Sean K
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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?
Have to include a thieving bank in this Comp. Just threw a dart and came up with WBC. Huge profits and good divs.
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 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 stinkI 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
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.I think that the four big banks all stink
Unfortunately for most of the populous they are a necessary evil to deal with.
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.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
When we bought the present farm many years ago the Comm Bank couldn't find the deeds to the previous one.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.
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
Me neither and I will be switching to Bendigo after the financial year ends.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 )
Most likely going to be a typical theme in every Aussie bank, at least it wasn't a big reduction like BOQWestpac’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
Yes, I wonder where they suggest the money should be deployed to, manufacturing, mining, retail, agriculture?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
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