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WBC, WESTPAC BANKING CORPORATION
nipper
post Posted: May 4 2021, 10:20 AM
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In Reply To: early birds's post @ May 4 2021, 10:03 AM

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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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
early birds
post Posted: May 4 2021, 10:03 AM
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https://www.afr.com/street-talk/westpac-hir...20210503-p57oj6


$50b in funds, 115k investors, 3.5k advisers

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are they try to hard. sound like they want sell everything [ baby with bath water??]]



 
nipper
post Posted: May 3 2021, 12:12 PM
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In Reply To: Danville's post @ May 3 2021, 12:06 PM

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.
QUOTE
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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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  
 
Danville
post Posted: May 3 2021, 12:06 PM
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In Reply To: early birds's post @ May 3 2021, 10:29 AM

What a a blow out report! I have heaps of WBC, but I sure wish I had a whole lot more. Based on the long term chart, WBC still has a lot of room to fly


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early birds
post Posted: May 3 2021, 10:29 AM
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In Reply To: early birds's post @ Mar 26 2021, 08:23 AM

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!!

 
early birds
post Posted: Mar 26 2021, 08:23 AM
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In Reply To: plastic's post @ Mar 25 2021, 10:28 AM

buy into this weakness, if that much money been printed and inflation expectation runs wildly higher, then we should see most of banks SP will have a big pop up!! imho

WBC had so many troubles till now , think of worst is behind it, time for it to pop,



 


plastic
post Posted: Mar 25 2021, 10:28 AM
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WBC to offload its NZ ops.

What a difference that will make to NZ when all those profits stay within the boarders of NZ and interest rates are set locally according to local conditions.

FWIW, this looks like the beginning of the Japanese banks break up and M&A phase at the end of their bubble economy.

Jacinda has just poked a dagger into the heart of residential property investment with interest rate deductibility. It's only natural banks will take a look at their property exposure. ANZ and ASB are the most exposed.

I see some margin calls coming.

This has all the hallmarks of a command economy. Targeted sectors of industry, encouraging capital flows and legislative disincentives elsewhere.



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What did Uncle Mel do to us?
 
early birds
post Posted: Feb 17 2021, 08:59 AM
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https://www.afr.com/companies/financial-ser...20210216-p57309

Westpac has announced a steep rise in quarterly cash earnings as the bank attempts to put the AUSTRAC scandal behind it and position itself for a rebound in the aftermath of COVID-19.

The bank recorded unaudited cash earnings of $1.97 billion to December 31, up 150 per cent from the quarterly average from the first half of 2020 of $496 million and up 54 per cent from the second half average of $808 million.

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looks juicy divy will be return!!! tongue.gif



 
mullokintyre
post Posted: Feb 3 2021, 03:25 PM
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ASIC may have let WBC off the hook, but the High Court has not.
From ABC NEWS

QUOTE
Westpac is facing fines in the tens of millions of dollars after the High Court ruled it broke the law in offering advice to superannuation customers.

Westpac's campaign to drive membership of its superannuation subsidiary overstepped financial laws
The High Court found an average person would have expected Westpac to take account of their individual needs
The banking giant could be facing penalties stretching into the tens of millions of dollars
The Australian Securities and Investments Commission (ASIC) pursued the banking giant over a campaign in which it advised customers to roll all of their superannuation accounts into Westpac's investment management subsidiary, BT.

As a result of the campaign, the bank increased the funds under its management by almost $650 million between January 1, 2013 and September 16, 2016.

The advice, which was provided to customers by letter and phone, included the statement that "if you combine your super into one account, you could save on administration fees and enjoy the convenience of having all your super in one place".

The case centred on whether an ordinary person would have expected Westpac to have considered their personal financial circumstances before advising they take up the offer.

Under the law, the bank is required to consider those individual issues, if it offers "personal" advice.

"Was the advice given or directed to the member in circumstances where a reasonable person might expect that Westpac had considered one or more of the member's objectives, financial situation and needs?" Justice Michelle Gordon said, summarising the key issue.

Justice Gordon said the tone and tenor of the telephone calls had a repeated emphasis on helping customers in relation to superannuation, which meant customers could have expected their personal situation had been considered.

"Westpac gave financial product advice to each member … in circumstances where a reasonable person might expect Westpac to have considered one or more of the member's objectives, financial situation and needs," she said.


Happy to not be owning any bank shares at the moment.
Mick



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sent from my Olivetti Typewriter.
 
early birds
post Posted: Dec 24 2020, 09:47 AM
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https://www.afr.com/companies/financial-ser...20201224-p56pxr

In a short statement to the market after the market's close on Wednesday, Westpac said it had been informed by the Australian Securities and Investments Commission that the regulator has "concluded the investigation and that it does not intend to take any enforcement action against Westpac or any individuals in connection with the investigation".

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alarm discharged this time by ASIC!



 
 


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