The Westpac Banking Corp (ASX: WBC) dividend will soon be allocated to investors. But, people need to own shares today if they want to receive it.

The ASX bank share recently announced its FY23 half-year result for the six months to 31 March 2023.

Westpac ex-dividend date

As announced earlier this week, the bank’s board decided to declare an interim dividend of 70 cents per share. This represented a year-over-year increase of 15%.

The ex-dividend date is 11 May 2023. Investors need to own shares before this date to be entitled to the upcoming dividend.

This means investors need to own Westpac shares by the end of today’s trading — 10 May 2023. So there are only a few hours left to ensure entitlement to that dividend.

However, many other investors may have the same idea – so don’t be surprised if the Westpac share price drops on 11 May 2023 by a similar amount to the dividend amount.

When will the Westpac dividend be paid?

Westpac has revealed it is going to pay the 70 cents per share dividend on 27 June 2023.

As such, shareholders will only need to wait a month and a half for the money to hit their bank accounts.  

Growth expected to slow

Westpac’s profit has benefited from the higher lending profits. The bank’s FY23 half-year net profit rose 22% to $4 billion.

However, the ASX bank share is expecting credit growth for both housing and business will slow. It’s expecting more stress in the period ahead, particularly for small business. Westpac noted that “intense mortgage competition is expected to negatively impact industry and Westpac’s margins in the next half”.

But, management believes its balance sheet strength will enable it to support customers and navigate any future economic challenges.

The bank said interest rates are closer to their forecast peak, but it’s focused on how long they stay high and what this means for household budgets and discretionary spending.

Westpac share price snapshot

Since the start of the month, the ASX bank share has dropped 4%.

The post Hoping to bag the boosted Westpac dividend? You’ll need to buy shares today appeared first on The Motley Fool Australia.

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More reading

• The Westpac share price could offer a 20% return: Goldman Sachs
• 5 things to watch on the ASX 200 on Tuesday
• Why Lynas, Piedmont Lithium, Westpac, and Woodside shares are rising
• Here’s what you need to know about the 70 cents Westpac dividend
• Westpac share price on watch amid $4bn half-year profit

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. 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 recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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