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Westpac Banking Corp (WBC.AX)

WBC.AX on Australia Stock Exchange

20.89AUD
25 Nov 2020
Change (% chg)

$0.44 (+2.15%)
Prev Close
$20.45
Open
$20.87
Day's High
$21.07
Day's Low
$20.80
Volume
14,098,190
Avg. Vol
9,454,832
52-wk High
$25.96
52-wk Low
$13.47

Latest Key Developments (Source: Significant Developments)

Westpac Lowers Fixed Home Loan Rates & Reduces Rates On Number Of Small Business Loans
Wednesday, 4 Nov 2020 

Nov 4 (Reuters) - Westpac Banking Corp ::LOWERS FIXED HOME LOAN RATES AND REDUCES RATES ON NUMBER OF SMALL BUSINESS LOANS.FOR HOME LOAN CUSTOMERS, FIXED INTEREST RATE OF 1.99% P.A. ON A 4-YEAR TERM FOR OWNER OCCUPIED CUSTOMERS ON PRINCIPAL & INTEREST REPAYMENTS.FOR HOME LOAN, FIXED INTEREST RATE OF 2.09% P.A. FOR 1, 2 & 3 YEAR TERMS FOR OWNER OCCUPIED CUSTOMERS ON PRINCIPAL & INTEREST REPAYMENTS.FOR SMALL BUSINESS, ANNOUNCES FIXED INTEREST RATE OF 2.38% P.A. FOR TERMS OF 3 TO 5 YEARS, A REDUCTION OF UP TO 0.56% P.A..FOR SMALL BUSINESS, VARIABLE INTEREST RATE OF 3.09% P.A. ON NEW FULLY SECURED SMALL BUSINESS LOANS, A REDUCTION OF 0.29% P.A..  Full Article

Westpac Posts FY Cash Earnings $2,608 Million
Monday, 2 Nov 2020 

Nov 2 (Reuters) - Westpac Banking Corp ::FY CASH EARNINGS $2,608 MILLION VERSUS $6,849 MILLION.ANNOUNCES FINAL DIVIDED OF 31 CENTS PER SHARE.FY NET INTEREST INCOME $17,086 MILLION VERSUS $16,953 MILLION.AS AT SEPT 30, COMMON EQUITY TIER 1 CAPITAL RATIO OF 11.13%.FY NET INTEREST MARGIN 2.03% % VERSUS 2.12%.FY NET INTEREST MARGIN 2.03% % VERSUS 2.12%.AT PEAK, AROUND $60 BILLION IN MORTGAGES WERE IN DEFERRAL, THIS HAS SUBSEQUENTLY DECLINED TO $22 BILLION.SINCE H1, CO HAS MORE CONFIDENCE IN OUTLOOK DUE TO LOWER REPAYMENT DEFERRALS FROM THEIR PEAK, BETTER ECONOMIC FUNDAMENTALS.  Full Article

Westpac Posts FY Statutory Net Profit Of $2,290 Mln, Down 66%
Monday, 2 Nov 2020 

Nov 2 (Reuters) - Westpac Banking Corp ::FY STATUTORY NET PROFIT $2,290M, DOWN 66%.ARE ADDRESSING ISSUES THAT HAVE IMPACTED PERFORMANCE IN OUR MORTGAGE BOOK AND EXPECT TO SEE IMPROVEMENT START TO FLOW IN 2021.EXPECTED ECONOMIC GROWTH TO IMPROVE THROUGH 2021 AND 2022, UNEMPLOYMENT WOULD REMAIN ELEVATED FOR SOME TIME.MORE THAN TWO THIRDS OF WESTPAC'S MORTGAGE CUSTOMERS WHO DEFERRED REPAYMENTS HAVE NOW RE-COMMENCED REPAYMENTS."WE REMAIN IN AN UNCERTAIN ECONOMIC ENVIRONMENT, HOWEVER RECENT BUDGET HAS PROVIDED SIGNIFICANT STIMULUS TO BUSINESSES AND HOUSEHOLDS".REMAINED WELL CAPITALISED WITH A STRONG BALANCE SHEET AND AMPLE LIQUIDITY TO CONTINUE TO SUPPORT ITS CUSTOMERS.INTENDING TO RETURN TO HALF YEARLY DIVIDEND CYCLE.AIMING FOR MORTGAGE GROWTH IN LINE WITH MAJOR BANKS BY 2H21.ECONOMIC FORECASTS FOR SYSTEM BUSINESS LENDING EXPECTED DECLINE OF ABOUT 3.5% IN FY21.LIFE INSURANCE EARNINGS LIKELY TO REMAIN UNDER PRESSURE IN FY21.LOW INTEREST RATES EXPECTED TO IMPACT DEPOSIT SPREADS AND EARNINGS ON HEDGED BALANCES IN FY21.  Full Article

Westpac Reaches Agreement To Settle U.S. Class Actions
Thursday, 29 Oct 2020 

Oct 29 (Reuters) - Westpac Banking Corp ::REACHES AGREEMENT TO SETTLE US CLASS ACTIONS.ENTERED INTO AN AGREEMENT WITH PLAINTIFFS TO SETTLE US BBSW CLASS ACTION.TERMS OF SETTLEMENT ARE CURRENTLY CONFIDENTIAL..IS SUBJECT TO NEGOTIATION AND EXECUTION OF COMPLETE SETTLEMENT PAPERS AND COURT APPROVAL..SETTLEMENT IS NOT MATERIAL AND RESOLVES ALL CLAIMS AGAINST DEFENDANTS WITHOUT ANY ADMISSION OF LIABILITY..  Full Article

Westpac Says H2 Cash Earnings After Tax To Be Reduced By $1,220 Mln
Monday, 26 Oct 2020 

Oct 26 (Reuters) - Westpac Banking Corp ::ITS CASH EARNINGS IN 2H20 WILL BE REDUCED BY $1,220M (AFTER TAX).CASH EARNINGS IN 2H20 WILL BE REDUCED BY $1,220M (AFTER TAX) ARISING FROM NOTABLE ITEMS.NOTABLE ITEMS INCLUDE NEW ITEMS OF $816M (AFTER TAX), WITH PREVIOUSLY ANNOUNCED ADDITIONAL $404M PROVISION (AFTER TAX) FOR AUSTRAC MATTERS.NOTABLE ITEMS ARE ESTIMATED TO REDUCE GROUP'S CET1 CAPITAL RATIO BY 24 BASIS POINTS.SALE OF ZIP EXPECTED TO RESULT IN A PRE-TAX GAIN ON SALE OF ABOUT $26M TO BE REFLECTED IN WESTPAC'S 1H21 RESULTS.CREATION OF SPECIALIST BUSINESSES DIVISION INCLUDES MOVING BUSINESSES FROM CONSUMER, BUSINESS AND WIB DIVISIONS.CREATION OF SPECIALIST BUSINESSES DIVISION INCLUDES REALLOCATING CERTAIN CENTRALLY MANAGED COSTS ACROSS DIVISIONS.  Full Article

Westpac Announces Underwritten Sale Of Stake In Zip
Wednesday, 21 Oct 2020 

Oct 21 (Reuters) - Westpac Banking Corp ::WESTPAC GROUP ANNOUNCES UNDERWRITTEN SALE OF STAKE IN ZIP-.TODAY ANNOUNCED IT WILL BE SELLING ITS 10.7% STAKE IN ZIP CO LIMITED.OFFER PRICE FOR SHARES IS $6.65 PER SHARE.SALE WILL ADD AROUND 8 BASIS POINTS TO WESTPAC'S COMMON EQUITY TIER 1 CAPITAL RATIO.SETTLEMENT OF TRANSACTION IS EXPECTED TO OCCUR ON 26 OCTOBER 2020.SALE OF ZIP STAKE BY WAY OF A FULLY UNDERWRITTEN BOOK BUILD TO INSTITUTIONAL INVESTORS.ARE ALSO WORKING WITH ZIP ON OTHER OPPORTUNITIES FOR CONSUMER, BUSINESS, AND CORPORATE CUSTOMERS.  Full Article

Westpac And AUSTRAC Agreement Approved By Federal Court
Wednesday, 21 Oct 2020 

Oct 21 (Reuters) - Westpac Banking Corp ::WESTPAC AND AUSTRAC AGREEMENT APPROVED BY FEDERAL COURT.ACKNOWLEDGES APPROVAL BY FEDERAL COURT OF AGREEMENT BETWEEN WESTPAC AND AUSTRAC TO RESOLVE CIVIL PROCEEDINGS COMMENCED BY AUSTRAC.AS NOTED IN AN ASX STATEMENT BY WESTPAC ON 24 SEPT WESTPAC WILL PAY A CIVIL PENALTY OF $1.3 BILLION.  Full Article

Afterpay To Collaborate With Westpac To Offer Savings Accounts
Tuesday, 20 Oct 2020 

Oct 20 (Reuters) - Afterpay Ltd ::ENTERED COLLABORATION DEAL FOR INTRODUCTION OF AFTERPAY SAVINGS ACCOUNTS AND CASH FLOW TOOLS FOR CUSTOMERS IN AUSTRALIA.COLLABORATION HAS POTENTIAL TO FACILITATE NEW REVENUE STREAMS OVER TIME.OFFERING WITH WESTPAC TO BE AVAILABLE FROM FY21.  Full Article

Westpac Announces Acting Chief Executive, Westpac Institutional Bank Curt Zuber To Retire
Tuesday, 29 Sep 2020 

Sept 29 (Reuters) - Westpac Banking Corp ::CURT ZUBER TO RETIRE, JOANNE DAWSON APPOINTED TO GROUP TREASURER ROLE.ANNOUNCED THAT ACTING CHIEF EXECUTIVE, WESTPAC INSTITUTIONAL BANK (WIB), CURT ZUBER, WILL BE RETIRING FROM WESTPAC IN 2021.JOANNE DAWSON HAS BEEN APPOINTED GROUP TREASURER, EFFECTIVE IMMEDIATELY..  Full Article

Westpac Names Chris De Bruin As Chief Executive Of Its Consumer Division
Monday, 21 Sep 2020 

Sept 21 (Reuters) - Westpac Banking Corp ::APPOINTMENT OF CHRIS DE BRUIN AS CHIEF EXECUTIVE OF ITS CONSUMER DIVISION.DE BRUIN WILL COMMENCE IN ROLE IN EARLY 2021.  Full Article