Top ASX Dividend Stocks to Buy in November
Two best quality dividend stocks to buy in November with good upside potential are
Westpac Banking Corporation (ASX: WBC)
Westpac Banking Corporation, one of the dividend paying companies, delivered a solid performance in FY24, characterized by stable net interest income growth of 3%, reaching $18,916 million, which was primarily driven by a 3% increase in average interest-earning assets. Loan book expansion remained strong, with business loans up by 7% and housing loans by 3%. Net interest margin (NIM) held steady with a marginal 1-basis-point decline to 1.95% (excluding notable items). Non-interest income, however, saw a 15% drop to $2,835 million, and operating expenses, excluding notable items, rose by 7% to $10,944 million, impacting overall operational efficiency. Total loans advanced by 4% to $807 billion, led by 5% growth in Australian housing loans (excluding RAMS) and an 8% rise in business lending, which underscored Westpac’s robust lending portfolio. Deposits rose by 5% to $674 billion, reinforcing a stable funding position. Within the Consumer segment, net profit contracted by 17% amid intense competition in the mortgage space, though net loans and deposits still grew by 4% and 8%, respectively.?
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