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WBC - Westpac Banking Corporation

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There will be a few happy little vegemite's today

Westpac to buy back $1bn in shares as bank posts $7bn profit

Westpac is targeting $1bn in share buybacks after the bank delivered a $7bn full year profit, meeting analyst expectations.​
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The result, in a 3 per cent slide on the bank’s earnings last year, comes as Westpac ploughs cash into a technology transformation.​
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Westpac’s $3.34bn second half result comes after the bank posted $3.64bn in earnings for the first half.​
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Westpac chief executive Peter King said the bank’s operating income was little changed in the year, with solid loan growth constrained by a decline in lending margins.​
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“The low level of impairment charges reflected our prudent lending practices and customer resilience across both households and businesses,” Mr King said.​
 
let's see if they scoop up the 'unmarketable parcels ' ( and kick me out with some bucks in my hand )

( because they certainly haven't done enough to lure me into buying more shares )
 
In case members of the forum are unaware of it, I don't believe there will be off-market buy-backs in the future due to the passing of legislation which makes off-market buy-backs subject to the same conditions as on-market buy-backs, that is, there will no longer be dividends and associated franking credits applicable to them. It's been that way since October 2022.

Tax treatment of off-market share buy-backs has changed | Australian Taxation Office

Changes announced in the 2023 October Budget are now law.
www.ato.gov.au
 
in which case the WBC management will have to tolerate my rather small holding accumulating via the DRP for several more years ( maybe decades )

but of course maybe they will put some convincing results on the board .. and the share price will rise above $100 a share ( but don't hold your breath waiting for that )
 
divs4ever said:
let's see if they scoop up the 'unmarketable parcels ' ( and kick me out with some bucks in my hand )

( because they certainly haven't done enough to lure me into buying more shares )
Click to expand...
Only up 41.5% for the year.
 
bought them as low as $19.90 in 2011 and $16.60 in 2020

compare that to MQG which i bought as low as $20 in 2011 , then they gifted me some SYD shares that i sold @ $8 a share

and yet MQG is supposed to be the higher risk bank

let's see how MQG goes without the flair of Nick Moore , but i bet WBC will find another place to stumble

and don't forget those crazy coots at Basel , want distressed banks to 'bail-in '
 
WBC No 3 pick for the yearly Comp
Must have one of the thieving banks in any Competition or portfolio.
The SP has improved a little since the start of the year, and as it is the will of the banks, record profits is their mantra.
Shows no real signs of slip, sliding away.
 
famous last words in WBC , one reason i ( clumsily ) tried to exit

the main issue with the big 4 banks is they have no sensible paths of growth , sure Government policy raises a significant safety moat for the BIG 4 , but many shareholders demand growth
 
I have chosen WBC for the yearly comp.
Its not that I see it as booming start for the year, but I think its going to be difficult year, and banks seem to fare reasonably well in tough times.
I wanted a bank in there somewhere, and WBC fits that bill, but i would have chosen ANZ or NAB just as easily.
CBA is too highly priced for me to consider.
mick
 
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