Westpac Banking Corporation (WBC.AX)
- Reuters
Westpac raises share buyback by $661 million even as costs and competition bite
(Reuters) -Australian bank Westpac raised its share repurchase programme by A$1 billion ($661 million) and declared a special dividend on Monday citing a strong balance sheet, even as its first-half profit fell 16% on tight competition and high costs. Traditionally beneficiaries of rising interest rates, the country's so-called Big Four lenders have spent the past year sacrificing margins to write new home loans and paying more to depositors, narrowing their closely watched "net interest margin". Westpac's net interest margin slipped to 1.89%, down 7 basis points from a year earlier, while net interest income remained largely flat at A$9.13 billion.
- Reuters
Australian bank Westpac extends moratorium on regional branch closures till 2027
"Westpac is extending its moratorium on regional branch closures until at least 2027 while it strengthens regional banking services," Australia's third-largest lender in terms of market valuation said in a media statement. "This commitment will support more than 2.2 million customers and 1,000 employees who live and work in 182 regional areas." Established more than 200 years ago, Westpac said it is also investing over A$200 million ($129.64 million) over the next decade in partnership with the government-run Australia Post to allow cash and cheque transactions at select post offices.
- Simply Wall St.
Westpac Banking Corporation (ASX:WBC) most popular amongst retail investors who own 71% of the shares, institutions hold 29%
To get a sense of who is truly in control of Westpac Banking Corporation (ASX:WBC), it is important to understand the ownership structure of the business. And the group that holds the biggest piece of the pie are retail investors with 71% ownership.
