|Bid||29.44 x 0|
|Ask||29.57 x 0|
|Day's Range||29.41 - 29.70|
|52 Week Range||27.24 - 33.68|
|PE Ratio (TTM)||12.49|
|Earnings Date||May 7, 2018 - May 11, 2018|
|Forward Dividend & Yield||1.88 (6.38%)|
|1y Target Est||32.04|
May.28 -- Sean Callow, senior currency strategist at Westpac Banking Corp., discusses the U.S. dollar, the Fed and his outlook for emerging markets. He speaks on "Bloomberg Daybreak: Asia."
Moody's Investors Service says that measures proposed by the Australian Securities and Investments Commission (ASIC) to limit unsuitable credit card lending would help reduce asset quality risk at the country's banks, a credit positive. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. "We expect banks will review their credit card lending practices, with a particular focus on improving debt serviceability and reducing the number of borrowers with persistent loan balances on high interest rate products," says Si Chen, a Moody's Associate Analyst.
The banking sector — and bank stocks — saw an intriguing reversal in the 21st century. This trend reversed soon after the turn of the century and became more pronounced after the 2008 financial crisis. Beginning in the early 2000’s, interest-rate cuts gave bank stock investors dividend yields that exceeded the rates depositors earned in interest.
Attractive stocks have exceptional fundamentals. In the case of Westpac Banking Corporation (ASX:WBC), there’s is a dependable dividend payer that has been able to sustain great financial health over theRead More...
A trade war between the U.S. and China looks inevitable. Discover three country ETFs that look set to benefit from China's retaliatory tariffs.
Moody's Investors Service ("Moody's") has today assigned Counterparty Risk Ratings (CRRs) to 24 banks in Australia indicated at the end of this press release. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. Moody's Counterparty Risk Ratings are opinions of the ability of entities to honour the uncollateralized portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflect the expected financial losses in the event such liabilities are not honoured.
An Australian regulator filed a lawsuit against No. 2 lender Westpac Banking Corp over a financial planner it alleges gave poor advice for years, upping its scrutiny of a sector already under fire amid an embarrassing public inquiry. Australia's A$5 billion ($3.7 billion) financial planning sector has provided some of the most damning evidence at an inquiry into finance sector misconduct, ordered by the government after a string of banking scandals including fraud. Amid the backlash, the Australian Securities and Investments Commission (ASIC) on Friday said it filed a Federal Court lawsuit alleging that Westpac was liable for a financial planner in its employment failing to act in the best interests of customers, as well as for the planner's inappropriate financial advice and failure to prioritise the client interests.
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...
Commonwealth Bank of Australia (CBA) (CBA.AX) agreed to pay a record penalty of A$700 million (396.03 million pounds) to settle explosive money laundering charges brought by Australia's financial intelligence agency. The biggest financial penalty in Australian corporate history was almost double the amount CBA had set aside, signalling the tougher regulatory framework Australian banks face following revelations of widespread misconduct. Australia's biggest bank admitted it had breached money laundering and terror financing laws on 53,750 occasions, according to an statement of facts tendered in court by both parties.
Australia's Westpac Banking Corp (WBC.AX) was cleared by a court of accusations it rigged a key rate to boost profit, but the win on Thursday against a regulator was dampened by an additional finding of unconscionable conduct by the bank. The mostly favourable ruling for the No. 2 Australian lender was a rare bright spot for an industry facing daily allegations of malfeasance and fraud in a year-long public inquiry that has wiped billions of dollars from companies' market values. It also puts pressure on the Australian Securities and Investments Commission (ASIC), which brought the case against Westpac, to step up its policing.
Moody's Investors Service says that Australia's four major banks reported steady results in their latest earnings announcements, but that pockets of weakness are apparent in terms of higher mortgage arrears and ongoing margin pressure in their institutional businesses. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. "We expect tighter loan underwriting and a slowing housing market will see credit growth moderate over the next 18 months, which could further challenge their performance," says Daniel Yu, a Moody's Vice President and Senior Analyst.
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.
Australia's Westpac Banking Corp (WBC.AX) admitted on Monday to signing up a legally blind pensioner as loan guarantor for her daughter's business without warning her of the risks, then threatened to evict her when the business failed. The testimony, given to a powerful inquiry into the country's financial sector, came as Australia's "big four" lenders all admitted to misconduct in their submissions to a third round of public hearings that focuses on loans to small businesses. Other transgressions included fraudulent loans and double-charging interest, the inquiry heard, a further hit to the sector's reputation after previous rounds of hearings uncovered widespread abuses in Australia's financial planning industry.
No. 2 Australian lender Westpac Banking Corp (WBC.AX) said on Friday it had been "too slow" to resolve customer complaints and had created an executive role to handle them, as the country's financial sector responds to revelations of serious misconduct. Australia's biggest money managers have seen their shares pounded by a barrage of damaging allegations since February, when a Royal Commission inquiry began exposing their abuse of market power and contempt of customers. Among other flagrant abuses spanning the entire industry, the inquiry heard that Westpac had given a bonus to an employee for work he did with a retired couple who lost their home as a result of following his advice.
When Australian mother Catherine racked up a A$1,500 credit card debt to spoil her three children at Christmas, she did not expect to be paying it off more than two decades later. It never reduced," said Catherine, who estimates she has paid the bank A$8,000 in fees, interest and debt payments. After Reuters contacted ANZ about Catherine's case, she said the bank offered to cancel her debt and pay her A$2,400.
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.
Commonwealth Bank of Australia (CBA) (CBA.AX), the country's top lender, confirmed on Thursday it lost records of almost 20 million accounts and decided to not inform its clients, a breach the nation's prime minister called "an extraordinary blunder". CBA's announcement, which was made in a YouTube video by a senior bank executive a day after BuzzFeed Australia reported the data breach, puts further pressure on Australian banks already reeling from revelations of widespread misconduct in a judicial inquiry. It is also the latest blow to CBA, which has been accused in a federal lawsuit of breaching anti-money laundering protocols more than 50,000 times and has admitted to using outdated medical definitions to refuse sick customers health insurance payouts.
The Commonwealth Bank of Australia (CBA.AX) has been forced to reveal it lost the records of almost 20 million accounts and decided not to inform its customers, another blow to an institution already reeling from multiple scandals. CBA's acting Group Executive, Retail Banking Services, Angus Sullivan accepted responsibility on YouTube after BuzzFeed Australia broke the story on Wednesday. Sullivan said in May 2016 the country's largest bank found it had lost two magnetic tapes containing 15 years of data on customer names, addresses and account numbers for 19.8 million accounts.
An Australian inquiry into the financial services sector heard tearful testimony on Thursday from a nurse who lost her home after taking advice from a major lender, and that the country's biggest bank knowingly charged dead clients for counsel. The testimony was among the most personal yet at the Royal Commission that has already resulted in startling admissions of bad behaviour by firms. Government data prepared for the inquiry shows over 80,000 consumers have been given bad advice over the past decade, costing them a total A$5 billion (£2.7 billion).
Moody's Investors Service announced today that the substitution of AUD4 billion of mortgage loans into Series 2008-1M WST Trust on 5 April 2018 (the Substitution) will not, in and of itself and at this ...