It is only the final ANZ dividend that is higher than the final WBC dividend i.e. 95c versus 94c. The interim dividend is lower, 86c versus 93c. So total ANZ dividend ($1.81) is less than total WBC dividend ($1.87). However ANZ had a higher EPS than WBC ($2.71 for ANZ versus $2.56 for WBC). There is an argument that ANZ is riskier than WBC because it has a bigger share of business banking and its Asian strategy.
Tomorrow WBC will go ex-div which will give a better view of the difference in share price.
Regardless, all things considered, a $2-$3 difference in share price is probably the most I can justify.
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