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Westpac Banking Corp (WBC.AX)

WBC.AX on Australia Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Westpac Banking Appoints Guilherme Lima As Chief Executive Of Its Business Division
Tuesday, 18 Jun 2019 06:38pm EDT 

June 19 (Reuters) - Westpac Banking Corp ::APPOINTMENT OF GUILHERME (GUIL) LIMA AS CHIEF EXECUTIVE OF ITS BUSINESS DIVISION.  Full Article

Westpac Banking Comments On Responsible Lending Class Action
Thursday, 21 Feb 2019 12:21am EST 

Feb 21 (Reuters) - Westpac Banking Corp ::WESTPAC BANKING -AWARE OF CLASS ACTION IN REGARD TO RESPONSIBLE LENDING LAWS BEING BROUGHT BY MAURICE BLACKBURN AND HARBOUR LITIGATION FUNDING.WILL BE DEFENDING CLAIMS AGAINST IT.  Full Article

Westpac Banking Says Unaudited Statutory Net Profit For December Quarter 2018 (1Q19) Was $1.95 Billion
Sunday, 17 Feb 2019 04:55pm EST 

Feb 18 (Reuters) - Westpac Banking Corp ::UNAUDITED STATUTORY NET PROFIT FOR DECEMBER QUARTER 2018 (1Q19) WAS $1.95 BILLION.UNAUDITED CASH EARNINGS FOR 1Q19 WAS $2.04 BILLION.COMMON EQUITY TIER 1 CAPITAL RATIO 10.4% % AT 31 DEC 2018 VERSUS 10.63% AT 30 SEPT 2018.Q1 TOTAL RWA FELL $5.8 BILLION OR 1.4%.STRESSED ASSETS TO TOTAL COMMITTED EXPOSURES (TCE) WERE LITTLE CHANGED OVER QUARTER.Q1 AUSTRALIAN MORTGAGE 90+ DAY DELINQUENCIES 0.76% (UP 4BPS OVER THE QUARTER).ADDITIONAL $35 MILLION (PRE-TAX) IN CLAIMS COSTS (AFTER REINSURANCE) ARE EXPECTED FROM RECENT QUEENSLAND FLOODS IN 2Q19.NO MATERIAL REMEDIATION CHARGES (OR ASSOCIATED COSTS) WERE BOOKED IN 1Q19, ADDITIONAL CHARGES LIKELY TO BE INCURRED IN 2Q19.  Full Article

Westpac Banking Acknowledges Release Of Consultation Paper By Reserve Bank Of New Zealand
Thursday, 13 Dec 2018 11:17pm EST 

Dec 14 (Reuters) - Westpac Banking Corp ::ACKNOWLEDGES RELEASE OF A CONSULTATION PAPER BY RESERVE BANK OF NEW ZEALAND.ANY CHANGE IN CAPITAL HELD BY WNZL HAS NO IMPACT ON GROUP'S REPORTED REGULATORY CAPITAL RATIOS ON A LEVEL 2 BASIS.WNZL IS ALREADY STRONGLY CAPITALISED WITH A TIER 1 CAPITAL RATIO OF 14.5% AT 30 SEPTEMBER 2018..  Full Article

Westpac Banking Corp Says Aims To Lift Productivity Savings To More Than $400 Mln In 2019
Tuesday, 11 Dec 2018 08:55pm EST 

Dec 12 (Reuters) - Westpac Banking Corp ::"WHILE THE POLL ON REMUNERATION REPORT HAS NOT BEEN TAKEN, BASED ON VOTES ALREADY RECEIVED, MORE THAN HALF WILL BE AGAINST THIS RESOLUTION".IN 2019, AIM TO LIFT PRODUCTIVITY SAVINGS TO MORE THAN $400 MILLION."WHILE THE POLL ON REMUNERATION REPORT HAS NOT BEEN TAKEN, BASED ON VOTES ALREADY RECEIVED, MORE THAN HALF WILL BE AGAINST THIS RESOLUTION"." A FALL IN CONSUMER AND BUSINESS CONFIDENCE‐ESPECIALLY ABOUT HOUSE PRICES-PUTS PRESSURE ON BANK EARNINGS GROWTH".  Full Article

Westpac Says CEO's 2018 Short Term Bonus Was 30 Pct lower than 2017
Tuesday, 11 Dec 2018 08:52pm EST 

Dec 12 (Reuters) - Westpac Banking Corp ::WESTPAC BANKING CORP - DETERMINED 2018 FINAL DIVIDEND OF 94 CENTS PER SHARE.WESTPAC BANKING CORP - LIKELY TO ANNOUNCE APPOINTMENT OF TWO NEW NON‐EXECUTIVE DIRECTORS IN FIRST HALF OF CALENDAR 2019.WESTPAC BANKING CORP - CEO'S 2018 SHORT TERM VARIABLE REWARD OUTCOME WAS $900K OR 30% LOWER THAN LAST YEAR.  Full Article

Westpac Banking Corp Files For Potential Debt Shelf Offering, Size Not Disclosed
Friday, 9 Nov 2018 10:28am EST 

Nov 9 (Reuters) - Westpac Banking Corp ::WESTPAC BANKING CORP FILES FOR POTENTIAL DEBT SHELF OFFERING; SIZE NOT DISCLOSED - SEC FILING.  Full Article

Westpac Banking Corp Files For Potential Mixed Shelf Offering, Size Not Disclosed
Friday, 9 Nov 2018 10:28am EST 

Nov 9 (Reuters) - Westpac Banking Corp ::WESTPAC BANKING CORP FILES FOR POTENTIAL MIXED SHELF OFFERING; SIZE NOT DISCLOSED - SEC FILING.  Full Article

Westpac Banking Corp Updates on Executive Remuneration
Tuesday, 6 Nov 2018 04:00pm EST 

Nov 7 (Reuters) - Westpac Banking Corp ::LIKELY TO ANNOUNCE APPOINTMENT OF ONE OR TWO NEW NON-EXECUTIVE DIRECTORS IN THE FIRST HALF OF CALENDAR 2019.THE BOARD REVIEWED TOTAL TARGET REWARD (TTR) FOR THE CEO AND GROUP EXECUTIVES FOR 2018.NO CHANGES WERE MADE TO TOTAL TARGET REWARD FOR THE CEO.INCREASES IN TTR FOR GROUP EXECUTIVES OF BETWEEN 4% AND 12.3% WERE MADE IN CIRCUMSTANCES WHERE TTR WAS BELOW MARKET BENCHMARKS.SHORT TERM VARIABLE REWARD OUTCOMES FOR THE CEO AND GROUP EXECUTIVES IN AUSTRALIA ARE ON AVERAGE 25% LOWER THAN 2017.  Full Article

Westpac Banking Corp FY Cash Earnings Little Changed
Sunday, 4 Nov 2018 04:01pm EST 

Nov 5 (Reuters) - Westpac Banking Corp ::FY CASH EARNINGS $8,065 MILLION, LITTLE CHANGED.FY STATUTORY NET PROFIT $8,095 MILLION, UP 1%.FY NET INTEREST INCOME $16,339 MILLION VERSUS $15,704 MILLION.AS AT SEPT 30, COMMON EQUITY TIER 1 CAPITAL RATIO 10.6%.UNCHANGED, FINAL, FULLY FRANKED DIVIDEND OF 94 CENTS PER SHARE.AS AT SEPT 30, CASH RETURN ON EQUITY (ROE) 13.0%.OUTLOOK FOR AUSTRALIAN ECONOMY REMAINS POSITIVE, ALTHOUGH THERE ARE LIKELY TO BE ECONOMIC HEADWINDS IN 2019.FY NET INTEREST MARGIN UP 2.11 PERCENT VERSUS 2.09 PERCENT.CONSUMERS ARE LIKELY TO BE MORE CAUTIOUS IN FACE OF FLAT WAGES GROWTH AND A SOFT HOUSING MARKET.EXPECT RESERVE BANK OF AUSTRALIA TO KEEP RATES ON HOLD THROUGHOUT 2019..EXPECT HOUSE PRICES TO COOL FURTHER, AND INVESTOR DEMAND TO REMAIN WEAK."REMAIN COMMITTED TO GETTING THINGS RIGHT FOR OUR CUSTOMERS AND HAVE MADE GOOD PROGRESS ON IMPLEMENTING ABA'S SIX POINT PLAN".OPERATING EXPENSES RISE INCLUDES INCREASE IN REGULATORY AND COMPLIANCE COSTS AND COSTS ASSOCIATED WITH EXIT OF HASTINGS BUSINESS.WITH AROUND 70% OF AUSTRALIAN CUSTOMERS AHEAD ON REPAYMENTS AND DELINQUENCIES LOW, CREDIT RISKS IN HOUSING MARKET CURRENTLY REMAIN LOW.EXCLUDING THE INFREQUENT ITEMS, MOST OF THE INCREASE IN COSTS WAS RELATED TO HIGHER INVESTMENT AND REGULATORY AND COMPLIANCE SPENDING.CHINA WILL BE NEGATIVELY IMPACTED BY THE TRADE WAR WITH THE U.S . AND OFFICIAL POLICIES AIMED AT SLOWING GROWTH IN THE NON-BANK SECTOR.  Full Article

UPDATE 1-Australia's Westpac bank says review finds cultural flaws

June 24 Westpac Banking Corp's culture can slow decision-making and dilute accountability, Chairman Lindsay Maxsted said on Monday, citing an internal report.