Westpac reports solid half
Westpac has reported a solid first-half result, with statutory net profit up seven per cent to $4,198 million on the back of a six per cent increase in cash earnings to $4,251 million.
In a result which Westpac chief executive Brian Hartzer described as “good,” the company also pointed to the moves it had taken in the context of the current Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, stating that it was “already well advanced in taking steps to improve customer outcomes”.
Hartzer said that over the last three years the banking group had reviewed more than 300 products and made over 150 changes to products, policies and business practices, including introducing a low-rate credit card, removing sales incentives for tellers, and providing an independent advocate for customers.
“This work is ongoing and we will continue to make changes in our business based on our reviews and feedback from our customers, our regulator and the Royal Commission itself,” he said.
The board declared an interim fully franked dividend of 94 cents per share.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.