Westpac Banking Corporation
Westpac is Australia’s oldest bank and company, one of four major banking organisations in Australia and one of the largest banks in New Zealand. We provide a broad range of banking and financial services in these markets, including consumer, business and institutional banking and wealth management services.
Westpac Group’s portfolio of financial services brands and businesses is focused on our vision, which is
“To be one of the world’s great service companies, helping our customers, communities and people to prosper and grow.”
From ensuring customers can save and invest with confidence, to helping with the financial needs of small businesses, multi-national corporates, institutional and government clients, we put customers at the centre of everything we do.
Our business comprises four key customer-facing divisions which operate a unique portfolio of brands including Westpac, St.George, Bank of Melbourne, BankSA, BT and RAMS. Through these brands we serve over 13 million customers.
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News
Westpac to scrap outdated computer systems
Westpac has revealed ambitious plans to get rid of outdated and slow computer systems, software and other technology over the next four years that will have an estimated cost close to $10 billion between now and 2028.
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Westpac attributes minor decline in first quarter profit to accounting rules
Westpac Banking Corp (ASX:WBC) has attributed a slight decrease in its unaudited first-quarter net profit to accounting rules governing financial hedges. The country’s second-largest bank stated that while these hedges will reverse over time, their adjustment impacted the first-quarter figures, resulting in a lower performance compared to the preceding six-month quarterly average.
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Westpac rewards shareholders
Westpac has announced a final dividend of 72 cents per share, up from 64 cents per share the previous year.
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Westpac posts unaudited Q2 net profit of $1.8 billion amidst margin and mortgage challenges
Westpac (ASX:WBC) has disclosed an unaudited net profit of $1.8 billion for the quarter ending on June 30.
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Analyst Views
WBC – Morgans rates the stock as Add
The broker makes no changes to forecasts and retains its Add rating and $29.50 target price.
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WBC – Citi rates the stock as Buy
Buy rating and target price of $29.50 are both retained.
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WBC – Morgans rates the stock as Add
Morgans expects the upcoming result for the Commonwealth Bank ((CBA)) to likely increase upside risk to earnings and dividend forecasts for FY21. The Hold rating is maintained and the target price is increased to $25.50 from $23.50.
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