Westpac’s 1H19 Profit Disappoints but Interim Dividend Intact. FVE Cut to AUD 31
Wide-moat-rated Westpac Banking Corporation’s first-half fiscal 2019 cash profit of AUD 3.30 billion disappointed despite announcing AUD 753 million aftertax in one-off remediation and restructuring costs. Cash earnings fell 22% including the one-off costs but if excluded, the interim profit of AUD 4.05 billion was 5% lower than a year ago and only 1% lower than second-half fiscal 2018. Customer remediation costs and refunds dominate the messy result, but softer underlying business conditions hi...Westpac Banking is a banking organization with branches, affiliates and controlled entities throughout Australia, New Zealand, Asia and in the Pacific region. Co. provides a range of banking and financial services in these markets, including consumer, business and institutional banking and wealth management services. Co. is engaged in the provision of financial services including lending, deposit taking, payments services, investment portfolio management and advice, superannuation and funds management, insurance services, leasing finance, general finance, interest rate risk management and foreign exchange services. As of Sep 30 2017, Co. had total assets of A$851,875,000,000.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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