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https://www.afr.com/companies/financial-ser...20210503-p57o9o

 

Westpac bounces back, 256pc rise in profit

 

Westpac’s cash earnings came in higher than analysts’ expectations, and so did the interim dividend of 58¢ per share. Westpac reinstated its dividend and is paying out 60 per cent of its profits, after deferring its first-half dividend in 2020 before electing not to pay one, and in 2019 paying out 94¢ a share.

 

 

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i try to hold this dog little bit longer-----as property market boom again!!

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Covid; what was that?

It was interesting that WBC deferred its first-half dividend in 2020 before electing not to pay one, when the 3Q came around.

58¢ per share for the reinstated dividend is paying out 60 per cent of its profits.

Westpac CEO Peter King said it was a promising start to the year with the result driven by a significant write back of provisions for bad debts, as the economy snapped back from the virus crisis.

 

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According to Westpac’s shareholder update on Monday, there were $49.6 billion in funds on Panorama’s platform at the end of March, with 115,369 investors and 3535 active advisers. Panorama’s customers increased significantly in the period, as Westpac started moving its BT Wrap clients on to the platform. That transition is due to be completed by the end of June.

 

the Panorama platform was the bee's knees, in that it allowed for multiple asset classes. BT spent a lot of time and getting it right. But I fear the treatment of clients if it moves to new ownership .... the tendency to gouge fees, clip tickets, etc is never ending. Sadly, client money, and most of it is either in SMSF or other Super products or other longer term investment vehicles, is treated as a pot of gold, there for constantly shaving a bit off (nobody will ever notice). What is likely to happen, if Panorama is bought by a global private equity investor or Australian financial institution seeking to beef up their own operations is that sensible money will migrate to another platform..

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  • 2 months later...

https://www.sharecafe.com.au/2021/07/04/wes...pots-of-bother/

 

In an earlier statement on Friday ASIC said Westpac will pay around $87 million in compensation to about 32,000 customers whose financial advisers failed to notify them of market-sensitive information about their shareholdings over a fourteen-year period.

 

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from our own sharecafe!!

 

hunting for last 14 years fraud ?? :unsure:

 

 

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I wonder what the repercussions of this will be. One reason some customers (sounds like BT not shareholders) having an adviser in the middle, is that they either don't want and/ or don't understand the complexity of continuous disclosure. .
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  • 1 month later...

Ally Selby (Livewire Markets): First up, we have Westpac, which analysts believe is set to return $8 to 10 billion to shareholders over the coming months. I will start on you, Don. Is it a buy, hold or sell?

 

Don Hamson (Plato): Right now, from us, it is a hold. We do like the banks and we do think they will be increasing their dividends, but we would probably put a couple of the others ahead of Westpac at the moment. So, it is a hold from us.

 

Ally Selby (Livewire Markets): Neil, it has an annual yield of around 3.6 per cent, but its share price has been down around 17 per cent over the past five years. What do you think? Is it a buy, hold or sell?

 

Neil Margolis (Merlon Capital): Look, it is a buy for us. I mean, just putting it next to CBA is very stark. It has got so many levels of surplus capital, say $8 to $10 billion, similar for franking. But its market value is $90 billion, and CBA is $180 billion. So it is quite extraordinary.

 

One of the reasons it is a lot cheaper is because they have lost control of their costs. So they do need to get their costs under control. They have had much more management turnover. But putting that all aside, I think there is a big opportunity to take cost out, and the dividends look pretty safe to us. I mean, at a sector level, I had a look today, the four major banks spent $36 billion a year on costs, which is roughly the same as the Afterpay valuation. And I am not sure which number actually astounds me more.

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WESTPAC SELLS AUSTRALIAN LIFE INSURANCE BUSINESS TO TAL

Westpac today announced it has agreed with TAL Dai-ichi Life Australia Pty Limited (“TAL”) to sell

Westpac Life Insurance Services Limited and enter an exclusive 20-year strategic alliance for the

provision of life insurance products to Westpac’s Australian customers.

The sale price of $900m represents a multiple of 0.96x FY20 embedded value1. In addition, the

transaction includes ongoing payments to Westpac.2

The transaction sees Westpac exit manufacturing life insurance products and releases significant

capital back to the bank. The total accounting loss on sale is approximately $1.3 billion post-tax, while

the transaction will add approximately 12 bps to Westpac’s Level 2 common equity Tier 1 capital ratio.

A post-tax loss of c.$0.3 billion, reflecting predominantly transaction and separation costs, is expected

to be realised in the Group’s FY21 results, while the balance of the loss will be recognised on

completion of the sale.

TAL is a fully owned subsidiary of the Dai-ichi Life Group which is one of the world’s leading life

insurers.

Westpac Group Chief Executive Specialist Businesses & Group Strategy, Jason Yetton, said: “This

transaction is another step in simplifying the bank while continuing to help customers with their life

insurance needs by partnering with TAL.

“Life insurance is an important product for many Australians and this sale provides certainty for

customers and new opportunities for our people with TAL.

“TAL already offers insurance products to more than 4.5 million Australians and is well placed to help

Westpac’s customers protect the people they love”.

Westpac will retain responsibility for certain pre-completion matters and provide protection to TAL

through a combination of provisions, warranties and indemnities.

Completion of the transaction is subject to various regulatory approvals and is expected to occur in

the second half of the 2022 calendar year

 

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looks more divy is on the way.... :P

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