Westpac reveals 2024 financial achievements

Westpac Banking Corporation (ASX: WBC) has announced its 2024 Full Year Results, showcasing a net profit after tax of $7.0 billion, reflecting a 3% increase from the previous year. The company declared a final dividend of 76 cents per share, leading to a total ordinary dividend of 151 cents per share. Westpac has demonstrated robust financial performance through improved customer service and a solid balance sheet.

Westpac's strategic outlook and future plans

Westpac Banking Corporation's 2024 Full Year Results highlight a net profit increase backed by strong capital management and improved customer services. With a capital strength enabling a $1 billion share buyback and a recognized top banking app, the company is positioned to sustain growth. The economic outlook is positive, projecting solid demand for housing and business credit in 2025. Westpac's strategic initiatives, like the UNITE program, are advancing business and technology simplification. With a leadership transition to Anthony Miller, Westpac aims to maintain its robust foundation and navigate future challenges with a strong balance sheet and sound credit quality.

Executive insights on Westpac's performance

Westpac's financial performance was driven by improved customer service, growth in key segments, and a solid balance sheet. Our capital strength allowed for a $1 billion increase in our share buyback program.' 'We have enhanced our customer service, particularly in mortgage approvals, and have received recognition for having the best banking app in Australia for the second consecutive year. Furthermore, we have significantly reduced customer scam losses and completed our Customer Outcomes and Risk Excellence program, leading to a $500 million reduction in operational risk capital overlay by APRA.