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BULLETIN: Westpac Full-Year Result Consistent With Its Strong 'AA-' Credit Standing Oct 03
Standard & Poors, Oct 2003
Abstract
Standard & Poor's Ratings Services said today that Westpac Banking Corp.'s (AA-/Stable/A-1+) full-year profit result is sound, underpinned by solid growth in business lending in a favorable credit environment, although home loan growth was behind the market average. Full-year net profit to equityholders (after excluding nonrecurring significant items) was up 9% to A$2,183 million, with growth in underlying cash earnings up 10% to A$2,271 million. A noteworthy improvement was the 19% increase in noninterest income, with the A$468 million increase due to fees from strong lending growth, new and enforced fee structures, and the higher contribution from wealth management income. This increase has offset the decline in net interest income from the divested Australian Guarantee Corp. (AGC). 'The bank's ratings...
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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