Westpac Reports Strong Capital Growth Amid Profit Dip

Westpac Banking (AU:WBC) has released an update.

Westpac Banking Corporation reported a net profit of $6.99 billion for the full year 2024, marking a 3% decrease from the previous year. The company maintained strong capital and liquidity positions, enhancing its share buyback program by $1 billion and increasing fully franked ordinary dividends by 6% to 151 cents per share. Despite challenges like high inflation and competitive markets, Westpac achieved solid loan growth and a return on tangible equity above 11%.

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