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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Westpac Banking Corporation    WBC   AU000000WBC1

WESTPAC BANKING CORPORATION

(WBC)
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Westpac Banking : to Book A$341 Million Remediation Hit in 2nd Half

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10/23/2019 | 01:01am EST

By Robb M. Stewart

MELBOURNE, Australia--Westpac Banking Corp. (WBC.AU) expects its second-half cash earnings will take a hit of about 341 million Australian dollars (US$233.8 million) due to the cost of customer-remediation programs.

The bank said Wednesday that about 72% of the cost relates to customer payments and the remainder is associated with running remediation programs. The majority of the provisions are for past financial advice given to customers, it said.

The provisions are part of Westpac's push to deal with outstanding remediation issues and refund customers quickly, Chief Executive Brian Hartzer said.

Westpac, which is due to post results for the 12 months through September on Nov. 4, recorded a net profit of almost A$8.1 billion the year before, with cash earnings of A$8.07 billion.

Write to Robb M. Stewart at robb.stewart@wsj.com

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Financials (AUD)
Sales 2020 21 334 M
EBIT 2020 11 449 M
Net income 2020 7 329 M
Debt 2020 -
Yield 2020 5,87%
P/E ratio 2020 13,6x
P/E ratio 2021 12,8x
Capi. / Sales2020 4,48x
Capi. / Sales2021 4,39x
Capitalization 95 620 M
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Technical analysis trends WESTPAC BANKING CORPORATIO
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TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 15
Average target price 27,86  AUD
Last Close Price 27,25  AUD
Spread / Highest target 15,6%
Spread / Average Target 2,23%
Spread / Lowest Target -10,1%
EPS Revisions
Managers
NameTitle
Brian Charles Hartzer Chief Executive Officer, Executive Director & MD
Lindsay Philip Maxsted Chairman
Gary Thursby Chief Operating Officer
Peter Francis King Chief Financial Officer
Robert Wilson Chief Technology Officer
Sector and Competitors