Westpac sees stronger year despite bank levy and other payouts

Company News

by Jessica Amir

Westpac (ASX:WBC) has reported its net profit after tax (NPAT) rose 7 per cent on FY16 to $7.99 billion for the 2017 year ending 30 September.

The group says it was a solid result amid a challenging environment and expects a mixed economic year ahead.

In more good news for the big four bank its revenue strengthened over the 2017 year, and lifted 4 per cent on FY16 to $21.8 billion

Its cash earnings per share rose 2 per cent on the prior year, to 239.7 cents. But it was held back as the company paid out about 1.8 per cent in earnings to rectify issues and had to give customer’s refunds.

The company declared an interim and final dividend of 94 cents per share fully franked for each period, unchanged from the prior period. The final dividend will be paid on 22 December 2017.

Westpac also noted the new Bank Levy cost the group $95 million over the full year.

Shares in Westpac (ASX:WBC) closed about 0.8 per cent higher on Friday $33.27.

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.