This morning Westpac Banking Corp (ASX: WBC) delivered a first-half result which beat the market's expectations.
I believe the result demonstrates why the banking giant would be a great option for income investors that don't already have meaningful exposure to the banks.
But for those investors that are already overweight with banks, here are three non-bank dividend shares that I would be picking up today:
Accent Group Ltd (ASX: AX1)
Although its share price has been on a tear over the last 12 months, this footwear retailer's shares still offer investors a trailing fully franked 4.9% dividend. I think this dividend could increase significantly in the future thanks to its expansion plans. Furthermore, although Amazon has arrived in Australia, I don't see it as a huge threat. This is because Accent has exclusive and popular licensed brands which only it can sell in the local market.
Telstra Corporation Ltd (ASX: TLS)
Like the banks, the Telstra share price has been down in the dumps for much of this year. While some of its decline is clearly justified, I believe the selloff has been largely overdone and has left the telco giant's shares trading at a very attractive price. This year Telstra intends to pay a 22 cents per share fully franked dividend, equating to a yield of 6.8%. Pleasingly, I believe this is sustainable for the next couple of years, after which a lot will depend on its cost cutting program, NBN margin improvements, and the arrival of 5G internet.
WAM Capital Limited (ASX: WAM)
I think this listed investment company is a great option for income investors due to the strong performance of its funds and its impressive track record of dividend increases. WAM Capital is on course to make it nine years of dividend increases in a row in FY 2018 after lifting its interim dividend earlier this year. At present WAM Capital's shares offer a trailing fully franked 6.4% yield.
