Bulletin: Increased Capital Return Won't Weaken Westpac

SYDNEY (S&P Global Ratings) May 6, 2024--Westpac Banking Corp.'s credit profile will remain robust notwithstanding an increase of A$1 billion to its share buyback program and a special dividend of A$0.5 billion. Westpac (AA-/Stable/A-1+), one of Australia's four major banks, today announced a 5% increase in its net profit after tax for the six months ended March 31, 2024, compared with the prior half. Westpac's financial profile remains in line with our ratings on the bank. We expect Westpac's capital levels to remain strong notwithstanding the announced return of surplus capital to shareholders. As of March 31, 2024, Westpac's common equity Tier 1 (CET1) ratio stood at 12.55%. Westpac will manage its CET1 ratio above 11%, which is above the

...This report does not constitute a rating action. AUSTRALIA S&P Global Ratings Australia Pty Ltd holds Australian financial services license number 337565 under the Corporations Act 2001. S&P Global Ratings' credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act)....

Bulletin