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Westpac: Shares slide despite $3.5b off-market buy-back

Westpac Shares slide despite $3.5b off-market buy-back

  • Shares in Westpac (WBC) took a dive today after the bank revealed big margin cuts and still-high expenses in its full-year results
  • For the 2021 financial year, Westpc reported cash earnings of $5.35 billion — just below expectations
  • Competition is likely to put further pressure on margins, but CEO Peter King reiterated his commitment to cutting company’s cost base to $8 billion by 2024
  • In addition to a final dividend of 60 cents per share, the platform also unveiled an off-market share buy-back worth up to $3.5 billion
  • Shares in Westpc were down 7.36 per cent today, closing at $23.78 each.
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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