Global Banking Directory
Press Release Distribution Service
Add Bank | Banking Forum | Scam emails!
Advertise Your Business Here
BanksDaily Twitter BanksDaily FaceBook BanksDaily LinkedIn

Financial and Banking News

Westpac Banking Corporation profit beats forecast

Financial newsWestpac Banking Corporation (WBC) beat forecasts with a 9% rise in second-half profit, helped by strong fund management performance, and said business momentum was strong this year.

Westpac, Australia's best performing major banking stock in 2007, did not give a specific profit outlook for the current year but said it was confident of delivering solid growth in a robust domestic economy, while demand for credit was expected to remain high.

Westpac said it had no exposure to the distressed U.S. subprime mortage market, but added that funding costs had risen due to a global credit market squeeze which could possibly have some short-term impact on the bank. As a precaution, Westpac made A$28 million in additional provisions to reflect global market volatility.

The bank also seized an opportunity that arose from the global turmoil, buying the brand and distribution business of battered non-bank lender RAMS Home Loans Group Ltd last month as the credit troubles choked off RAMS's funding.

"We are very excited about the RAMS acquisition and we believe that the distribution assets are of real strategic interest and gives us additional distribution fire power. That deal is proceeding very well," - Westpac's outgoing Chief Executive Officer David Morgan told reporters.

Westpac shares were up 2% at A$31.16 by 0412 GMT, after hitting an all-time high of A$31.31 earlier in the day. Westpac, Australia's oldest bank, reported a cash profit of A$1.829 billion ($1.7 billion) for April-September, up from A$1.678 billion from a year ago. Six analysts on average had projected profit of A$1.778 billion. Full-year cash profit rose 14 percent to a record A$3.507 billion as revenue grew 11 percent.

Cash earnings, effectively the core profit, exclude one-off items and non-cash accounting items, and form the basis for dividends payable to shareholders.

Australian banks are benefiting from 16 straight years of economic growth while three-decade low unemployment has kept bad debt in check, but increased competition from non-bank lenders and foreign banks such as ING and HBOS Plc is increasing costs.

Westpac announced in August that Gail Kelly, former chief executive of St.George Bank, would replace Morgan, who has been at the helm since March 1999. Westpac's wealth management division, BT Financial Group, was its strongest performer, with a 23% rise in cash earnings for the full year.

Source: Reuters
Date: 01.11.2007 [132]

Financial and Banking News
 Banks may need political help to survive Big Tech

First there was the financial crisis of 2008. Then years of negative interest rates. Now, banks face what one financial regulator calls the "real game changer." 09.12.2019 | Source: Bloomberg

 Trump blasts Bitcoin, Libra, demands they face banking regulations

U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to "become a bank." 11.07.2019 | Source: Reuters

 25th World Islamic Banking Conference announces 4th series of WIBC Leaderboard

Top performing Islamic Financial Institutions from Bahrain, Egypt, Indonesia, Jordan, Kuwait, Malaysia, Oman, Pakistan, Turkey, UAE and Saudi Arabia are vying for the WIBC Awards recognizing the Best Performing Banks at the Global and Regional level. 28.10.2018 | Source: MEGA

 Financial technologies are need of the hour for Banks in India

The Indian FinTech space is expected to reach $2.4 billion by 2020 and 2018 will be a critical year in that journey because 52 % of India's digitally active consumers are adopting FinTech and are the driving force for new technology adoptions. 02.03.2018 | Source: Explore Exhibitions and Conference

 International Banking Exhibition and Conference will be held in Baku

"Digital Banking and Security" titled International Banking Exhibition & Conference will be held in Baku on 17-18 of April, 2018 by FA International Trade Events. 07.02.2018 | Source: FA International Trade Events

 📰 News Archive

2007-2020 © BanksDaily.com | Rus