Westpac Banking Corp (ASX: WBC) shares closed up 0.6% on Friday, trading for $33.67 apiece.

That saw the S&P/ASX 200 Index (ASX: XJO) bank stock once more outpace the returns delivered by the benchmark index, with the ASX 200 gaining 0.2% on Friday.

I say 'once more', because the big four bank stock has been outperforming the average returns of all the ASX 200 stocks for a number of years now.

With that in mind, can you guess how much a $10,000 investment in Westpac stock two years ago would be worth today?

Let's find out…

Banking on Westpac shares

Two years ago, on 7 July 2023, you could have picked up Westpac shares for $20.85 apiece.

Meaning for $10,000 you could have picked up 479 shares in the ASX 200 bank, with enough change left over for a Hungry Jack's kids' meal.

At Friday's closing price, those same 479 shares were worth (a rounded) $16,128. Or a gain of 61.3%.

But we're not done yet.

There's a reason Westpac is a popular investment among passive income investors.

That's right. The stock is often sought out for its reliable, twice yearly fully franked dividend payments.

If you'd bought Westpac shares on 7 July 2023, and held onto them through today, you would have been eligible to receive the past four Westpac dividend payouts.

All told, those four dividends add up to $3.14 a share.

Now, if we add that back into Friday's closing price of $33.67 a share, then the accumulated value of the shares you bought two years ago for $20.85 each is now $36.81 apiece.

Meaning the 479 shares you picked up for $10,000 is today worth a (rounded) $17,632.

Or a gain of 76.3% in just 24 months!

What's the latest from the ASX 200 bank stock?

The last price sensitive news for Westpac shares came on 5 May, when the bank released its half year results.

Core financial metrics included a 3% year on year fall in net interest income to $9.35 billion. That was partly offset by a 5% increase in Westpac's non-interest income to $1.44 billion.

On the bottom line, net profit of $3.32 billion was down 9%, though excluding notable items net profit decreased a lesser 4% year on year.

Commenting on the half year performance on the day, Westpac CEO Anthony Miller said:

Our strategic tilt to business and institutional banking is delivering results without compromising lending standards. Since 1H24, Australian business lending increased 14%, with strong growth across target sectors of health, professional services and agriculture. Institutional lending increased 15%.

Though Westpac shares closed down 3.0% on the day the bank reported its results, shares have rebounded 5.6% since then.