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Westpac Group H1 Profit Down

Australia's Westpac Group (WBC.AX,WBK) reported that its net profit attributable to owners of the company for first half 2022 was A$3.28 billion, A$163 million or 5% lower than first half 2021, due to a A$511 million turnaround in impairment charges. On a per share basis, earnings were 85.7 cents down from 86.4 cents last year.

Cash earnings were A$3.10 billion down 12% from the first half 2021. Excluding notable items, cash earnings were A$3.10 billion, down 19% from the previous year. The decrease was principally due to a A$511 million movement in impairment charges and a A$377 million decrease in net interest income.

Net interest income was A$8.29 billion down from A$8.35 billion in the previous year.

The Board has determined an interim dividend of 61 cents per share, to be paid on 24 June 2022 to shareholders on the register at the record date of 20 May 2022.

The company expects the Australian economy to expand by 4.5% in 2022 but slow to 2.5% in 2023. Credit growth is forecast to be a strong 5.7% in 2022 slowing to 4.3% in 2023.

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