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Westpac reports solid half

Mike Taylor9 May 2022
Westpac sign on building

Westpac has reported a 63% increase in statutory net profit to $3,280 million but down in year on year terms at the same time as declaring that its focus now is on exiting the remaining BT businesses.

Announcing the result to the Australian Securities Exchange (ASX), the company also declared an interim dividend of 61 cents per share fully franked.

Commenting on the result, Westpac chief executive, Peter King said the bank had made steady progress towards its goals and had been manage through a low-rate environment and making the changes required to become a simpler, stronger bank.

Referring to the company’s multi-year CORE simplification program, he said it had see two more businesses sold, “with our focus no on the exit of the BT businesses”.

The ASX report said the exit plans for the remaining businesses were on track “but ultimate completion time will depend on counterparty negotiations”.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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