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BULLETIN: Westpac's Strong Full-Year Result Absorbs Capital Buyback Nov 05
Standard & Poors, Nov 2005
Abstract
MELBOURNE (Standard & Poor's) Nov. 3, 2005--Standard & Poor's Ratings Services said today that Westpac Banking Corp.'s (AA-/Stable/A-1+) strong full-year profit result reflected solid performance across all business units, reasonable growth dynamics, and the resilience of net interest margins in a competitive market. Particularly solid earnings growth was achieved by BT Financial group and Business and Consumer Banking divisions, which benefited from rising revenues with minimal expense growth. Full-year net profit available to equity holders was up 11% to A$2,818 million, with growth in underlying cash earnings up 12% to A$2,874 million. 'With increased capital levels at balance date and moderate growth expectations, Standard & Poor's believes Westpac is able to absorb the proposed share buyback of A$700 million or...
Companies mentioned in this report are: Westpac Banking Corp.
Action: Bulletin
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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