FX.co ★ Westpac FY Profit Down; Expands Share Buyback Program By A$1 Bln

Australia's Westpac Banking Corp. has released its financial results for the fiscal year 2024, showing a net profit attributable to shareholders of A$6.99 billion, a decrease from A$7.20 billion the previous year.

The bank's net interest income increased to A$18.75 billion, up from A$18.32 billion in the prior year. However, its annual non-interest income saw a decline, dropping to A$2.84 billion from A$3.33 billion.

In response, Westpac has expanded its share buyback program by A$1 billion and reported a 6% increase in fully franked ordinary dividends this year, culminating in a final dividend of 76 cents per share. Overall, the total ordinary dividends for the year stood at 151 cents per share, aligning with the upper end of its payout range.