Ann: Dividend/Distribution - WBC, page-8

Very selective. Another analysis, from a research house. See below.

Westpac 1H25 dividend and margins miss

[8:55 am] Westpac reported a mixed 1H25 result. Here are the key numbers from the result:

• Net profit after tax (ex-items) down 1% to $3.5bn, in-line with market expectations

• CET1 ratio of 12.2%, in-line with market expectations

• Earnings per share flat year-on-year at 101 cents vs 98 cents UBSe (3.0% beat)

• Interim dividend of 76 cents per share vs. 82 cents UBSe (7.3% miss)

• Group NIM down 1 bp to 1.88% vs. 1.94% UBSe (6 bp miss)

The result is a net negative, given the weaker-than-expected dividend and net interest margins. These are the two most important metrics for banks, and will likely offset the strength Westpac has shown in its balance sheet and resilient credit impairment metrics.