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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Westpac Banking Corporation    WBC   AU000000WBC1

WESTPAC BANKING CORPORATION

(WBC)
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End-of-day quote. End-of-day quote Australian Stock Exchange - 01/25
21.79 AUD   +0.05%
01/25New Zealand shares fall most in a week; Australia closed
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01/19WESTPAC BANKING : MI Consumer Sentiment January (PDF 134KB)
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Westpac Banking : Australia's Westpac hit with a second bank regulator penalty

11/30/2020 | 06:35pm EST

SYDNEY, Dec 1 (Reuters) - The Australian bank regulator said on Tuesday it was forcing Westpac Banking Corp to raise its cash reserves after it fell short of prudential standards, its second enforcement action in a year against the country's No. 3 lender.

The Australian Prudential Regulation Authority (APRA) said a review of the bank's risk management found it incorrectly calculated several key capital ratios through 2019 and 2020, reflecting "weaknesses in risk management and oversight, risk control frameworks and risk culture."

The breaches were since fixed, but APRA ordered the Sydney-based lender to add 10% to the amount of cash it keeps on hand until the bank completed an independent review of its risk management. Neither the regulator nor the bank put a dollar figure on the penalty.

The enforcement action draws Westpac back into the kind of regulatory intervention it hoped to put behind it when it agreed in September to a record A$1.3 billion ($955 million) settlement with the country's financial crime watchdog over a 2019 lawsuit accusing it of enabling millions of improper payments, including to people exploiting children.

APRA previously ordered Westpac to put aside A$500 million over the payments scandal.

Westpac had kept its available capital "comfortably above regulatory minimums" but the new penalty "sends a message to the wider banking industry that breaches of prudential standards are not acceptable" APRA Deputy Chair John Lonsdale said in a statement which did not specify the nature of the breaches.

Westpac said the breaches were mainly related to its New Zealand unit.

APRA had found the bank had an "immature and reactive risk culture, unclear accountabilities and inadequate oversight", Westpac said, adding that "we ... accept the need to work faster to address our shortcomings".

Westpac shares were up 1% by midsession, against a broader market gain of 1.2%.

"It's part and parcel of getting the systems right," said Bell Potter analyst TS Lim. "Its reputation is not as good (as other banks) but it's a pretty small number. They have pretty strong capital." ($1 = 1.3600 Australian dollars) (Reporting by Byron Kaye in Sydney and Nikhil Kurian Nainan in Bengaluru; Editing by Leslie Adler and Lincoln Feast)


© Reuters 2020
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More news
Financials
Sales 2021 20 100 M 15 575 M 15 575 M
Net income 2021 5 223 M 4 047 M 4 047 M
Net Debt 2021 - - -
P/E ratio 2021 15,5x
Yield 2021 4,17%
Capitalization 79 398 M 61 477 M 61 526 M
Capi. / Sales 2021 3,95x
Capi. / Sales 2022 3,92x
Nbr of Employees 36 849
Free-Float 99,6%
Chart WESTPAC BANKING CORPORATION
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Westpac Banking Corporation Technical Analysis Chart | WBC | AU000000WBC1 | MarketScreener
Technical analysis trends WESTPAC BANKING CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 22,45 AUD
Last Close Price 21,79 AUD
Spread / Highest target 23,9%
Spread / Average Target 3,03%
Spread / Lowest Target -31,2%
EPS Revisions
Managers and Directors
NameTitle
Peter Francis King Chief Executive Officer, MD & Director
John McFarlane Chairman
Scott Collary Chief Operating Officer
Michael Rowland Chief Financial Officer
Peter Ralph Marriott Independent Non-Executive Director
Sector and Competitors