SYDNEY (S&P Global Ratings) Nov. 4, 2024--Westpac Banking Corp. should maintain solid capital levels despite an announced increase in its share buyback program. Westpac (AA-/Stable/A-1+), one of Australia's four major banks, today announced a 3% decrease in its net profit after tax for the year ended Sept. 30, 2024. Despite competitive pressures, Westpac's earnings will remain sound by global and domestic comparison, in our view. We forecast our risk-adjusted capital ratio for Westpac to remain strong at 11.5%-12.0% in the next two years. The bank today announced an A$1 billion increase in its A$2.5 billion share buyback program (about 75% complete). It also announced a dividend payout ratio of 73%, which is at the upper end of its 65%-75% payout
