Tag: WBC
Westpac to scrap outdated computer systems
Westpac has revealed ambitious plans to get rid of outdated and slow computer systems, software and other technology over the next four years that will have an estimated cost close to $10 billion between now and 2028.
Read MoreWestpac 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.
Read MoreWestpac rewards shareholders
Westpac has announced a final dividend of 72 cents per share, up from 64 cents per share the previous year.
Read MoreWestpac 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.
Read MoreLoan Stress Creep the Chief Concern for Local Banks
Westpac’s interim results yesterday capped the half way point of the Big Four’s FY2022-23, with some clear signs of loan stress already emerging.
Read MoreJob Done, Westpac Chairman Takes His Leave
Westpac chairman John McFarlane says he will retire next year and in his speech yesterday made it clear who has been driving the recent changes at Australia’s oldest bank.
Read MoreWBC Walkout Sends Tyro Shares Tumbling
Shares in Tyro Payments fell more than 20% at one stage yesterday after Westpac ended takeover talks and a second offer from a private equity group failed to win approval.
Read MoreBig Four Bank Earnings Solid but Costs a Concern
The big four banks have all now reported, with the group lifting its combined earnings 7% to a total of $28.5 billion for 2021-22 – with the rising rate environment helping.
Read MoreWestpac Committed to Crunching Costs
Westpac has lifted its 2024 cost target to $8.6bn from $8bn after a surge in inflationary cost pressures in the six months to September 30 led to a fairly modest 2021-22 result.
Read More6% Higher Div for Westpac Shareholders
Westpac shareholders will get a 6% lift in full year dividend for after small dip in cash profit for the year to September 30.
Read MoreWestpac’s Enforced Houseclean Underway
Westpac has edged closer to being back in the regulatory good books after APRA announced Thursday the removal of a liquidity add-on it had imposed for breaching prudential standards.
Read MoreMajor Bank Borrowers to Bear Full Rate Rise
Macquarie, the Commonwealth, the NAB and the ANZ have followed Westpac in announcing they would pass on the full 50 basis point RBA rate increase to their customers.
Read More“Big 4” Aussie Banks Steadily Becoming “Big 1+3”
The Commonwealth Bank seems to be slowly but surely drawing away from the NAB, Westpac and the ANZ – each of which seems powerless to close the inexorably widening gap.
Read MoreCost-Cutting Remains Key to Westpac’s Future
The big story from Westpac’s result on Monday wasn’t the lower earnings or higher dividend, it was evidence that the promised cost cutting was well underway and making inroads.
Read MoreWeak Westpac Result as Costs Remain the Focus
A not unexpected weak interim result from Westpac with the country’s second biggest bank reporting a fall in earnings from a year ago as its cost cutting campaign kicked into gear.
Read MoreMargin Squeeze Forces Westpac’s Hand on Cost-Cutting
Rising pressures on profit margins and the prospect of more to come has forced Westpac to bring forward by two years the bank’s long-promised target date for lower costs.
Read MoreWestpac Board Takes the Blame for Poor Showing
Westpac chair John McFarlane apologised to shareholders after poor recent financial results raised serious questions about the bank’s ability to control its costs.
Read MoreWestpac Extends Buyback in Face of Price Slump
The sharp slide in the Westpac share price has forced it to alter the terms of its $3.5 billion buyback to cover the possibility that it will buy more shares than originally planned.
Read MoreIt’s Stacks on the Mill for Westpac
More woes for Westpac, with the company now facing legal action from regulator ASIC that will cost it more than $180 million in penalties and remediation.
Read MoreWestpac Scolded in RBNZ Report
Westpac’s oversight of its NZ operations has been strongly criticised in an independent report the bank was forced to commission by the country’s Reserve Bank.
Read MoreBig Four Banks Back to their Best
Tuesday’s solid full year result from the National Australia Bank concluded the strong recovery the big four have made from the pandemic damaged 2020 financial year.
Read MoreWBC – Citi rates the stock as Buy
The Buy rating and target price of $30.00 are retained.
Read MoreBad News Trumps Good as Westpac Slammed 7%
Westpac shares were hammered yesterday, losing more than 7% in value as investors looked through the higher earnings, higher dividend and share buyback to focus on rising costs.
Read MoreWBC – Citi rates the stock as Buy
The Buy rating and $30 target price are unchanged.
Read MoreBuyback on the Cards for Westpac After Big Hit?
So will Westpac follow their Big Four peers down the buyback route in its full year results on November 1, after revealing a $1.3 billion hit to earnings from writedowns and other bookkeeping measures?
Read MoreWestpac Stuck in PNG for Now
Westpac has halted plans to sell its majority stake in Westpac PNG Limited and Westpac Fiji to ASX-listed Kina Securities and will retain it for the time being while it works out a future course of action.
Read MorePNG Ruling Leaves Westpac Stranded
Westpac might be stuck with the remainder of its South Pacific banking operations after the most logical buyer was finally ruled out by the PNG competition authorities.
Read MoreWestpac Hints at Buyback Despite Internal Strife
Despite the regulatory troubles dogging it, Westpac has signalled it may follow rivals in launching a share buyback, saying its board will consider returning excess capital later this year.
Read MoreMore Regulatory Trouble for Westpac
Westpac has hit its second money laundering problem in two years – this time in New Zealand where the key regulator has issued a formal warning to the bank for failing to report breaches of the country’s anti-money laundering law.
Read MoreWBC – Morgans rates the stock as Add
The broker makes no changes to forecasts and retains its Add rating and $29.50 target price.
Read MoreA Spot of Wheeling and Dealing Among the Banks
Opposite tacks for Westpac and NAB on Monday, with the former offloading its Australian life insurance business and the latter buying Citibank’s domestic consumer arm.
Read MoreWestpac Cuts and Runs on Life-NZ Insurance Arm
Westpac has raised just on $1.1 billion from the sale of its Australian and NZ general insurance businesses as the big four bank continues a financial slimming campaign.
Read MoreWestpac in Two Spots of Bother
Investors shrugged off two bits of poor news for the country’s second biggest bank on Friday, one involving a possible $200m fraud and the other an $87m penalty for dodgy advice.
Read MoreWestpac Gives Car Finance Arm the Flick
Last week it kept its New Zealand banking business, on Monday Westpac revealed it was selling its Australian car finance businesses to non-bank financial group Angle Finance.
Read MoreWBC – Citi rates the stock as Buy
Buy rating and target price of $29.50 are both retained.
Read MoreWestpac Changes Mind on NZ Exit
Westpac has done an about-face and is to retain ownership of its NZ banking operations, believing a demerger of the WNZL business would not be in the best interests of shareholders.
Read MoreWestpac Back in the Naughty Corner Again
Two days after a solid interim result, a dividend and encouraging noises about cost cuts between now and 2024, Westpac is back in trouble with regulators.
Read MoreWestpac Hits 16-Month High on Strong Result
Westpac shares hit their highest level in 16 months on Monday thanks to a big tick of approval from investors for a better-than-expected interim result and dividend payout.
Read MoreWestpac Kicks off Bank Week with Strong Result
Westpac is paying an interim dividend of 58 cents a share after revealing a solid rebound in earnings for the six months to March 31 from the depressed 2019-20 year.
Read More
