 million.

The result has said the directors declare a dividend of 70 cents per share, fully franked, up 15% on the first half last year.

The bank attributed the result to a higher net interest margin, growth in home and business loans and on-going cost disciplines.

It said this was tempered by a rise in provisions for loan losses.

Looking over the horizon, the bank pointed to challenges around Australia’s rising cost of living, including the impact of higher interest rates.

However, it said the Australian economy remained resilient with unemployed at 50-year lows, population growth support by accelerating immigration and stabilising house prices.

The bank said that while interest rates were nearing their expected peak in both Australia and New Zealand, the lagged impact of rapid monetary policy tightening was yet to be felt fully and this was particularly the case for customers transitioning from fixed to variable rate mortgages in coming periods.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

Subscribe to comments
Be notified of
0 Comments
Inline Feedbacks
View all comments