Westpac’s profit and revenue rise

Company News

by Anna Napoli

Westpac (ASX:WBC) has announced its net profit was up 7 per cent on first half 17 to $4.19 billion for the first half of 2018.

In more good news for financial company, its revenue strengthened over the period, and lifted 4 per cent to $11.15 billion.

Its cash earnings increased by 6 per cent on the prior corresponding period, to $4.25 billion.

The company declared a first half dividend of 94 cents per share.

Westpac said Including costs associated with the Royal Commission, operating expenses rose 1 per cent compared to the second half last year, and cost to income ratio fell to 41.7 per cent.

Shares in Westpac (ASX:WBA) closed about down 0.92 per cent to $29.10 on Friday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.