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Westpac Banking Corp WBC

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Westpac FVE Unchanged as the Uncomfortable Simplification and Remediation Journey Continues

Nathan Zaia Equity Analyst

Analyst Note

| Nathan Zaia |

Westpac flagged fiscal 2021 cash NPAT would be affected by notable items totaling AUD 1.3 billion. The announcement is disappointing and unexpected, but we view a large part of the asset write-downs and customer remediation spend as ongoing work to simplify the business and put remediation issues to bed. Our AUD 29 fair value estimate is unchanged.

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Company Profile

Business Description

Westpac is Australia's oldest bank and financial services group, with a significant franchise in Australia and New Zealand in the consumer, small business, corporate, and institutional sectors, in addition to its major presence in wealth management. Westpac is among a handful of banks around the globe currently retaining very high credit ratings. The bank benefits from a large national branch network and significant market share, particularly in home loans and retail deposits.

275 Kent Street
Sydney, NSW, 2000, Australia
T +61 291557713
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Sep 30, 2008
Fiscal Year End Sep 30, 2021
Stock Type
Employees 38,747