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BULLETIN: Westpac's Half-Year Result Within Expectations May 04
Standard & Poors, May 2004
Abstract
MELBOURNE (Standard & Poor's) May 6, 2004--Standard & Poor's Ratings Services said today that Westpac Banking Corp.'s (Westpac; AA-/Stable/A-1+) reported solid earnings growth for the half year to March 31, 2004, with underlying earnings (operating profit before tax and bad debts) rising 4% to A$1,869 million over the September 2003 second-half result. 'Reasonable credit growth, particularly in mortgage and business lending, and good cost containment are two key elements supporting Westpac's half-year profit result, which is in line with Standard & Poor's expectations, given the supportive operating environment and the bank's articulated business strategy,' said Standard & Poor's credit analyst, Peter Sikora, Financial Services Ratings. 'A significant contributor to the improvement in the bank's half-year earnings, however, was related to...
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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