Westpac (ASX:WBC) profit drops 16 per cent in “disappointing year”

Company News

by Anna Napoli

Westpac (ASX:WBC) has announced a 16 per cent slide in statutory net profit to $6.8 billion for the 2019 full year.

Cash earnings were also lower down 15 per cent to $6.85 billion.

The bank’s net interest margin has dropped 10 basis points to 2.12 per cent.

The final fully franked dividend  has ben slashed to 80 cents per share, down 15 per cent from 94 cents per share last year.

Westpac Group CEO Brian Hartzer has described the 2019 result as “disappointing “ saying financial results are down significantly in a challenging, low-growth, low interest rate environment.

He also said the result was impacted by customer remediation costs and the reset of Westpac’s Wealth business.

Shares in Westpac (ASX:WBC) closed 1.17 per cent lower at $27.88 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.