Westpac Announces 76 Cents Interim Dividend Payable June 27, Fully Franked

Westpac’s Interim Dividend Announcement

Westpac Banking Corporation (ASX: WBC) has declared an ordinary interim dividend of AUD 0.76 per fully paid ordinary share for the six months ending 31 March 2025. The dividend is fully franked at 30%, reflecting Westpac’s ongoing commitment to returning value to shareholders while maintaining a strong franking credit position.

The dividend will be paid on 27 June 2025, with an ex-dividend date of 8 May and a record date of 9 May. This timing aligns with Westpac’s typical dividend schedule and provides investors with clarity on the upcoming payment.

Dividend Reinvestment Plan Details

Westpac continues to offer its Dividend Reinvestment Plan (DRP) for this interim dividend, allowing shareholders to reinvest their dividends into additional Westpac shares. Notably, the DRP is offered with no discount on the reinvestment price, which will be calculated based on the volume weighted average price of Westpac shares traded on the ASX and Cboe Australia over a 17 trading day period from 14 May to 5 June 2025.

Participation in the DRP is restricted to shareholders residing in Australia and New Zealand, reflecting regulatory and administrative considerations. Shareholders who do not elect to participate will receive their dividend payments in cash.

Currency Options and Tax Considerations

Westpac offers dividend payments in multiple currencies, including Australian dollars (AUD), Pound Sterling (GBP), and New Zealand dollars (NZD), catering to its diverse shareholder base. Actual exchange rates for non-AUD payments will be disclosed by 6 June 2025, providing transparency for investors receiving payments in foreign currencies.

The dividend is fully franked, with a 30% corporate tax rate applied, and includes a New Zealand imputation credit of NZD 0.06 per share, which benefits New Zealand resident shareholders. This franked status underscores Westpac’s solid earnings and tax position.

Market and Investor Implications

This dividend announcement is consistent with Westpac’s steady approach to shareholder returns amid a complex banking environment. The absence of a DRP discount may signal management’s confidence in the current share price, while the fully franked nature of the dividend supports income-focused investors.

Investors will be watching closely for the uptake of the DRP and the impact of currency fluctuations on dividend payments outside Australia. The forthcoming disclosure of exchange rates will be a key data point ahead of the payment date.