|Bid||33.74 x 5537300|
|Ask||30.23 x 986600|
|Day's range||31.73 - 32.00|
|52-week range||29.40 - 35.39|
|PE ratio (TTM)||14.39|
|Forward dividend & yield||2.06 (8.33%)|
|1y target est||34.16|
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.
Westpac has lifted its full-year profit three per cent to $8.062 billion, boosted by six per cent growth in Australian mortgages. The lender on Monday said cash profit for the 12 months to September 30 rose from $7.822 billion a year ago, helped by a four per cent lift in earnings from the consumer division. Chief executive Brian Hartzer said Westpac had managed to grow its loan book, while ensuring it stayed within regulatory limits on investor and interest-only lending.
Westpac Banking Corp. Chief Executive Officer Brian Hartzer said the outlook for the financial industry is becoming more challenging and called on the Australian government to fix a range of policy messes ...
Australian banking giant Westpac posted a seven percent jump in annual net profit Monday, helped by a fall in bad and doubtful debts with the lender saying it was in "excellent shape". Westpac's Aus$7.99 billion (US$6.11 billion) result in the year to September 30 rounded out annual reporting from three of the nation's big four banks, with all of them growing their business. Cash profit, the financial industry's preferred measure which strips out volatile items, came in three percent higher at Aus$8.06 billion.
Up to 6,000 jobs will be axed in a major restructuring at National Australia Bank, the lender said Thursday after posting Aus$5.28 billion (US$4.1 billion) in annual net profits. Chief executive Andrew Thorburn said the entire banking industry was under pressure to reshape its workforce. One-off restructuring costs related to the redundancies of between Aus$500 million and Aus$800 million are expected to appear in the bank's first-half results next year.
Westpac has accused the corporate regulator of taking phone calls between its traders out of context because "it's the best ASIC can do" to try and prove allegations of rigging the bank bill swap rate. Australia's second-largest bank on Wednesday responded to ASIC's accusations the bank engaged in misconduct and market manipulation to push the BBSW higher or lower between 2010 and 2012. Matthew Darke SC said recorded phone calls played in court as part of ASIC's case were "it seems, the best ASIC can do" in its Federal Court trial against Westpac.
Telephone conversations between a top Westpac trader and his colleagues show he knew manipulating the bank bill swap rate was wrong, ASIC has told a Federal Court trial. The regulator on Tuesday played an audio recording of Colin Roden, managing director of the bank's group treasury department, saying he would "f*** the rate" as it opened its case against Westpac. The Australian Securities and Investments Commission has accused Westpac of misconduct and market manipulation between 2010 and 2012 in relation to the bank bill swap rate.
Westpac is not backing down from its trial with the corporate regulator over allegations of inter-bank rate rigging, despite ANZ and National Australia Bank's decision to settle their cases. Counsel for all three banks and the Australian Securities and Investments Commission returned to the Federal Court on Monday to discuss their next steps after NAB settled its case for $50 million on Friday. ANZ was the first bank to settle with ASIC on October 23 on what was supposed to be the first day of a trial lasting up to five months.
National Australia Bank Ltd (ASX:NAB) has agreed to settle its rate-rigging dispute with ASIC. Where does that leave Westpac Banking Corp (ASX:WBC)?
A Federal Court challenge by Australia's corporate regulator aimed at some of the nation's largest banks is set to resume in Melbourne, pending news of further settlement between parties. The Australian Securities and Investments Commission is expected back in court on Monday along with representatives for several of the country's big banks. On Friday, NAB reached a settlement with ASIC, and will be forced to pay $50 million and admit to 12 occasions of unconscionable conduct by employees in 2010 and 2011.
A trial between the corporate regulator and two of Australia's largest banks could be over before it begins if National Australia Bank follows ANZ's lead and settles an inter-bank rate rigging case. If NAB settles with the Australian Securities and Investments Commission, Westpac could be the only institution left facing trial over bank bill swap rates. The BBSW, as it is known in financial markets, is a key benchmark used to price billions of dollars of loans, bills, bonds and derivatives.
Westpac could be the only institution left fighting allegations of inter-bank rate rigging if National Australia Bank follows ANZ's lead and settles with the corporate regulator. The three banks and the Australian Securities and Investments Commission returned to the Federal Court in Melbourne on Wednesday, but the trial was adjourned until Monday at ANZ's request. Justice Jonathan Beach said he was reluctant to adjourn the trial a second time and "waste court resources", but counsel for NAB said the adjournment could help its own discussions with ASIC.