Westpac Bank Surprises with a Stronger Than Expected 1H18 Profit. FVE AUD 35 Unchanged
Wide-moat Westpac's first-half fiscal 2018 result vindicates our preferred major bank ranking for Australia’s second-largest bank. We liked the “clean†AUD 4.25 billion cash profit, up 5.8% on a year ago, with the bank benefiting handsomely from no major management and operational distractions, other than the Royal Commission, currently experienced at major bank peers. The underlying performance was robust and hard to fault, beating consensus by about 2%. Nothing flashy, but all crucial earnings...
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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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