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
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.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
