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BULLETIN: Westpac Half-Year Results Underpinned by Strong Growth in Mortgage Lending May 03
Standard & Poors, May 2003
Abstract
MELBOURNE (Standard & Poor's) May 9, 2003-- Westpac Banking Corp. (AA-/Stable/A-1+) reported a satisfactory interim profit, underpinned by strong growth in mortgage lending, which increased 18% for the half year ended March 31, 2003. Although growth in cash underlying earnings was satisfactory, the after-tax profit result increased only a modest 3.2% to A$1,051 million from the corresponding period in the previous year. Westpac's business profile and its interim results were also impacted by a number of wealth management acquisitions and the sale of Australian Guarantee Corp. (AGC), as the bank further refined its focus on traditional banking and wealth management activities. As a result of the divestment of AGC, Westpac's net interest income margin has contracted for the half year,...
Companies mentioned in this report are: Westpac Banking Corp.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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