Australia’s Westpac reported a 71% YoY jump in its H1 2022 cash earnings to AUD 3.1bn ($2.2bn). The bank’s net interest income was down 1% to AUD 8.3bn ($5.8bn), while fee and trading incomes rise 8% and 24% respectively to AUD 845mn and AUD 343mn ($593mn and $241mn) respectively. The bank benefitted thanks to a drop in operating expenses by 10% YoY to AUD 624mn ($438mn) due to a lower cost on sale of businesses, lower asset write-downs, reduction in depreciation and amortization of assets and lower provisions for remediation. However, the bank was impacted by an AUD 139mn ($98mn) impairment charge as compared to a benefit of AUD 372mn ($261mn) during the previous year’s same period. Westpac said that it pay an interim dividend of AUD 0.61 per share ($0.43/share). Its CET1 ratio stood at 11.3% at end-March, 100bp lower than end-September 2021, attributing it to its AUD 3.5bn ($2.5bn) share buyback.

Westpac’s USD 5% Perp was trading 0.5 points lower at 94.25, yielding 6.28%

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