WBC - Westpac Banking Corporation

[JohnDe]

• Net profit of $6.9 billion for FY2024, down 3 per cent from a year ago.
• Net interest income edged up 2 per cent to $18.7 billion in the year.
• Will pay a final dividend of 76¢, fully franked, up 6 per cent from last year and a total of $1.51 for the year, which was towards the upper end of guidance.
• It has increased its share buyback program by $1 billion.

The bank said the domestic economy was showing positive signs with consumer sentiment at a 2½-year high, the labour market holding up well and inflation nearing target.

There will be a few happy little vegemite's today

Westpac to buy back $1bn in shares as bank posts $7bn profit

Westpac is targeting $1bn in share buybacks after the bank delivered a $7bn full year profit, meeting analyst expectations.​

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The result, in a 3 per cent slide on the bank’s earnings last year, comes as Westpac ploughs cash into a technology transformation.​

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Westpac’s $3.34bn second half result comes after the bank posted $3.64bn in earnings for the first half.​

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Westpac chief executive Peter King said the bank’s operating income was little changed in the year, with solid loan growth constrained by a decline in lending margins.​

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“The low level of impairment charges reflected our prudent lending practices and customer resilience across both households and businesses,” Mr King said.​

 

[divs4ever]

let's see if they scoop up the 'unmarketable parcels ' ( and kick me out with some bucks in my hand )

( because they certainly haven't done enough to lure me into buying more shares )

 

[Bellcose]

There will be a few happy little vegemite's today

Let's hope they don't get overly excited as it's a continuation of its on-market buy back.

https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=02877515

 

[Bellcose]

In case members of the forum are unaware of it, I don't believe there will be off-market buy-backs in the future due to the passing of legislation which makes off-market buy-backs subject to the same conditions as on-market buy-backs, that is, there will no longer be dividends and associated franking credits applicable to them. It's been that way since October 2022.

Tax treatment of off-market share buy-backs has changed | Australian Taxation Office

Changes announced in the 2023 October Budget are now law.

www.ato.gov.au

 

[divs4ever]

In case members of the forum are unaware of it, I don't believe there will be off-market buy-backs in the future due to the passing of legislation which makes off-market buy-backs subject to the same conditions as on-market buy-backs, that is, there will no longer be dividends and associated franking credits applicable to them. It's been that way since October 2022.

Tax treatment of off-market share buy-backs has changed | Australian Taxation Office

Changes announced in the 2023 October Budget are now law.

www.ato.gov.au

in which case the WBC management will have to tolerate my rather small holding accumulating via the DRP for several more years ( maybe decades )

but of course maybe they will put some convincing results on the board .. and the share price will rise above $100 a share ( but don't hold your breath waiting for that )

 

[UMike]

let's see if they scoop up the 'unmarketable parcels ' ( and kick me out with some bucks in my hand )

( because they certainly haven't done enough to lure me into buying more shares )

Only up 41.5% for the year.

 

[divs4ever]

bought them as low as $19.90 in 2011 and $16.60 in 2020

compare that to MQG which i bought as low as $20 in 2011 , then they gifted me some SYD shares that i sold @ $8 a share

and yet MQG is supposed to be the higher risk bank

let's see how MQG goes without the flair of Nick Moore , but i bet WBC will find another place to stumble

and don't forget those crazy coots at Basel , want distressed banks to 'bail-in '