Westpac’s strong full-year result

Westpac has reported a strong full-year result with the key number being a 138% increase in statutory net profit to $5,458 million, but advice remediation continued to be an issue for the big banking group.

At the same time as announcing the full-year result, the bank’s chief executive, Peter King also confirmed that in 2021 Westpac paid or offered more than $1 billion to approximately one million customers as part of its customer remediation program.

He also reinforced that the bank was continuing its business simplification program having completed the sale of four businesses and with three further asset sales due for completion next year.

The company’s investor information briefing shows that super, platform and Pacific are slated for attention as part of portfolio simplification in the 2022 financial year.

The investor pack also revealed that wealth and insurance income had been down $54 million (8%) with the explanation of higher LMI and General Insurance, and funds income down from repricing and customer migration to Panorama.

The board declared a fully franked final dividend of 60 cents per share.