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Westpac Banking Corporation (WBC.AX)

32.16

-0.50

(-1.53%)

At close: January 17 at 4:10:19 PM GMT+11

Australia consumer sentiment index dips 0.7% in Jan

Australian consumer sentiment dipped for a second month in January as financial stress dominated at the start of the new year, a survey showed on Tuesday, suggesting spending will remain subdued in the near term. The Westpac-Melbourne Institute index of consumer sentiment fell 0.7% in January from December, when it dropped 2.0%. The cautious outlook should reassure the Reserve Bank of Australia that consumers are not about to rush out spending and stoke inflation, leaving the door open for some easing in monetary policy in coming months.

Reuters 4 days ago

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Australia Consumer Sentiment Edged Lower on Gloomier Outlook

(Bloomberg) -- Australia’s consumer confidence edged down on concerns about the broader economy, including a weaker currency and uncertainty about the timing of interest-rate cuts.Most Read from BloombergThese Homes Withstood the LA Fires. Architects Explain WhyA Blueprint for Better Bike LanesWhat Robotaxis Brought San FranciscoSentiment slid 0.7% in January to 92.1 points, a Westpac Banking Corp. survey showed Tuesday. While the consumer mood has improved over the past year it still remains gl

Bloomberg 4 days ago

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Westpac New Zealand admits to customer overcharges

The admission came as part of a civil proceeding initiated by the FMA at the High Court in Auckland.

Retail Banker International 24 days ago

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Westpac admits to overcharging more than 24,000 customers in New Zealand

The Financial Markets Authority (FMA) said it brought civil proceedings against Westpac New Zealand in the High Court in Auckland, where it admitted that 24,621 customers failed to receive advertised benefits under certain packages, resulting in the bank overcharging NZ$6.35 million ($3.59 million). "Westpac's issues stemmed from deficiencies in its systems that meant the bank failed to deliver to them (customers) contractually agreed discounts," Margot Gatland, FMA's head of enforcement, said in a statement on the regulator's website.

Reuters 25 days ago

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Australian consumers fret over the economy in December, survey shows

Australian consumer sentiment took a step back in December as concerns about the economic outlook outweighed an improvement in people's own finances, a survey showed on Tuesday. The Westpac-Melbourne Institute index of consumer sentiment fell 2.0% in December, unwinding a little of the sharp gains seen over the previous two months. Westpac Senior Economist Matthew Hassan said the pullback was likely influenced by a disappointing reading on economic growth released in early December.

Reuters last month

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Westpac CFO Michael Rowland to retire in 2025

The latest management change comes about three months after Westpac named Anthony Miller, head of the business and wealth unit, as the bank's new chief executive officer, with CEO Peter King retiring. "Michael has played an important role in the financial management of Westpac since the disruption of COVID-19 and has been instrumental in establishing Westpac’s strong position," Miller said.

Reuters last month

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NAB faces lawsuit over financial hardship response delays

ASIC alleged that NAB missed the 21-day legal deadline for 345 hardship applications between 2018 and 2023.

Retail Banker International last month

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Australian consumer sentiment jumps for second month in Nov

Australian consumer sentiment rose sharply in November for a second straight month, reaching a 2-1/2-year high with the mood on the economy and finances finally turning optimistic, a survey showed on Tuesday. The Westpac-Melbourne Institute index of consumer sentiment rose 5.3% in November from October, when it jumped 6.2%. Indeed, readings for future finances and the economic outlook broke above the 100 mark for the first time since the pandemic.

Reuters 2 months ago

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Earnings Beat: Westpac Banking Corporation Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Westpac Banking Corporation ( ASX:WBC ) came out with its full-year results last week, and we wanted to see how the...

Simply Wall St. 2 months ago

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Westpac Banking Full Year 2024 Earnings: EPS Beats Expectations

Westpac Banking ( ASX:WBC ) Full Year 2024 Results Key Financial Results Revenue: AU$21.1b (flat on FY 2023). Net...

Simply Wall St. 2 months ago

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Westpac Annual Profit Falls 3%, but Upbeat on Prospects

The lender said its annual net profit fell by 3%, but signaled hopes that demand for housing and business credit will rise in 2025 as Australia’s central bank joins global counterparts in cutting interest rates.

The Wall Street Journal 2 months ago

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Australia's Westpac annual profit down as costs overshadow margin bump

(Reuters) -No.2 Australian mortgage lender Westpac said on Monday annual profit dipped as costs associated with a technology overhaul outweighed an improved loan margin, but upped its final dividend and extended a share buyback, nudging its shares up. The result, which was better than feared, shows a company navigating what it hopes is the final stretch before the Reserve Bank of Australia begins cutting interest rates, which will make it easier for borrowers to service debt and ease upward pressure on costs. Westpac forecasts the central bank will cut rates in February, which would be the country's first in five years.

Reuters 2 months ago

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Westpac selects acting chief executive

Herbert will act in the position while a global search continues for permanent chief executive, business and wealth.

Private Banker International 2 months ago

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Australia's Westpac appoints Peter Herbert as acting CEO of business segment

Westpac, Australia's second-largest mortgage lender, said Herbert will be replacing Anthony Miller, who steps into the role of CEO of the bank from Dec. 16. Peter Herbert has held a number of executive positions in the past, joining Westpac in 2020 after an extensive career at HSBC as chief operating officer for the Asia Pacific division in the retail banking & wealth management segment.

Reuters 2 months ago

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Westpac flags $82 million hit to FY24 net profit from notable items

Westpac Banking Corp, Australia's third-largest lender by market value, said on Tuesday its 2024 net profit would take a A$123 million ($82.26 million) hit due to impacts from certain notable items. The bank attributed the hit to the unrealised fair value gains and losses on economic hedges and net ineffectiveness on qualifying hedges recognised during the year. Westpac, which had reported a net profit of A$7.195 billion for fiscal 2023, is scheduled to report its 2024 results Nov. 4.

Reuters 2 months ago

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Westpac Finalizes Exit from Auto Finance Sector

Westpac Banking (AU:WBC) has released an update. Westpac Banking has announced a deal to sell its auto finance loan portfolio to Resimac Group Limited, with the transaction expected to be finalized in the first half of 2025 and valued between $1.4 and $1.6 billion. This sale marks the completion of Westpac’s exit from the auto finance sector, a process that began with a partial sale in 2021 and is not anticipated to significantly affect the company’s financial statements. For further insights in

TipRanks 3 months ago

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Australia's Westpac to sell auto finance loan book to Resimac Group

Westpac, Australia's second-largest mortgage lender by loans, had partially sold its auto finance business to U.S. private equity firm Cerberus Capital Management in 2021, as it moved to focus on core banking operations. "The transaction supports the strategic growth objectives of Resimac's asset finance division and follows a number of business and portfolio acquisitions in recent years," Resimac said in a separate statement.

Reuters 3 months ago

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Dollar gains as ADP shows better-than-expected jobs gains

NEW YORK (Reuters) -The dollar hit a three-week high against the euro on Wednesday after the ADP national employment report showed U.S. private payrolls increased more than expected in September, ahead of Friday's highly anticipated jobs data. Traders are also keeping a close eye on geopolitical tensions a day after Israel was attacked by Iran in a strike that raised fears the oil-producing Middle East could be engulfed in a wider conflict. Private payrolls increased by 143,000 jobs last month after rising by an upwardly revised 103,000 in August, the ADP National Employment Report showed on Wednesday.

Reuters 3 months ago

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Westpac Banking (ASX:WBC) Names Anthony Miller New CEO Amid Strong Growth in Mortgages and Business Loans

Westpac Banking(ASX:WBC) is navigating a dynamic period characterized by both growth and challenges. Recent updates show a 5% increase in half-year profit and significant growth in key segments, yet rising expenses and a slight decline in core net interest margin present hurdles. In the discussion that follows, we will explore Westpac's strengths, weaknesses, opportunities, and threats to provide a comprehensive overview of the company's current business situation.

Simply Wall St. 3 months ago

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Westpac appoints insider Anthony Miller as CEO, incumbent Peter King to retire

(Reuters) -Westpac Banking Corp has appointed its business and wealth division head Anthony Miller as its new chief executive and managing director, effective from Dec. 16, Australia's third-largest lender said on Monday. Miller will succeed Peter King, who is retiring on Dec. 15 after a 30-year career at Westpac including five years as CEO. Before joining Westpac in 2020, Miller had served as the CEO of Deutsche Bank's Australia and New Zealand operations and co-head of investment bank APAC.

Reuters 4 months ago

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Performance Overview

Return	WBC.AX	S&P/ASX 200 [XJO]
YTD	-0.50%	+1.85%
1-Year	+44.60%	+12.41%
3-Year	+73.74%	+12.04%

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Westpac Banking Corporation (WBC.AX)

Australia consumer sentiment index dips 0.7% in Jan

Australia Consumer Sentiment Edged Lower on Gloomier Outlook

Westpac New Zealand admits to customer overcharges

Westpac admits to overcharging more than 24,000 customers in New Zealand

Australian consumers fret over the economy in December, survey shows

Westpac CFO Michael Rowland to retire in 2025

NAB faces lawsuit over financial hardship response delays

Australian consumer sentiment jumps for second month in Nov

Earnings Beat: Westpac Banking Corporation Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Westpac Banking Full Year 2024 Earnings: EPS Beats Expectations

Westpac Annual Profit Falls 3%, but Upbeat on Prospects

Australia's Westpac annual profit down as costs overshadow margin bump

Westpac selects acting chief executive

Australia's Westpac appoints Peter Herbert as acting CEO of business segment

Westpac flags $82 million hit to FY24 net profit from notable items

Westpac Finalizes Exit from Auto Finance Sector

Australia's Westpac to sell auto finance loan book to Resimac Group

Dollar gains as ADP shows better-than-expected jobs gains

Westpac Banking (ASX:WBC) Names Anthony Miller New CEO Amid Strong Growth in Mortgages and Business Loans

Westpac appoints insider Anthony Miller as CEO, incumbent Peter King to retire

Performance Overview