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Westpac Banking Corp WBK

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Morningstar’s Analysis

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Westpac Earnings Elevated by Lower Provisions. Margins and Capital Position Still Impress.

Nathan Zaia Equity Analyst

Analyst Note

| Nathan Zaia |

We have increased our fair value estimate for Westpac by 8% to AUD 27 per share on lower medium-term loan impairment expectations. In addition to the profit uplift, this also leads to lower inflation in risk-weighted assets and, as a result, greater excess capital which we expect to be returned to shareholders over time.

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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