|Bid||0.00 x 3200|
|Ask||0.00 x 38500|
|Day's Range||20.27 - 20.44|
|52 Week Range||19.45 - 26.38|
|PE Ratio (TTM)||11.69|
|Forward Dividend & Yield||1.41 (7.11%)|
|1y Target Est||20.74|
Philip Morris International Inc. (PM), British American Tobacco PLC (BTI), Westpac Banking Corp. (WBK) and National Grid PLC (NGG) have declined to their three-year lows. The prices of Philip Morris International Inc. (PM) shares have declined to $79.33 on Sept. 14, which is only 3.9% above the 3-year low of $76.21. Philip Morris International Inc. is an American international cigarette and tobacco manufacturing company best known for its Marlboro brand.
Moody's Investors Service says that the latest home loan rate increases by Australia's major banks are credit positive, because they will help mitigate the negative effects of rising wholesale funding costs, slower credit growth, and higher regulatory and compliance costs. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS.
Large banks such as Westpac Banking Corporation (ASX:WBC), with a market capitalisation of AU$95.25b, have benefited from improving credit quality as a result of post-GFC recovery, leading to a strongRead More...
Australia's Westpac Banking Corp agreed to pay a record A$35 million ($25 million) fine for wrongly approving thousands of mortgages, in a sign regulators are taking steps to tame the financial sector amid damaging revelations from an inquiry. The ASIC has previously also taken action against units of Goldman Sachs and wealth management giant AMP Ltd, while charging Citigroup with rigging a capital raising.
Australia's central bank entered its third year of policy stability on Tuesday, and a change seems no nearer even as its commercial cousins nudge up their home loan rates to protect profit margins. The Reserve Bank of Australia (RBA) ended its September board meeting with rates held at an all-time low of 1.50 percent and signalling a steady policy ahead. "In the first half of 2018, the economy is estimated to have grown at an above-trend rate," Lowe said.
Westpac Banking Corp. agreed to pay a A$35 million ($25 million) civil penalty after admitting it breached responsible-lending laws by failing to properly assess whether some customers could afford to repay their mortgages. In a settlement ahead of court, the regulator said in a statement that Westpac’s automated loan approval system had failed to use customers’ actual living expenses when assessing affordability and instead relied on a lower benchmark. “This outcome is a warning to all lenders that they must comply with the responsible lending obligations,” Australian Securities & Investments Commission Chairman James Shipton said.
Australia's second-biggest lender Westpac Banking Corp (WBC.AX) agreed to pay a A$35 million (19.4 million pounds) fine after admitting to wrongly assessing people's ability to repay mortgages, the corporate regulator said on Tuesday. Westpac admitted to either failing to collect the necessary customer data or incorrectly calculating customers' ability to repay loans in relation to about 100,000 home loans from 2011 to 2015, the Australian Securities and Investments Commission said. "This is a very positive outcome and sends a strong regulatory message to industry that non-compliance with the responsible lending obligations will not be tolerated," ASIC chairman James Shipton said in a statement.
A surprise interest rate-hike for Australian mortgage holders should further delay a Reserve Bank policy tightening that markets have already pushed out to 2020. Westpac Banking Corp.’s decision to raise borrowing costs last week will likely be repeated by other major lenders, as typically occurs in Australia. “We see economic growth slowing further over 2018,” said Daniel Blake, a strategist at Morgan Stanley in Sydney, ahead of gross domestic product data due Wednesday.
Australian shares rose on Thursday after TPG Telecom and Vodafone Group's local unit agreed to merge in a shake-up of the telecom sector, though weak financials trimmed the gains. Telecom stocks boosted the S&P/ASX 200 index, up 0.2 percent, or 12.10 points to 6,364.3 at 0200 GMT. The merger between TPG Telecom and Vodafone Group's local unit, Hutchison Telecommunications (Australia) would create an entity with an enterprise value of A$15 billion ($10.95 billion).
Westpac Banking Corp. raised its key mortgage rate, the first of the nation’s biggest banks to decide passing on higher funding costs is worth the risk of further reputational damage. Westpac shares extended gains after the announcement to close 2.7 percent higher -- the biggest gain in more than two months. Shares of the other big banks -- Australia & New Zealand Banking Group Ltd., Commonwealth Bank of Australia and National Australia Bank Ltd. -- also rallied on the news.
Westpac Banking Corp. (WBK), Invesco Ltd. (IVZ), British American Tobacco PLC (BTI) and L Brands Inc. (LB) have declined to three-year lows. The price of Westpac Banking shares declined to $20.11 on Aug. 24, which is only 1.4% above the three-year low of $19.83. As of March, the company has approximately 14 million customers and employs 40,000 people.
Australia's Westpac Banking Corp, the country's second-biggest lender, on Friday reported a steep drop in quarterly margins on higher funding costs and cautioned that mortgage delinquencies were on the rise in most states. The drop in net interest margin (NIM), a key gauge of profitability for banks, comes at a time of subdued credit growth in the country, where tighter lending and hikes in short-term interest rates are squeezing housing loan earnings. Westpac said its NIM, the difference between interest paid and earned, shrank 11 basis points to 2.06 percent in the quarter ended June, compared to 2.17 percent at the end of the six months to March and the lowest since the first half of 2015.
Moody's Investors Service ("Moody's") has assigned the following definitive long-term ratings to the Notes issued by Liberty Funding Pty Ltd in respect of the Liberty Series 2018-1 SME. The transaction is a securitisation of mortgage loans to self-managed superannuation funds (SMSFs), small-to-medium-sized enterprises (SMEs) and individuals, originated by Liberty Financial Pty Limited (Liberty, unrated).
Moody's Investors Service says that the Australian Prudential Regulation Authority's (APRA) release of a discussion paper proposing two options to improve the transparency, comparability and flexibility of Australia's bank capital framework would be credit positive because each would improve the comparability of the banks' capitalisation to their global peers. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS.
National Australia Bank (NAB.AX) will compensate thousands of pension fund customers who had paid for advice they did not receive, Australia's financial-sector inquiry heard on Monday as it turned its sights on the pension industry. The first day of hearings into Australia's A$2.6 trillion (£1.46 trillion) pension system heard that a unit of NAB, the country's fourth-largest bank, had charged customers "plan service fees" for advice they did not receive. The misconduct occurred between 2012 and 2017 and affected more than 220,000 customers, barrister assisting the inquiry, Michael Hodge, said.
Just two of Australia's 30 highest fee-charging pension funds are ranked in the country' top 30 performing funds, according to a Reuters analysis, a disconnect likely to come under scrutiny when managers face a powerful inquiry into financial misconduct which restarts on Monday. Managers of nearly a third of Australia's $2 trillion (£1.54 trillion) in retirement savings will have their performance scrutinised at the so-called Royal Commission into financial misconduct, which has already roiled the banking and funds management industry. Concerns over fees and performance have generated a groundswell of consumer disquiet in Britain and the United States about the vague language retirement funds use to justify lacklustre performance.
Frances Cheung, Westpac's head of Asia strategy, discusses China's fiscal stimulus with Bloomberg's Yvonne Man and Ramy Inocencio on "Bloomberg Daybreak: Asia." (Source: Bloomberg)
The banking sector -- and bank stocks -- saw an intriguing reversal in the 21st century. For most of the latter 20th century, banks generally paid depositors a higher rate of interest than bank stocks paid in dividend yields. 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. Although interest rates have begun to gradually move higher in recent months, bank-deposit interest rates remain extremely low by any measure. Fortunately, some banks pay the 5+% returns comparable to bank and CD rates in the 20th century. These 5 stocks show that earning substantial cash payouts from banks remains possible -- if investors take a chance on bank stocks. SEE ALSO FROM KIPLINGER: 10 of the Best Financial Stocks to Buy Now
HONG KONG, July 24 (Reuters) - Australia's second-biggest lender Westpac Banking Corp said on Tuesday it had appointed Anita Fung, a former senior banker with HSBC Holdings Plc, to its board as an independent ...
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.