Westpac report full year profit of $8.1 billion

Company News

by Rachael Jones

Westpac (ASX:WBC) have reported a full year profit of $8.1 billion, up just 1 per cent on last year's results.

Business growth was slightly improved with loan growth of 4 per cent, average funds up 4 per cent, and Life Insurance premiums 20 per cent higher.

Results were impacted by the higher provisions relating to customer refunds, payments and costs, the full period impact of the bank levy, and a lower markets contribution.

The bank will pay a fully franked dividend of 94 cents a share.

Shares in Westpac (ASX:WBC) are trading 0.4 per cent lower to $26.39.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.