Australia's Westpac annual profit down as costs overshadow margin bump
Westpac forecasts the central bank will cut rates in February, which would be the country's first in five years. Profit for Australia's oldest bank declined 3% for the year ended Sept. 30 to A$6.99 billion ($4.61 billion), bettering an LSEG estimate of A$6 ...
Australia's Westpac falls as higher expenses weigh on bottom line
Westpac Banking Corp, Australia's third largest lender by market value, said on Monday that its annual profit fell as expenses stemming from a technology upgrade blew out, sending its shares lower. The stock fell as much as 2.
Westpac Says Annual Profit Falls 3%, Upbeat on Prospects -- Update
Westpac, like other lenders, has benefited from an elevated interest rate environment. Westpac on Monday said its net interest margin--a key profitability indicator which excludes Notable Items, Treasury and Markets--was 1.95% in its most recent year, down just 1 basis point on fiscal 2023.
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.
Australian Lender Westpac's Annual Profit Falls 3%, Increases Buyback
Australia's third largest lender by market value reported net profit attributable of A$6.99 billion ($4.61 billion) for the year ended Sept. 30, compared with A$7.20 billion reported last year and an LSEG estimate of A$6.50 billion.
Westpac’s annual profit down 3 per cent to $7 billion
Westpac's full-year profit has dropped 3 per cent to around $7 billion. It was the last profit results day for CEO Peter King, who will hand over the reins in December to Anthony Miller, the current head of Business and Wealth.
Westpac’s profit jumps 10% as its income rises and impairment costs fall
Westpac New Zealand’s profit jumped 10% over the past year, as it suffered less of a hit from borrowers struggling to repay debts than it did in 2023. The Australian bank’s New Zealand division reported a net profit of $1.
Westpac’s departing King sees two pain points for Australia
Peter King leaves having steered Westpac through an impressive turnaround. But he sees two problems Australia needs to solve.
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Westpac's Minimal Support for Rescue Helicopter
Westpac may have recorded a 7-billion-dollar profit in its latest financial accounts, released yesterday, but its ...
Morgan Stanley Keeps Their Hold Rating on Westpac Banking (WEBNF)
Morgan Stanley analyst Richard Wiles maintained a Hold rating on Westpac Banking (WEBNF – Research Report) today and set a price target ...
Westpac Banking Full Year 2024 Earnings: EPS Beats Expectations
Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.3%. Looking ahead, ...
Westpac sees better economic times ahead as bank posts $7bn profit, announces $1bn share buyback
Banking major Westpac is seeing signs Australia’s economy has turned a corner after a gloomy year, announcing plans to plough ...
Kiwi banking sector is "very competitive", Westpac NZ CEO says
Westpac is reporting a 10% increase in net profit in New Zealand while being hit by "intense market competition" in ...
Westpac baulks at special dividend with US election in play
Mr King, who departs the top job next month, said he is leaving behind the strongest balance sheet at Westpac he has seen ...
Australia's Westpac appoints Peter Herbert as acting CEO of business segment
Australia's Westpac said on Thursday Peter Herbert will be appointed as acting chief executive for its business and wealth ...