WBK - Westpac Banking Corporation

NYSE - NYSE Delayed Price. Currency in USD
21.46
+0.04 (+0.19%)
At close: 4:02PM EDT
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Previous Close21.42
Open21.45
Bid21.25 x 2900
Ask22.41 x 800
Day's Range21.33 - 21.50
52 Week Range21.13 - 26.38
Volume202,445
Avg. Volume284,546
Market Cap73.311B
Beta1.31
PE Ratio (TTM)12.19
EPS (TTM)1.76
Earnings DateN/A
Forward Dividend & Yield1.41 (6.54%)
Ex-Dividend Date2018-05-16
1y Target Est25.76
Trade prices are not sourced from all markets
  • Reuters10 hours ago

    Australia's Westpac cleared of rate rigging but bank inquiry sword stays

    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'syesterday

    Australia and New Zealand Banking Grp. Ltd. -- Moody's: Australia's major banks report steady results, but challenges apparent

    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.

  • Financial Timesyesterday

    [$$] Watchdog fails to prove Westpac rigged interest rates

    Australia’s corporate regulator has failed to prove that Westpac rigged the country’s benchmark interest rate, although the bank engaged in “unconscionable conduct” in seeking to influence the bank bill swap rate, an Australia Court ruled on Thursday. “Australian Securities Investments’ Commission (Asic) has not made out its case against Westpac under ss 1041A and 1041B of the Corporations Act concerning market manipulation or market rigging,” said Justice Beach in his ruling.

  • Westpac Cleared of Rate-Rigging, Though It Tried, Court Says
    Bloombergyesterday

    Westpac Cleared of Rate-Rigging, Though It Tried, Court Says

    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.

  • Reuters4 days ago

    Westpac made blind pensioner a guarantor without risk advice, inquiry hears

    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.

  • Australia's Westpac hires complaints head amid damaging inquiry
    Reuters7 days ago

    Australia's Westpac hires complaints head amid damaging inquiry

    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.

  • Australia's banks face year of reckoning as inquiry shreds trust
    Reuters9 days ago

    Australia's banks face year of reckoning as inquiry shreds trust

    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.

  • Thomson Reuters StreetEvents16 days ago

    Edited Transcript of WBC.AX earnings conference call or presentation 7-May-18 12:00am GMT

    Half Year 2018 Westpac Banking Corp Earnings Presentation

  • Moody's16 days ago

    Westpac Banking Corporation -- Moody's: Westpac's results for 1H 2018 show steady profit growth

    Moody's Investors Service says that Westpac Banking Corporation's (Aa3/Aa3 stable, a2) results for the first half 2018 showed steady profit growth, driven by the strong performance of the bank's consumer and business divisions, while bad debt charges remained at exceptionally low levels. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. "The bank's balance settings and asset quality have also stayed very strong, but profitability -- while still healthy -- will face increasing challenges," says Daniel Yu, a Moody's Vice President and Senior Analyst.

  • Westpac’s Safe House Has Shifting Foundations
    Bloomberg18 days ago

    Westpac’s Safe House Has Shifting Foundations

    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.

  • Reuterslast month

    Lost home, fees for the dead - Australia banking inquiry hears testimony

    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's2 months ago

    Series 2008-1M WST Trust -- Moody's: No rating impact on Series 2008-1M WST Trust after collateral substitution

    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 ...

  • Have Investors Priced In Westpac Banking Corporation’s (ASX:WBC) Growth?
    Simply Wall St.2 months ago

    Have Investors Priced In Westpac Banking Corporation’s (ASX:WBC) Growth?

    Today we’re going to take a look at the well-established Westpac Banking Corporation (ASX:WBC). The company’s stock saw significant share price volatility over the past couple of months on theRead More...

  • Reuters2 months ago

    MOVES- Westpac Banking, Citigroup, StanChart

    The following financial services industry appointments were announced on Wednesday. To inform us of other job changes, email moves@thomsonreuters.com. CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK Chris ...

  • Reuters2 months ago

    Australian inquiry turns up heat on Westpac's car-finance unit

    Westpac Banking Corp's auto-finance business approved applications that contained no expense information, and relied heavily on the advice of car-yard managers when processing loans, an inquiry into Australia's financial sector heard on Wednesday. In Australia, 90 percent of car sales are arranged through finance organised by dealerships and lenders, according to the inquiry, with new finance commitments for vehicles last year totalling A$35.7 billion ($27.5 billion).

  • Reuters2 months ago

    Australian banking inquiry hears Westpac mis-sold auto-finance

    Westpac Banking Corp's auto-finance business approved applications that contained no expense information, and relied heavily on the advice of car-yard managers when processing loans, an inquiry into Australia's financial sector heard on Wednesday. In Australia, 90 percent of car sales are arranged through finance organised by dealerships and lenders, according to the inquiry, with new finance commitments for vehicles last year totalling A$35.7 billion ($27.5 billion).

  • Reuters2 months ago

    Australian inquiry hears CBA knew risks but put mortgage 'volume' ahead of customers

    Commonwealth Bank of Australia Chief Executive Ian Narev knew that a system of financial incentives to reward mortgage brokers could hurt customers but failed to act, an inquiry into Australia's financial sector heard on Thursday. A confidential letter penned by Narev in 2017 and disclosed on the third day of the financial sector Royal Commission criticised the practice of paying brokers more for bigger loans, an incentive still widely in place including at CBA.

  • Reuters2 months ago

    NAB under fire as Australian banking inquiry opens

    The first day of a powerful judicial inquiry into Australia's scandal-ridden banking sector on Tuesday heard National Australia Bank Ltd issued almost $19 billion in home loans under a scheme involving falsified documents. It was the first bombshell of what promises to be an explosive year-long inquiry into the financial sector and especially the "Big Four" banks, which dominate the country's A$1.7 trillion ($1.36 trillion) mortgage market. Rowena Orr, a barrister assisting the Royal Commission inquiry in Melbourne, said NAB had derived more than A$24 billion ($18.9 billion) in home loans from the scheme between 2013 and 2016, when the misconduct took place.

  • Reuters2 months ago

    Australian probe of bank-sector misconduct begins with focus on home loans

    An Australian government-backed inquiry into misconduct by the country's major banks is scheduled to begin its first round of public hearings on Tuesday, focusing on residential mortgages, car finance, credit cards and add-on insurance products. The long-awaited Royal Commission follows years of scandals in Australia's financial sector including poor financial advice, interest-rate rigging, and accusations of breaking money-laundering rules.

  • Reuters3 months ago

    RBNZ leans towards ramped up capital reporting requirements for banks - deputy governor

    The Reserve Bank of New Zealand (RBNZ) said on Wednesday it was considering ramping up reporting requirements to make major Australian-owned banks' capital ratios more transparent. Deputy Governor Geoff Bascand told the country's banking association in a speech that the RBNZ, which acts as the banking regulator, thought transparency could improve as it reviews banks' capital requirements. "Even for the Reserve Bank, which has access to banks' modelling documentation and regularly meets with the big-4 banks' modelling teams, it is sometimes unclear how risk-weights have been arrived at," Bascand said.

  • Reuters3 months ago

    Australia's CBA disputes regulator's new rate-manipulation allegations

    Australia's biggest bank by market capitalisation added that it is reviewing details of the allegations lodged by the Australian Securities and Investments Commission against it that increase the number of occasions on which CBA is accused of trying to rig the bank bill swap reference rate (BBSW) in 2012 to six from three. The BBSW is the primary interest rate benchmark used in Australian financial markets to price home loans, credit cards and other financial products.

  • Westpac Banking Corporation (ASX:WBC) Delivered A Better ROE Than The Industry, Here’s Why
    Simply Wall St.3 months ago

    Westpac Banking Corporation (ASX:WBC) Delivered A Better ROE Than The Industry, Here’s Why

    With an ROE of 13.04%, Westpac Banking Corporation (ASX:WBC) outpaced its own industry which delivered a less exciting 10.87% over the past year. Superficially, this looks great since we knowRead More...

  • Reuters3 months ago

    Australia banks tighten mortgage checks amid government inquiry, face revenue strain

    Australia’s largest banks have stepped up screenings of mortgage loan applications amid a powerful government-backed inquiry into the nation's lenders and their sales practices, potentially hurting revenues from their most lucrative products. National Australia Bank communicated on Friday to mortgage brokers its stricter conditions to assess mortgage applications, according to emails seen by Reuters, becoming the latest of Australia's 'Big Four' banks to do so. Westpac Banking Corp, Australia and New Zealand Banking Group, and Macquarie Group have also communicated to brokers in recent weeks changes in the way loans are assessed and approved, according to the emails reviewed by Reuters.

  • With An ROE Of 13.04%, Has Westpac Banking Corporation’s (ASX:WBCPC) Management Done A Good Job?
    Simply Wall St.3 months ago

    With An ROE Of 13.04%, Has Westpac Banking Corporation’s (ASX:WBCPC) Management Done A Good Job?

    Westpac Banking Corporation (ASX:WBCPC) delivered an ROE of 13.04% over the past 12 months, which is an impressive feat relative to its industry average of 10.87% during the same period.Read More...