WBC - Westpac Banking Corporation

[JohnDe]

• Net profit of $6.9 billion for FY2024, down 3 per cent from a year ago.
• Net interest income edged up 2 per cent to $18.7 billion in the year.
• Will pay a final dividend of 76¢, fully franked, up 6 per cent from last year and a total of $1.51 for the year, which was towards the upper end of guidance.
• It has increased its share buyback program by $1 billion.

The bank said the domestic economy was showing positive signs with consumer sentiment at a 2½-year high, the labour market holding up well and inflation nearing target.

There will be a few happy little vegemite's today

Westpac to buy back $1bn in shares as bank posts $7bn profit

Westpac is targeting $1bn in share buybacks after the bank delivered a $7bn full year profit, meeting analyst expectations.​

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The result, in a 3 per cent slide on the bank’s earnings last year, comes as Westpac ploughs cash into a technology transformation.​

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Westpac’s $3.34bn second half result comes after the bank posted $3.64bn in earnings for the first half.​

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Westpac chief executive Peter King said the bank’s operating income was little changed in the year, with solid loan growth constrained by a decline in lending margins.​

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“The low level of impairment charges reflected our prudent lending practices and customer resilience across both households and businesses,” Mr King said.​

 

[divs4ever]

let's see if they scoop up the 'unmarketable parcels ' ( and kick me out with some bucks in my hand )

( because they certainly haven't done enough to lure me into buying more shares )

 

[Bellcose]

There will be a few happy little vegemite's today

Let's hope they don't get overly excited as it's a continuation of its on-market buy back.

https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=02877515

 

[Bellcose]

In case members of the forum are unaware of it, I don't believe there will be off-market buy-backs in the future due to the passing of legislation which makes off-market buy-backs subject to the same conditions as on-market buy-backs, that is, there will no longer be dividends and associated franking credits applicable to them. It's been that way since October 2022.

Business bulletins newsroom | Australian Taxation Office

Read the latest updates on legislative, corporate and administrative tax news for medium, large and multinational business and their advisers.

www.ato.gov.au

 

[divs4ever]

In case members of the forum are unaware of it, I don't believe there will be off-market buy-backs in the future due to the passing of legislation which makes off-market buy-backs subject to the same conditions as on-market buy-backs, that is, there will no longer be dividends and associated franking credits applicable to them. It's been that way since October 2022.

Business bulletins newsroom | Australian Taxation Office

Read the latest updates on legislative, corporate and administrative tax news for medium, large and multinational business and their advisers.

www.ato.gov.au

in which case the WBC management will have to tolerate my rather small holding accumulating via the DRP for several more years ( maybe decades )

but of course maybe they will put some convincing results on the board .. and the share price will rise above $100 a share ( but don't hold your breath waiting for that )

 

[UMike]

let's see if they scoop up the 'unmarketable parcels ' ( and kick me out with some bucks in my hand )

( because they certainly haven't done enough to lure me into buying more shares )

Only up 41.5% for the year.

 

[divs4ever]

bought them as low as $19.90 in 2011 and $16.60 in 2020

compare that to MQG which i bought as low as $20 in 2011 , then they gifted me some SYD shares that i sold @ $8 a share

and yet MQG is supposed to be the higher risk bank

let's see how MQG goes without the flair of Nick Moore , but i bet WBC will find another place to stumble

and don't forget those crazy coots at Basel , want distressed banks to 'bail-in '

 

[finicky]

52 week high for Westpac

Held
Not Adding

DAILY

 

[farmerge]

WBC Westpac banking Corporation.
Another that has had a great run since January with the SP showing a heathy improvement all year.
Can't go by without having a thieving bank in the portfolio.

 

[divs4ever]

Westpac New Zealand Overcharges 25,000​

https://thebull.com.au/author/thebull/

Westpac New Zealand Overcharges 25,000

Westpac New Zealand (NZE: WBC) has publicly acknowledged that it overcharged nearly 25,000 customers, amounting to $NZ6.35 million.

thebull.com.au

i hold ( a trivial number of ) WBC

ho-hum just can't stop having issues

 

[farmerge]

WBC No 3 pick for the yearly Comp
Must have one of the thieving banks in any Competition or portfolio.
The SP has improved a little since the start of the year, and as it is the will of the banks, record profits is their mantra.
Shows no real signs of slip, sliding away.

 

[divs4ever]

WBC No 3 pick for the yearly Comp
Must have one of the thieving banks in any Competition or portfolio.
The SP has improved a little since the start of the year, and as it is the will of the banks, record profits is their mantra.
Shows no real signs of slip, sliding away.

famous last words in WBC , one reason i ( clumsily ) tried to exit

the main issue with the big 4 banks is they have no sensible paths of growth , sure Government policy raises a significant safety moat for the BIG 4 , but many shareholders demand growth

 

[mullokintyre]

I have chosen WBC for the yearly comp.
Its not that I see it as booming start for the year, but I think its going to be difficult year, and banks seem to fare reasonably well in tough times.
I wanted a bank in there somewhere, and WBC fits that bill, but i would have chosen ANZ or NAB just as easily.
CBA is too highly priced for me to consider.
mick

 

[mullokintyre]

WBC has disappointed me (again).
Consistently down for the year, is not going to help me win the comp.
I don't expect much better for the rest of the year.
Competition in the housing loan market will eat into margins.
Consensus expectations were high, and now less likely to be met, so further punishment is expected.
Lucky I did not have any of my own money in it.
Mick

 

[farmerge]

WBC Westpac banking Corp No 3 pick in the yearly Comp
This thieving bank's SP has dropped also this month, but still returning humongous profits for its shareholders.
It's one of any of the banks that has to be nominated for any Comp I feel.

 

[Dona Ferentes]

New Westpac chief executive Anthony Miller has revealed the bank's next steps for a $4 billion complex technology transformation project seen as a key to enhancing the bank’s productivity.

In his first presentation to analysts since taking the reigns as CEO, Miller unveiled Westpac plans to spend $865 million on its Unite project in 2025, to be spent on outcomes including migrating mortgage customers to a single suite of products, expanding Digital Banker and migrating its wealth platform to new technology.

The changes are forecast to achieve $195 million in cost savings per year, and an uptick in productivity, Westpac said.

 

[mullokintyre]

WBC continues to dissappoint.
I suspect it will continue to do so.
Not one of my great investment choices.
Mick

 

[Dona Ferentes]

WBC Westpac banking Corp No 3 pick in the yearly Comp
This thieving bank's SP has dropped also this month, but still returning humongous profits for its shareholders.
It's one of any of the banks that has to be nominated for any Comp I feel.

doing March update for @farmerge .. hard to copy his style, though. Get better soon !

everything turned down mid February, then started moving up two weeks ago.... so it's an index tracker. the big money moves it up and down and all around.

YTD:

 

[farmerge]

I saw a news item last night about WBC reopening a few rural banking outlets and making CASH available.
This has come about by the furor generated by their customers in these rural communities.
And to top it off, they will have a real live person to speak to also.

 

[TimeISmoney]

I saw a news item last night about WBC reopening a few rural banking outlets and making CASH available.
This has come about by the furor generated by their customers in these rural communities.
And to top it off, they will have a real live person to speak to also.

At least someone is trying.

I've got an old schoolmate who breeds Herefords that moved out to the countryside about 30 years ago, I don't think he reads and writes much; I would expect many to be like him out there who wouldn't use a computer much at all.