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Westpac Banking Corp WBC Stock Quote

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Morningstar‘s Stock Analysis WBC

Valuation
Currency in AUD
Is it the right time to buy or sell?
Is it the right time to buy or sell?

1-Star Price

INVESTOR

5-Star Price

INVESTOR

Economic Moat

INVESTOR

Capital Allocation

INVESTOR

Capital and Credit Quality Leave Westpac in a Good Position to Navigate Economic Challenges

Nathan Zaia Senior Equity Analyst

Analyst Note

| Nathan Zaia |

Westpac’s third-quarter 2022 update was devoid of any income or expense details, instead focusing on capital, credit quality, and funding. Given results from peers, we think it is fair to assume margins would have neared a bottom during the quarter, with cash rate increases in July and August now passed on in full to borrowers. Customer deposits as a percentage of loans declined 40 basis points to 83.1% in the quarter, and APRA data indicates Westpac has grown deposits below market. We suspect Westpac has simply not competed as aggressively as some smaller lenders for term deposits to help protect margins. In the June quarter, Westpac’s household deposits grew 0.3%, compared with 1.1% across all banks.

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Key Statistics WBC

Company Profile WBC

Business Description

Westpac is Australia's oldest bank and financial services group, with a significant franchise in Australia and New Zealand in the consumer, small business, corporate, and institutional sectors, in addition to its major presence in wealth management. Westpac is among a handful of banks around the globe currently retaining very high credit ratings. The bank benefits from a large national branch network and significant market share, particularly in home loans and retail deposits.

Contact
275 Kent Street
Sydney, NSW, 2000, Australia
T +61 291557713
Industry Banks - Diversified
Most Recent Earnings Sep 30, 2008
Fiscal Year End Sep 30, 2022
Employees 38,823