Westpac shares the wealth as staff to receive stock bonus worth $1000

Westpac has given each of its staff members $1000 worth of shares as part of the bank’s 200th anniversary.

The bonus to its 35,000-plus staff will cost Westpac more than $35 million.

Westpac has given each of its staff members $1000 worth of shares as part of the bank’s 200th anniversary.

The move, which is expected to cost the bank more than $35 million, follows its bumper $8 billion full-year profit.

“This year’s grant of $1000 in shares is to recognise your contribution to Westpac Group’s success in achieving our extraordinary milestone of becoming Australia’s first company and first bank to celebrate 200 years of business,” Westpac said in a note to employees.

Westpac, which also owns brands such as St George Bank, Bank of Melbourne and BankSA, on Monday reported a 3 per cent lift in cash profit to $8.06bn.

Following the result, investment bank UBS speculated that limited growth prospects for the company could mean Westpac shareholders would be in for a special dividend. Analysts said the bank’s capital reserves were all but at the “unquestionably strong” levels imposed by the prudential regulator this year.

The shares will be held within the company’s employee share plan for three years, at which time they will be released to staff, Westpac said. Staff will need to have been employed full-time by Westpac as of March 31 this year and live in Australia to be eligible for the shares.

In 2015 Qantas awarded ­bonuses amounting to $90m to staff who signed a pay freeze agreement following a dramatic turnaround in its financial result. Qantas staff received a one-off payment of 5 per cent of their ­annual salary, an average of $3200 per eligible worker.

Westpac had 35,100 full-time staff as of the end of September, which was down from 35,580 a year before.

Australia’s big four banks ­recorded a combined $31.5bn in profit this financial year, a rise of 6.4 per cent on last year.