Key Highlights

  • Westpac's 77 cent fully franked final Dividend has a Record Date of 6 November and payment on 21 December 2026.
  • The total dividend for FY26 is 154 cents per share, up 1%.
  • National Australia Bank, Macquarie and ANZ are also going ex-dividend in the coming period.
  • Dividend timing across the major banks makes this a busy reporting period for income investors.

Westpac Banking Corporation (ASX:WBC) is the headline entry on the ASX dividend calendar today, with its shares trading ex-dividend on Thursday, 5 November 2026 ahead of a fully franked final dividend of 77 cents per share. The record date is Friday, 6 November and payment is scheduled for Monday, 21 December 2026. Investors who bought shares on or after today are not entitled to this payment, while those who held the shares at the close of trading yesterday are entitled, subject to the usual registry rules.

The Dividend in Detail

The final dividend brings Westpac's total for FY26 to 154 cents per share, fully franked, up 1% on the prior year. The bank declared the dividend with its full-year result on 2 November 2026, when it reported statutory net profit of $6.8 billion, down 1%, and net profit excluding notable items of $7.0 billion, flat on the prior year. The Payout Ratio for the year was 77% of statutory profit and 75% excluding notable items.

The bank's investor centre lists the Dividend reinvestment plan price as yet to be announced. The plan gives shareholders the option of receiving new shares rather than cash, and the pricing is usually confirmed after the ex-dividend date. Shareholders considering that option should check the bank's dividend announcement for the applicable election date and any terms, including whether any discount applies.

What Ex-Dividend Means Today

The ex-dividend date is the first day on which a buyer of the shares is not entitled to the declared dividend. Because Australian share trades settle two Business days after the transaction, the ex-date is set one business day ahead of the record date. A purchase on 4 November would settle by the record date of 6 November, whereas a purchase today would not.

Franking credits accompany a fully Franked Dividend and reflect tax already paid by the company. Eligibility for these credits can depend on individual circumstances, including Holding Period rules. The credits are of particular relevance to Australian resident shareholders, and the 77 cent dividend carries credits at the corporate tax rate. Investors with questions about their personal position should seek appropriate tax guidance.

The Earnings Behind the Dividend

Westpac's dividend sits against a backdrop of higher Credit costs and a slight fall in margin. Impairment charges rose 104% to $864 million, and the net interest Margin fell 7 basis points to 1.87%, excluding notable items. Operating expenses fell 1% to $11,781 million, while lending grew 5% and deposits grew 6%.

The Common Equity Tier 1 Capital ratio stood at 12.5%, above the bank's 11.25% target in normal operating conditions. Capital above the target gives the board some flexibility on distributions, and the decision to lift the total dividend by 1% indicates confidence in the bank's capacity to pay. Dividend decisions always take account of expected earnings and capital requirements, so future payments are not guaranteed.

Where Westpac Sits in the Calendar

November is a busy month in the Australian dividend calendar because three major banks and Macquarie Group have Dividend Dates close together. National Australia Bank trades ex-dividend on 10 November with an 85 cent final dividend, and Macquarie follows on 11 November. ANZ trades ex-dividend on 12 November, with its amount to be confirmed at its 9 November result.

The December payment window also clusters. Macquarie is due to pay on 17 December, National Australia Bank on 15 December and ANZ on 18 December, while Westpac pays on 21 December. Commonwealth Bank is on a different cycle because of its June year end, with its next ex-dividend date on 17 February 2027. Together, these dates shape the flow of franked income received by many Australian shareholders ahead of Christmas.

Rate Rises and Income Expectations

Dividends from banks are being paid in an environment of rising official rates. The Reserve Bank raised the cash rate to 4.85% on 3 November 2026, and variable home Loan rates at Westpac rise by 0.25 percentage points from 13 November. Higher rates also mean that cash deposits offer higher returns than they did, which some income investors may weigh when thinking about their overall portfolios.

The bank's outlook acknowledges the pressures. Chief executive Anthony Miller said Inflation remains above the Reserve Bank's target range and interest rates are likely to stay elevated into 2027. Those conditions may influence credit quality and lending growth, which in turn affect how much profit is available for future dividends.

What to Watch Next

The next key date is the record date on 6 November, followed by the Annual General Meeting on 16 December 2026 and payment on 21 December. Looking into 2027, Westpac's calendar lists interim results on 3 May, an ex-dividend date of 6 May, a record date of 7 May and payment on 1 July. Full-year results are scheduled for 8 November, with an ex-dividend date of 11 November and a record date of 12 November. Payment is due on 22 December 2027.

Shareholders who sell today still receive the dividend if they were entitled before the ex-date. Westpac's registry will send dividend statements around the payment date, and shareholders can update their payment instructions through the registry ahead of that time. Any changes to bank details should be made before the relevant cut-off shown in the company's communications.

The statement will also confirm any franking credits attached.

Holders can check those details with the registry.

Key Takeaways

Westpac traded ex-dividend today for its 77 cent fully franked final dividend, with a record date of 6 November and payment on 21 December 2026. The total for FY26 is 154 cents per share, up 1%. The bank's dates form part of a busy period for bank dividends, with National Australia Bank, Macquarie and ANZ trading ex-dividend next week.