WBC H1 profit soars as economy strengthens

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    https://au.finance.yahoo.com/news/wbc-h1-profit-soars-economy-221739001.html

    1H21 financial results snapshot1,2
    Compared to 1H20:
     Statutory net profit $3,443m, up 189%
     Cash earnings $3,537m, up 256%
     Fully franked interim dividend, 58 cents
    per share
     Cash EPS 97 cents, more than tripled
     ROE 10.2%, up from 2.9%
     CET1 capital ratio 12.34%, up 153 bps
    Compared to 2H20:
     Statutory net profit $3,443m, up 213%
     Cash earnings $3,537m, up 119%
     Cash EPS 97 cents, more than doubled
     ROE 10.2%, up from 4.7%
     CET1 capital ratio 12.34%, up 121 bps
    Westpac today announced a reported net profit of $3,443 million for 1H21, up $2,253
    million on 1H20.
    Westpac Group CEO, Peter King, said: “It has been a promising start to the year with
    increased cash earnings, growth in mortgages and continued balance sheet strength.
    First half earnings were considerably higher than the prior corresponding period (1H20),
    mainly due to an impairment benefit reflecting improved asset quality and a better economic
    outlook. Notable items were also lower. We improved balance sheet strength, with our
    Common Equity Tier 1 capital ratio rising 153 basis points to 12.34 per cent.
    The Board has determined an interim dividend of 58 cents per share, given our higher
    earnings and stronger capital position.
    We have made good progress on our strategic priorities of fix, simplify and perform. This
    included finalising our plan to improve financial and non-financial risk governance,
    announcing the sale of three businesses, progressing the consolidation of our Asia
    operations and returning our mortgage book to growth.
    Australian mortgages increased $2.6 billion over the past six months, with good growth in
    owner occupier loans partly offset by lower investor lending. Owner occupier loans increased
    3 per cent, with first home buyers making up 13 per cent of new loans.
    Australia and New Zealand have managed the pandemic well and we are proud to have
    helped so many customers return to full repayments.
    While the economic outlook is more positive, some uncertainty remains and we have
    remained prudent in our impairment provisioning.”

    courtesy of Bell Direct
    ======================================================================================

    DYOR

    i hold WBC

    let's see what the market thinks about that ( i am unimpressed )

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