Westpac Banking Corporation has released its 2023 Full Year Results, reporting a net profit of $7.195bn, a 26% increase from the previous year.
Earnings per ordinary share also increased by 28% compared to FY22.
Loans increased by 5% and the CET1 capital ratio increased by 109 bps.
The company has announced a final dividend per share of 72c, bringing the total dividend to 142c, a 14% increase from FY22.
Westpac's CEO, Peter King, highlighted the bank's improved financial performance, strong balance sheet, and focus on customer support.
The company plans to accelerate its technology simplification and remains positive about the economic outlook for the next year.
Westpac's share price on September 30 was $21.15, and the net tangible assets per share were $17.58.
The expense to income ratio decreased from 55.1% to 49.4%, and the FY23 dividend payout ratio was 69%.
The company will pay the final dividend on December 19.
