|Bid||34.77 x 623700|
|Ask||28.45 x 252500|
|Day's range||31.40 - 31.75|
|52-week range||29.40 - 35.39|
|PE ratio (TTM)||14.23|
|Forward dividend & yield||2.06 (8.33%)|
|1y target est||34.08|
Westpac will pay about $11 million in compensation to interest-only home loan customers who were not switched to principal repayments when they should have been. The refunds will go to 9,400 customers who held owner-occupier interest-only variable home loans, most of which had interest-only periods that expired between 2009 and 2016. A processing error led to these customers continuing to make interest-only repayments after the interest-only period ended, rather than being switched to principal and interest repayments.
The Commonwealth Bank of Australia's (ASX:CBA) response to the AUSTRAC investigation has raised more concerns for shareholders and the stock is likely to stay under pressure well into the new year.
Westpac chairman Lindsay Maxsted says criticism of the Australia's banking sector is "warranted" but he hopes a royal commission into alleged misconduct in the finance industry will restore trust and confidence. Mr Maxsted told the lender's annual general meeting in Sydney on Friday that the board was "disappointed" at the deterioration of the banking sector's reputation but accepted there had been times when the industry had failed to meet customer expectations.
Westpac Banking Corp (ASX:WBC) has its AGM this week and investors will be taking a keen interest on proceedings for the following reasons:
Commonwealth Bank of Australia (ASX:CBA) is bouncing back today after yesterday's fall. But there are reasons to think the gains won't last.
The announcement of a banking royal commission has shaken Australia's financial sector and could land the big banks with a bill of up to $100 million each. Shares in Commonwealth Bank, Westpac, National Australia Bank, ANZ and Macquarie tumbled on Thursday as investors took fright at news the big lenders had, after months of resistance, told Treasurer Scott Morrison of the terms under which they would reluctantly accept a commission.
The latest comments from APRA, if turned into regulation, could hurt lending at Commonwealth Bank of Australia (ASX:CBA) and peers.
Most investors have probably overlooked the best performing bank of 2017. But it would be a mistake to keep ignoring this bank stock for 2018.
Netwealth Group Ltd (ASX:NWL) is up in early trade after joining other investment platform providers Hub24 Ltd (ASX:HUB), Praemium Ltd (ASX:PPS) and Onevue Holdings Ltd (ASX:OVH) on the ASX this morning.
This week’s top dividend buy for me is Macquarie Group Ltd (ASX:MQG). It is a global provider of banking, financial advisory, investment and fund management services thereby making its sources of earnings more diverse than the big four banks Commonwealth Bank of Australia (ASX:CBA), Westpac Banking Corp (ASX:WBC), Australia and New Zealand Banking Group (ASX:ANZ) and National Australia Bank Ltd. (ASX:NAB).
Westpac's New Zealand subsidiary has been ordered to increase the amount of capital it holds after the bank failed to comply with local governance standards. The Reserve Bank of New Zealand on Wednesday said Westpac NZ had used unapproved capital models since 2008. The RBNZ said a report uncovered serious shortcomings and non-compliance failures in relation to Westpac NZ's status as an "internal models bank" - a lender that uses its own estimates to measure risk.
SYDNEY--(BUSINESSWIRE)-- Westpac Banking Corporation (Westpac) filed its Annual Report on Form 20-F with the US Securities and Exchange Commission (SEC) for the financial year ended September 30, 2017 ...
Westpac says it will keep fighting to remove the federal government bank levy. Chairman Lindsay Maxsted says the introduction of the bank levy in July this year had already impacted both the value and the returns from shareholder investment in the bank. "It discriminates against Australian banks relative to global peers and it has impacted the value of your investment and the investments of millions of superannuation holders across Australia," Mr Maxsted said in Westpac's annual report.
The Westpac Banking Corp (ASX:WBC) share price is down after full year results are slightly under expectations in a challenging environment.
Westpac lifted full-year profit three per cent to $8.062 billion, narrowly missing market expectations after it copped the cost of past mistakes. Westpac took a hit equivalent to 1.5 per cent of its cash profit to superannuation customers who lost out because of disclosure practices, package customers who did not receive benefits to which they were entitled, and others who did not receive on-time advice. Chief executive Brian Hartzer said Westpac had made changes to ensure there would be no repeat.