Westpac reports profit slide to $3.34bn in FY24 H1 earnings

Banking giant Westpac has recorded a 16 per cent slide in half-year profits to $3.34bn, with CEO Peter King warning of a “slowing economy and competitive banking sector” in the company’s latest results.

The ASX-listed $91bn behemoth reported its results for the six months to December 31, 2023 on Monday morning, with the bank delivering a special dividend of 15c a share fully franked and a $1bn lift in its share buyback program to $2.5bn.

The $3.34bn profit figure marks a 16 per cent fall from the corresponding period in the 2023 financial year but a five per cent rise from the immediate six months prior.

Net interest margin, a key measure of bank profitability, was 1.89 per cent, a fall of five basis points from the prior period.

More to come.