Westpac Banking H1 Profit Edges Down, Ups Dividend - Quick Facts

(RTTNews) - Westpac Banking Corp. (WBC.AX, WBK) reported that net profit attributable to owners of Westpac Banking for the first half edged down to A$3.61 billion or 116.1 cents per share, from A$3.62 billion or 116.8 cents per share in the previous year.

Excluding items, cash earnings for that quarter was A$3.78 billion or 121.3 cents per share, compared to A$3.77 billion or 121.3 cents per share in the previous year.

For the half year ended March 31, net interest income improved 4 percent to A$6.93 billion from A$6.68 billion in the previous year, with a 7 percent rise in average interest-earning assets and a 6 basis points decrease in net interest margin.

Non-interest income was A$3.09 billion, down 3 percent to A$3.18 billion last year, as strong performance from funds management business was more than offset by methodology changes to derivative valuations and higher insurance claims.

The company announced a 3 percent higher interim fully franked dividend of 93 Australian cents per share.