How has the Westpac (ASX:WBC) share price performed since reporting results?

The Westpac share price has edged higher since it released its half-year results in early May.
The post How has the Westpac (ASX:WBC) share price performed since reporting results? appeared first on The Motley Fool Australia. –

The Westpac Banking Corp (ASX: WBC) share price struggled on Friday and finished the session at $25.88, down 0.46% for the day.

The S&P/ASX 200 Index (ASX: XJO) lost ground as well and closed at 7,403 points, down 0.80%.

Just over 4 months have come and gone since the bank reported its half-year results for the 6 months ending 31 March. Today, we take a look at how the Westpac share price has been performing since then.

But first, a quick review of the key results.

What half-year results did the big 4 bank report?

The Westpac share price was on watch on 3 May when the bank reported its half-year results before the market open.

Some of the core metrics included a statutory net profit after tax (NPAT) of $3.44 billion. That was up 189% from the prior corresponding period (pcp).

The bank’s cash earnings also leapt 256% compared to the pcp, reaching $3.54 billion.

Investors were likely pleased to receive an interim dividend of 58 cents per share this year, as the bank didn’t pay one in FY20.

Commenting on the results, Westpac’s CEO, Peter King said:

Our Australian mortgage book increased $2.6 billion over the past six months, with good growth in owner occupier loans partly offset by lower investor lending. Owner occupier loans increased 3 per cent, with first home buyers making up 13 per cent of new loans. We also managed margins well, with the margin up six basis points from second half 2020.

Westpac is scheduled to announce its full-year results on 1 November.

How has the Westpac share price performed since reporting?

ASX investors appear to have liked what they saw in the half-year results. The Westpac share price closed up 5% on the day of reporting.

Since reporting, the Westpac share price has gained 3.6%. By comparison, the ASX 200 is up 5.3% over that same time.

The post How has the Westpac (ASX:WBC) share price performed since reporting results? appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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