Readers have pointed out that Westpac’s decision to bring forward its interim dividend payment date by nine days from, July 3 to June 24, means Westpac shareholders will receive three dividend payments this current financial year.
“We expect the interim dividend to be paid at a similar date in future years,” the bank told the market yesterday.
For 2018-19 Westpac shareholders are set to receive $2.82 per share, rather than $1.88, if it maintains the 94 cent payout. This includes the interim dividend for the six months ending in March 2018, which was paid on 4 July, 2018, and the full year dividend for the 12 months ending September 2018, which was paid on 20 December, 2018. And now, they will also get the interim dividend for the six months ending March 2019 paid on 24 June, 2019. The interim dividend will be announced on 6 May.
The change is “putting the money into shareholders pockets a little bit earlier”, a Westpac spokesman said today. Also keep an eye on this small change boosting the full-year results for funds which hold Westpac shares, such as Pendal Group, Perpetual, Australian Foundation Investment Company, and Argo Investments.
Currently NAB and ANZ both pay their interim dividend in early July about seven weeks after it the stock goes ex-dividend. But the full year dividend is paid in mid-December, just five weeks after the stock goes ex-dividend.
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