WBC - Westpac Banking Corporation

[Sean K]

Have to include a thieving bank in this Comp. Just threw a dart and came up with WBC. Huge profits and good divs.

Looks like it's broken some downward resistance Farmer. Good timing. CBA and ANZ look like they've broken up a bit too. Are they just following general market sentiment?

 

[UMike]

WBC has underperformed the other 3 Banks so I guess it is a bit of catchup.

potential Recession has been priced in and as yet has not eventuated. Lets see how it fares later in the year when the "tough times" start coming.

 

[farmerge]

WBC Westpac Banking Corportation. Not a fan of any bank really but thought it pertinent to have one of the thieves in the tipping. Its SP has held ground and increased somewhat so I guess that is a positive at the end of this month, well almost. Dividends though not world beaters are. Will be interesting to see what the buy back will generate in the weeks ahead.

 

[TimeISmoney]

I think WBC has held some bad stigma about it, the net profit has gone up but not so much the SP, NAB was 18.9B revenue with a net of 7.4B

 

[divs4ever]

I think WBC has held some bad stigma about it, the net profit has gone up but not so much the SP, NAB was 18.9B revenue with a net of 7.4B

View attachment 169902

not hard to figure out the 'stigma ' , when i was younger it was The Bank of NSW , then it became the The Wales , and a fair while back Westpac ... it can't even be loyal to it's own brand ( and has nearly gone bust at least twice in my life-time )

i thought Gail Kelly could have turned it around

but no i was wrong there

( i hold a small number of WBC )

WBC is trying to claim the 'Woke high-ground '

take care

 

[farmerge]

I think WBC has held some bad stigma about it, the net profit has gone up but not so much the SP, NAB was 18.9B revenue with a net of 7.4B

View attachment 169902

I think that the four big banks all stink
Unfortunately for most of the populous they are a necessary evil to deal with.

 

[TimeISmoney]

I think that the four big banks all stink
Unfortunately for most of the populous they are a necessary evil to deal with.

Yeah, I also learned that years ago, had a customer when I worked as a mechanic that was an ex bank manager. He told me how they made millions with people's money on the money market while it went in limbo during transactions.

not hard to figure out the 'stigma ' , when i was younger it was The Bank of NSW , then it became the The Wales , and a fair while back Westpac ... it can't even be loyal to it's own brand ( and has nearly gone bust at least twice in my life-time )

i thought Gail Kelly could have turned it around

but no i was wrong there

( i hold a small number of WBC )

WBC is trying to claim the 'Woke high-ground '

take care

Westpac actually lost the deeds to my parent's house, apparently when they changed brand all the paper work was shifted to container in SA never to be seen again.

 

[farmerge]

Yeah, I also learned that years ago, had a customer when I worked as a mechanic that was an ex bank manager. He told me how they made millions with people's money on the money market while it went in limbo during transactions.


Westpac actually lost the deeds to my parent's house, apparently when they changed brand all the paper work was shifted to container in SA never to be seen again.

When we bought the present farm many years ago the Comm Bank couldn't find the deeds to the previous one.
Boiled down to "it wasn't their fault" that they could not be found, but ours.
That ensured a stink and screaming match at the front counter when the bank was full of customers.
Amazing what a lot of bad publicity can do.
The deeds turned the next day.
Suffice to say we changed banks after that, but now Bank West is owned by the mongrel and we will once again be dealing with Comm.
Bendigo looks to be the option sometime down the track.

 

[Dona Ferentes]

just a bit of history.

The Bank of New South Wales, also known commonly as The Wales, was the first bank in Australia, being established in Sydney in 1817. During the 19th century, the bank opened branches throughout Australia and New Zealand, expanding into the Pacific in the 20th century. It merged with many other financial institutions, finally merging with the Commercial Bank of Australia in 1982 and being renamed to the Westpac Banking Corporation on 4 May that year under the Bank of New South Wales (Change of Name) Act 1982.

.
it didn't go broke.

... but some Seppo ran Westpac into the ground in the late 80's

 

[Sean K]

Looks like it's broken some downward resistance Farmer. Good timing. CBA and ANZ look like they've broken up a bit too. Are they just following general market sentiment?

View attachment 169441

Was a good breakout and continues.

 

[sptrawler]

With inflation rampant, investors have to get into something that tracks the value of assetts, property is one and banks are another all those payrises and retail spending go somewhere and they get there through the bank.

 

[farmerge]

Westpac Banking Corp- As a legalised thieving entity making money is what they do. The SP is moving up from the start of the year.

 

[divs4ever]

Westpac Chairman Steven Gregg Sets Accelerated Timeline for CEO Transition​

Has Westpac Chairman Steven Gregg Set Timeline for CEO Transition?

Westpac has accelerated its hunt for a new CEO and hope to find one by year end. The restructure is welcome due to modern banking challenges.

thebull.com.au

13 Mar 2024
https://thebull.com.au/author/thebull/
skipped over this yesterday because i only hold a small number of WBC



... WT?
***
This development comes at a time when Westpac is actively fine-tuning its consumer strategies, including the enhancement of its digital services portfolio. In line with its digital push, Westpac has revised the pricing for its Australian Digital Subscription, setting an introductory offer of $4 for the initial 4 weeks, before the price ascends to $40 for each subsequent 4-week period. This pricing structure is part of Westpac’s strategy to encourage the uptake of digital banking solutions among its customers.

Further bolstering its offerings, Westpac has introduced an Australian Digital + Weekend Paper Subscription plan, priced at $8 for the first 4 weeks, followed by a $48 fee every 4 weeks thereafter. Additionally, a long-term commitment option is available with the Australian Digital 12 Month Plan, which is offered at a total of $364 for the first 12 months, breaking down to $28 every 4 weeks, providing a more cost-effective solution for customers looking for extended access with the convenience of automatic renewal, unless cancellation is requested.

Amid these changes, Westpac has faced some technical setbacks. An error in the subscription process recently compelled the bank to advise customers to either call the support helpline at 1800 070 535 for assistance or to attempt the subscription process at a later time. Although such technical glitches are not uncommon in the digital age, they symbolize the growing pains traditional banks like Westpac face as they navigate through digital transformations.
***

now if this is about WBC's services on their trading platform , they might have been more detailed in the article , otherwise old fogeys ( like me ) are liable to have heart attacks

looks like they need to turbo-charge their reforms ( in the staff ranks )

( i do not bank with WBC )

 

[farmerge]

Westpac Chairman Steven Gregg Sets Accelerated Timeline for CEO Transition​

Has Westpac Chairman Steven Gregg Set Timeline for CEO Transition?

Westpac has accelerated its hunt for a new CEO and hope to find one by year end. The restructure is welcome due to modern banking challenges.

thebull.com.au

13 Mar 2024
https://thebull.com.au/author/thebull/
skipped over this yesterday because i only hold a small number of WBC



... WT?
***
This development comes at a time when Westpac is actively fine-tuning its consumer strategies, including the enhancement of its digital services portfolio. In line with its digital push, Westpac has revised the pricing for its Australian Digital Subscription, setting an introductory offer of $4 for the initial 4 weeks, before the price ascends to $40 for each subsequent 4-week period. This pricing structure is part of Westpac’s strategy to encourage the uptake of digital banking solutions among its customers.

Further bolstering its offerings, Westpac has introduced an Australian Digital + Weekend Paper Subscription plan, priced at $8 for the first 4 weeks, followed by a $48 fee every 4 weeks thereafter. Additionally, a long-term commitment option is available with the Australian Digital 12 Month Plan, which is offered at a total of $364 for the first 12 months, breaking down to $28 every 4 weeks, providing a more cost-effective solution for customers looking for extended access with the convenience of automatic renewal, unless cancellation is requested.

Amid these changes, Westpac has faced some technical setbacks. An error in the subscription process recently compelled the bank to advise customers to either call the support helpline at 1800 070 535 for assistance or to attempt the subscription process at a later time. Although such technical glitches are not uncommon in the digital age, they symbolize the growing pains traditional banks like Westpac face as they navigate through digital transformations.
***

now if this is about WBC's services on their trading platform , they might have been more detailed in the article , otherwise old fogeys ( like me ) are liable to have heart attacks

looks like they need to turbo-charge their reforms ( in the staff ranks )

( i do not bank with WBC )

Me neither and I will be switching to Bendigo after the financial year ends.
Local community bank that has no plans to go anywhere except stay put and service the community.
Started the process and got the thumbs up.

 

[farmerge]

WBC Westpac Banking aka one of the thieving banks.
My 3rd pick in the yearly Competition.
Another good month finishing up and closing at $26.10.

 

[divs4ever]

Westpac’s First Half 2024 (1H24) Notable Items and Reporting Changes

1H24 Notable Items Westpac’s reported net profit after tax in 1H24 will be reduced by $164 million due to Notable Items.

All Notable Items relate to unrealised fair value gains and losses on economic hedges and net ineffectiveness on qualifying hedges, which reverse over time.
A summary of the impacts is included in Appendix 1.
1H24 Reporting Changes Operating segments have been restated following the establishment of separate Consumer and Business & Wealth operating segments and the dissolution of the Specialist Businesses operating segment.
Other changes to enhance operating segment financial reporting and assessment include:
• Funds transfer pricing refinements, revised capital allocations and enhanced operating expense allocations from Enterprise functions;
• Changes in classification of some deposit products from interest bearing to noninterest bearing; and
• Revisions to the methodology used to classify credit quality.
These changes do not impact the Group’s net profit after tax (NPAT) or the composition of line items at the Group level.
A summary of the restatements is included in Appendix 2.

Half Year 2024 results are scheduled to be announced on Monday, 6 May 2024.

i hold ( a trivial number of ) WBC


???

very hard to compare YoY with calculation shifts like this

 

[TimeISmoney]

Westpac’s First Half 2024 (1H24) Notable Items and Reporting Changes

1H24 Notable Items Westpac’s reported net profit after tax in 1H24 will be reduced by $164 million due to Notable Items.

All Notable Items relate to unrealised fair value gains and losses on economic hedges and net ineffectiveness on qualifying hedges, which reverse over time.
A summary of the impacts is included in Appendix 1.
1H24 Reporting Changes Operating segments have been restated following the establishment of separate Consumer and Business & Wealth operating segments and the dissolution of the Specialist Businesses operating segment.
Other changes to enhance operating segment financial reporting and assessment include:
• Funds transfer pricing refinements, revised capital allocations and enhanced operating expense allocations from Enterprise functions;
• Changes in classification of some deposit products from interest bearing to noninterest bearing; and
• Revisions to the methodology used to classify credit quality.
These changes do not impact the Group’s net profit after tax (NPAT) or the composition of line items at the Group level.
A summary of the restatements is included in Appendix 2.

Half Year 2024 results are scheduled to be announced on Monday, 6 May 2024.

i hold ( a trivial number of ) WBC


???

very hard to compare YoY with calculation shifts like this

Most likely going to be a typical theme in every Aussie bank, at least it wasn't a big reduction like BOQ

 

[Chipp]

Applies to all of them

‘All banks to sell’: Citi sounds big four valuation alarm

Investors should quit owning the major banks because political campaigning against profits will force them to pass on more of the RBA’s interest rate cuts, hurting earnings.

www.afr.com

 

[sptrawler]

Applies to all of them

‘All banks to sell’: Citi sounds big four valuation alarm

Investors should quit owning the major banks because political campaigning against profits will force them to pass on more of the RBA’s interest rate cuts, hurting earnings.

www.afr.com

Yes, I wonder where they suggest the money should be deployed to, manufacturing, mining, retail, agriculture?
Or maybe a managed fund they are running.

 

[divs4ever]

well i reduced my exposure to them markedly , but not for the reasons Citi is touting

but then unlike many i always kept my exposure to 'the big 4 ' lower than most

i needed growth , and those 4 didn't seem to have sensible paths to growth