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In the final episode of The nestegg Podcast for 2021, host Maja Garaca Djurdjevic checks in with our three experts to hear their final thoughts on the year that’s passed and their hopes for the next 12 months.

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Steve Waters, director of Right Property Group, talks Christmas selling season and opens up about the key lessons that he’s learnt this year that he will gladly take forward with him into 2022.

RMIT senior lecturer of finance Dr Angel Zhong covers meme stock ETFs as well as provides her thoughts on next year’s economic outlook.

Finally, tax and super guru Timothy Munro shares his end of year financial checklist and some handy tips that could help you keep your credit card in check over the gifting season.

Tune in to hear more below.

Have a question for our experts? Get in touch at [email protected], and you might get featured on the next episode.

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Westpac profits tumble while dividend payments resume

By Cameron Micallef

November 02 2020
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Invest

Westpac profits tumble while dividend payments resume

By Cameron Micallef
November 02 2020

Westpac has resumed making dividend payments despite the major leader revealing its profits fell by 62 per cent due to the loan deferral payments.

Westpac profits tumble while dividend payments resume

By Cameron Micallef

November 02 2020
Share

Westpac has resumed making dividend payments despite the major leader revealing its profits fell by 62 per cent due to the loan deferral payments.

The big four bank told the ASX that its full-year cash profits fell to $2.608 billion or $4.247 billion lower than last year.

The result was “significantly affected” by issues stemming from COVID-19, including higher impairment charges and lower income due to low interest rates and fee waivers, as well as the resolution of the AUSTRAC matter.

Westpac Group CEO Peter King told investors it was a poor result.

“2020 has been a particularly challenging year, and our financial result is a disappointment,” Mr King said.

Among the key issues weighing on the result are the impact of COVID-19, lower income given weak demand for credit and higher costs.

Impairments for bad and doubtful debts, which might sting if borrowers fail to recover from the pandemic, have been raised by $2.2 billion to $6.2 billion.

While pointing out the financial year had not gone to plan, Mr King told shareholders the big four bank is in a strong position.

“Despite the challenging period, our balance sheet remains strong,” Mr King explained.

The bank told investors that it was in a position to pay out a dividend in the second half, noting it’s disappointment in not paying a first half yearly dividend.

Westpac will pay shareholders a final dividend of 31¢, against expectations that were as low as zero and as high as 35¢. The bank shelved its first-half distribution following APRA’s announcement to cap dividends at no more than 50 per cent of a bank's earnings.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.