Tag: WBC

Westpac (WBC) will sting its home loan customers by raising home mortgage rates to help build up its capital base, rather than forcing shareholders to accept no increase, or a reduction in their dividends to achieve the same end.

Westpac (WBC) seems to be softening up investors ahead of reporting its 2014-15 profit on November 2.

Westpac’s (WBC) new strategy under CEO Brian Hartzer left investors underwhelmed yesterday with the bank’s shares slipping 0.4% to $29.80.

Westpac (WBC) has added its bit to the current round of updates and profit reports, and in doing so has sort of calmed investor concerns about bad debts.

Westpac (WBC) shares were left all but unmoved by the release yesterday of the long mooted reorganisation of the bank by the new CEO, Brian Hartzer who took the top job in February, replacing Gail Kelly.

Westpac (WBC) has reported a flat profit in the six months to the end of March, but lifted interim payout to keep shareholders happy.

The changing of the guard at the top of Westpac (WBC) (which won’t happen until February next year), isn’t as big a deal as this morning’s media and yesterday’s share price reaction would have us believe.

Westpac (WBC) lifted cash earnings 8% to a record $7.628 billion for the year to September and has boosted final dividend two cents a share to 92 cents.

Westpac (WBC) this morning joined the ANZ in lifting interim profit and dividend for the six months to March 31.

A thumbs down from the market for the full year profit, higher dividend and special payment from Westpac (WBC).

It’s a difficult task being the CEO of a big Australian bank: they have to sound concerned, informed and above all authoritative, as we saw with Westpac’s Gail Kelly yesterday, and will hear from the NAB’s Cameron Clyne later today and from the ANZ’s Mike Smith tomorrow.

Unlike the receptions for other banks reports or updates this reporting season, Westpac’s third quarter trading statement yesterday was given the thumbs down by the market.

Westpac has joined the banking reality club, along with charter member, ANZ.

Westpac has gone against the trend in reporting a fall in first quarter cash earnings, unlike the NAB and the Commonwealth last week.

Westpac shares actually had a fairly sedate reaction to the 26% rise in cash earnings to $5.88 billion for the year to September 30.

With Westpac delivering its third quarter update yesterday a couple of points emerge strongly.

Yesterday’s fear-driven sell-off locally followed overseas leads, so it was natural that banks and other groups exposed to risk should be sold off as well.

First it was the Commonwealth, then Bendigo Bank, and yesterday Westpac joined the queue to reveal that profits in this now highly concentrated sector were better than at any other time, and we are not yet fully out of the slump.

The Reserve Bank has come to the aid of Westpac (and other banks) once again.

Is Westpac feeling the heat already from last week’s decision to lift home loan rates by a market leading 0.45%?

Another rate rise to end the year, a few more howls and cries of complaint as banks follow with mortgage rate increases.

Westpac Banking Corporation (WBC) announced today that it has launched a new branch in Shanghai after the Chinese banking regulator approved its application for a financial licence.

Westpac (WBC) has raised $247 million from institutions from an initial public offer (IPO) of shares in funds manager BT Investment Management (BTIM).

Like St George the day before, record result from Westpac lit a fire under banking stocks for a second day in a row.

So far St George Bank has produced the result that stands out from the rest of the majors in this March 30 interim reporting season, even though Westpac was pretty upbeat about its numbers yesterday.