Australian banking and financial services company Westpac Banking Corporation (ASX:WBC) today (14 December) announced the results of its annual general meeting (AGM) 2022 on the ASX.

During the AGM 2022, John McFarlane, the chairman of Westpac, hinted at his intention to retire from the company after the 2023 AGM in December next year.

Following the ASX announcement, shares of Westpac were spotted trading in the red territory with a loss of 0.612%.

Including today’s decline, Westpac’s shares have dropped in value by 0.8% in the last five trading sessions and 1.67% in a month. On the contrary, the share price of Westpac has increased by 19.59% over the six-month period, 8.77% on a year-to-date (YTD) basis, and 12.24% in a year.

What did Westpac chairman say during AGM 2022?

Speaking on Westpac's place in the banking sector, McFarlane said that the company is now prepared for the future thanks to its strong strategic and financial position ensued by a two-and-a-half-year period of restructuring and repositioning.

He continued by saying that Westpac had lost its market share across a diversified portfolio of businesses over the years. Since then, the business has stabilised and is now running largely in line with its top competitors in the banking industry.

The ASX filing also stated that Westpac achieved significant progress on costs accumulated over time. As a result, the statutory expense-to-income ratio decreased from 63% to 55%. The company is now focused on lowering it to the mid-40s or even lower in the upcoming years.

McFarlane also commented on Westpac’s climate change reporting:

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Data Source: Company announcement dated 14 December 2022

A glance at Westpac’s FY22 highlights

• Westpac generated a statutory profit of AU$5.7 billion during FY22, up 4% from FY21.
• The company’s expenses dropped 7% for FY22.
• During FY22, Westpac completed the exit of insurance underwriting.
• Westpac finalised the roll-out of its Westpac app to over 2.7 million users.
• The company installed more than 18,000 new terminals in FY22 to improve its merchant capabilities.
• Westpac digitalised over 400 physical forms to expand its users’ digital experience.