Westpac posts first-half bounce back
Westpac has broken clear of the heavy provisioning to post a 189% increase in statutory net profit of $3,443 million on the back of a 256% increase in cash earnings.
The result sees the big banking group offering shareholders an interim dividend of 58 cents per share.
Commenting on the result, released to the Australian Securities Exchange (ASX) today, Westpac chief executive, Peter King, described it as a promising start to the year with increased cash earnings, growth in mortgages and continued balance sheet strength.
“First half earnings were considerably higher than the prior corresponding period, mainly due to an impairment benefit reflecting improved asset quality and a better economic outlook,” he said.
King said the company was beginning to see the benefits of its new operating model through improved performance.
“Our Australian mortgage book increased $2.6 million over the past six months, with good growth in owner occupier loans partly offset by lower investor lending,” he said.
Recommended for you
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
New Insignia Financial CEO Scott Hartley has detailed the impact of the Godfrey Pembroke exit and the progress in resetting its financial advice model on its latest quarterly results.
