|Bid||30.20 x 110000|
|Ask||31.40 x 60000|
|Day's range||30.94 - 31.37|
|52-week range||29.38 - 37.80|
|PE ratio (TTM)||12.34|
|Forward dividend & yield||2.20 (7.29%)|
|1y target est||38.40|
Measuring Westpac Banking Corporation’s (ASX:WBC) track record of past performance is a useful exercise for investors. It enables us to understand whether or not the company has met or exceedRead More...
Westpac Banking Corp. has been cleared of manipulating a key Australian interest rate, even though it did engage in “unconscionable conduct” in attempting to influence the rate, a court ruled. The Australian Securities & Investments Commission had claimed Westpac sought to influence the bank bill swap rate -- which is used to price more than A$10 trillion ($7.6 trillion) in derivatives -- to benefit its trading positions.
As Australia’s housing market goes, so goes Westpac Banking Corp. What’s more, while its big three competitors – including National Australia Bank Ltd. and Australia & New Zealand Banking Group Ltd. – have reduced their market share over the past year, Westpac has been expanding aggressively.
Investment bank UBS cut its rating on big-four bank Westpac to a "sell" in a new report after analysing lending documents released by the banking royal commission that express concerns over Westpac's home lending practices. Westpac shares fell by $1.05, or 3.6 per cent to $28.13 - their lowest level since early 2016 - in trading on the Australian share market on Thursday. * UBS studied data on 420 Westpac mortgages that was given to consultancy PwC for an internal analysis in 2017.
Westpac shares have plunged to a two-year low after investment bank UBS cut the stock to a "sell" rating on concerns over the quality of the lender's mortgage book. Internal Westpac documents released by the banking royal commission were analysed by UBS banking analyst Jonathan Mott, who said there were now questions over the quality of Westpac's $400 billion mortgage book. "We see significantly higher risks than we had previously incorporated into our assessment of the stock," Mr Mott said in his research note.
A sharp fall in Westpac shares to their lowest level in almost two years is offsetting gains in most of other sectors of the share market, leaving the main indices only modestly higher. The benchmark S&P/ASX200 ...
The former Westpac financial planner criticised at the financial services royal commission says he's been made a scapegoat by the bank. Andrew Smith was named at the commission last week when Westpac executive and BT Finance national head Michael Wright gave evidence. Mr Wright told the inquiry he believed one of the reasons the planner gave inappropriate advice to numerous clients was to maintain his "level of remuneration".
A week of damaging revelations for Australia's biggest financial players at the banking royal commission will end with Westpac and ANZ having to defend bad advice given by their planners. After days of damning evidence about customers being charged fees for financial advice they never received, the royal commission has turned its focus to inappropriate advice. Westpac has already admitted a senior planner gave poor advice to a couple who wanted to use their superannuation to buy a property where they could live and run a bed and breakfast business, a strategy that was never a viable option for them.
Jacqueline and Hugh McDowall's retirement dream to buy a bed and breakfast business turned into a financial nightmare. Due to poor financial advice from a Westpac planner, the nurse and truck driver lost their family home pursuing a dream that was never going to become a reality. The McDowalls sold their Melbourne home, using the proceeds to clear the hefty mortgage and set up the SMSF.
Westpac chief executive Brian Hartzer says the bank had been sloppy rather than deliberately negligent in its checks on whether potential customers could repay their mortgages. "We have been a little sloppy on some of the record keeping but I think it is drawing a pretty long bow when you look at the actual performance and of credit quality of the banks over a long period of time to suggest that there is something fundamentally wrong," Mr Hartzer told a business summit in Sydney on Thursday. The banking royal commission has heard Westpac and the Commonwealth Bank had flawed processes for making sure home loan applicants were telling the truth about their income, expenses and debts.
One of Australia's largest banks has apologised to Tasmanian pensioners for not sending their promised energy rebate cheques before Christmas. Westpac on Thursday apologised for the delays in posting the state government's promised $125 energy bonus after earlier making repeated assurances the cheques would be sent out on time. "Westpac apologises to Tasmanians who did not receive their cheques on time and are reviewing the procedures to ensure that this does not occur again," the bank said in a statement.
Westpac will pay about $11 million in compensation to interest-only home loan customers who were not switched to principal repayments when they should have been. The refunds will go to 9,400 customers who held owner-occupier interest-only variable home loans, most of which had interest-only periods that expired between 2009 and 2016. A processing error led to these customers continuing to make interest-only repayments after the interest-only period ended, rather than being switched to principal and interest repayments.
Westpac chairman Lindsay Maxsted says criticism of the Australia's banking sector is "warranted" but he hopes a royal commission into alleged misconduct in the finance industry will restore trust and confidence. Mr Maxsted told the lender's annual general meeting in Sydney on Friday that the board was "disappointed" at the deterioration of the banking sector's reputation but accepted there had been times when the industry had failed to meet customer expectations.
The announcement of a banking royal commission has shaken Australia's financial sector and could land the big banks with a bill of up to $100 million each. Shares in Commonwealth Bank, Westpac, National Australia Bank, ANZ and Macquarie tumbled on Thursday as investors took fright at news the big lenders had, after months of resistance, told Treasurer Scott Morrison of the terms under which they would reluctantly accept a commission.
Westpac's New Zealand subsidiary has been ordered to increase the amount of capital it holds after the bank failed to comply with local governance standards. The Reserve Bank of New Zealand on Wednesday said Westpac NZ had used unapproved capital models since 2008. The RBNZ said a report uncovered serious shortcomings and non-compliance failures in relation to Westpac NZ's status as an "internal models bank" - a lender that uses its own estimates to measure risk.
SYDNEY--(BUSINESSWIRE)-- Westpac Banking Corporation (Westpac) filed its Annual Report on Form 20-F with the US Securities and Exchange Commission (SEC) for the financial year ended September 30, 2017 ...
Westpac says it will keep fighting to remove the federal government bank levy. Chairman Lindsay Maxsted says the introduction of the bank levy in July this year had already impacted both the value and the returns from shareholder investment in the bank. "It discriminates against Australian banks relative to global peers and it has impacted the value of your investment and the investments of millions of superannuation holders across Australia," Mr Maxsted said in Westpac's annual report.
Westpac lifted full-year profit three per cent to $8.062 billion, narrowly missing market expectations after it copped the cost of past mistakes. Westpac took a hit equivalent to 1.5 per cent of its cash profit to superannuation customers who lost out because of disclosure practices, package customers who did not receive benefits to which they were entitled, and others who did not receive on-time advice. Chief executive Brian Hartzer said Westpac had made changes to ensure there would be no repeat.
Westpac has lifted its full-year profit three per cent to $8.062 billion, boosted by six per cent growth in Australian mortgages. The lender on Monday said cash profit for the 12 months to September 30 rose from $7.822 billion a year ago, helped by a four per cent lift in earnings from the consumer division. Chief executive Brian Hartzer said Westpac had managed to grow its loan book, while ensuring it stayed within regulatory limits on investor and interest-only lending.
Westpac Banking Corp. Chief Executive Officer Brian Hartzer said the outlook for the financial industry is becoming more challenging and called on the Australian government to fix a range of policy messes ...
Westpac has accused the corporate regulator of taking phone calls between its traders out of context because "it's the best ASIC can do" to try and prove allegations of rigging the bank bill swap rate. Australia's second-largest bank on Wednesday responded to ASIC's accusations the bank engaged in misconduct and market manipulation to push the BBSW higher or lower between 2010 and 2012. Matthew Darke SC said recorded phone calls played in court as part of ASIC's case were "it seems, the best ASIC can do" in its Federal Court trial against Westpac.
Telephone conversations between a top Westpac trader and his colleagues show he knew manipulating the bank bill swap rate was wrong, ASIC has told a Federal Court trial. The regulator on Tuesday played an audio recording of Colin Roden, managing director of the bank's group treasury department, saying he would "f*** the rate" as it opened its case against Westpac. The Australian Securities and Investments Commission has accused Westpac of misconduct and market manipulation between 2010 and 2012 in relation to the bank bill swap rate.