Westpac Banking Corporation · Dividends
ASX: WBC · Financials · Diversified Banks
Dividends per share
Per financial year, as reported in the accounts
Payment record
Totals paid and share of profit distributed
| FY | Per share | Total paid | Payout ratio |
|---|---|---|---|
| FY25 | $1.41 | $5.2B | 75% |
| FY24 | $1.45 | $5.7B | 81% |
| FY23 | $1.16 | $4.5B | 63% |
| FY22 | $1.12 | $4.3B | 76% |
| FY21 | $0.69 | $2.8B | 52% |
| FY20 | $0.70 | $2.5B | 110% |
| FY19 | $1.33 | $5.0B | 73% |
| FY18 | $1.58 | $5.8B | 71% |
| FY17 | $1.35 | $4.8B | 61% |
| FY16 | $1.53 | $5.4B | 73% |
Reading the payout ratio
The payout ratio is the share of net profit returned to shareholders as dividends. A ratio under ~70% generally leaves room to maintain the dividend through a weaker year; a ratio persistently near or above 100% means the company is paying out more than it earns, which is rarely sustainable. Per-share figures here are company-reported annual totals. Check the company's own announcements for franking credits and payment dates.
What has Westpac (WBC) paid in dividends and how sustainable is the payout?
Westpac's dividend per share moved from $1.63 in FY2016 to a peak of $1.69 in FY2018, before being cut sharply to $0.70 in FY2020 as net income fell to $2.3B and the payout ratio rose to 110.0% of earnings that year. The dividend then recovered gradually: $0.78 in FY2021, $1.22 in FY2022, $1.29 in FY2023, and $1.63 in FY2024, matching the FY2018 level, before easing slightly to $1.52 in FY2025.
Outside of the FY2020 disruption, the payout ratio has generally sat between roughly 52% and 81% of net income, coming in at 75.4% in FY2025 against net income of $6.9B. The FY2020 payout ratio exceeding 100% of that year's depressed $2.3B net income stands out as the one point in the period where the dividend was not covered by earnings within the same year.
AI-assisted analysis generated from Craytheon's verified financial data · Updated 4 Jul 2026 · How this works
Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.