Westpac reports solid half


Westpac has reported a solid first-half result, with statutory net profit up seven per cent to $4,198 million on the back of a six per cent increase in cash earnings to $4,251 million.
In a result which Westpac chief executive Brian Hartzer described as “good,” the company also pointed to the moves it had taken in the context of the current Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, stating that it was “already well advanced in taking steps to improve customer outcomes”.
Hartzer said that over the last three years the banking group had reviewed more than 300 products and made over 150 changes to products, policies and business practices, including introducing a low-rate credit card, removing sales incentives for tellers, and providing an independent advocate for customers.
“This work is ongoing and we will continue to make changes in our business based on our reviews and feedback from our customers, our regulator and the Royal Commission itself,” he said.
The board declared an interim fully franked dividend of 94 cents per share.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.