This new model will improve decision making and accountability, with one individual now responsible for the financial performance, risk management and customer outcomes for each line of business. 1 Full Year 2020 compared to Full Year 2019. “For customers, we have provided certain special interest rates, fee waivers and temporary loans, while supporting around 215,000 consumer and business customers across Australia and New Zealand with repayment deferrals. For an explanation of cash earnings, refer to Section 1.3.3. For … We have rolled out our new mobile banking app to 240,000 customers and it will be further enhanced before being rolled out to our entire customer base. Mr King said that despite the tough operating environment, Westpac remained well capitalised with a strong balance sheet and ample liquidity to continue to support its customers. In a note to shareholders this morning, Westpac advised that when it presents its full year 2020 financial results on Monday November 2, investors can expect a blow to its top line results. This includes a significant investment in training, through our Customer Outcomes and Risk Excellence program, to support our people to speak up and respond quickly to emerging risks. The division recorded a cash earnings loss of $506 million compared to a profit of $712 million in Full Year 2019. Core earnings were 14% lower mostly from a 24% decline in non-interest income and a 7% increase in expenses. … Westpac will pay a final dividend of 80 cents per share, which is 15pc lower than last year. For a reconciliation of cash earnings to reported results, refer to Section 5, Note 8 of Westpac Group 2020 Full Year Results Announcement. Reported on a cash earnings basis unless otherwise stated. Cash earnings were 12% lower from higher impairment charges, higher expenses and lower non-interest income. Westpac has revealed its earnings will take a $1.22 billion hit, as it prepares its full-year results. For … “We are addressing the issues that have impacted performance in our mortgage book and expect to see improvement start to flow in 2021,” Mr King said. SHARE. TWEET. This reflected our focus on fixing risk and compliance issues and responding to COVID-19, which involved higher call and processing centre volumes, returning activities to Australia and increased employee and customer safety measures. For a reconciliation of cash earnings to reported results, refer to Section 5, Note 8 of Westpac Group 2020 Full Year Results Announcement. These may change or we may introduce new ones in the future. Westpac's full-year results on Monday will bring the big four's cash profits to over $31 billion in 2017. Cash earnings were 62% lower mostly from an increase in impairment charges and a decline in net interest margin. The increase in expenses was partly offset by productivity savings of more than $400 million.”. Westpac … This information does not take your personal objectives, circumstances or needs into account. Full details are available on request. Expenses were higher from a rise in risk management and compliance costs, including in relation to financial crime. For … More than two thirds of Westpac’s mortgage customers who deferred repayments have now re-commenced repayments. Our earnings have been significantly impacted by higher impairment charges, increased notable items and the sharp decline in economic activity. For a reconciliation of cash earnings to reported results, refer to Section 5, Note 8 of Westpac Group 2020 Full Year Results Announcement. Westpac Banking Corporation (NYSE:WBK) F4Q10 and Full-Year (Year End 09/30/10) Earnings Conference Call November 2, 2010 8:00 PM ET. “The impacts are profound across communities, workplaces and on individuals. “We do recognise, though, that for some customers the pandemic will have a longer-term effect on their circumstances, and we are committed to supporting them as much as possible,” he said. Reported on a cash earnings basis unless otherwise stated. “While this year has had its challenges, we have made important changes to the business, including introducing a new operating model, progressing the exit of several businesses, adding more than 400 people to our risk, compliance and financial crime team, and completing the appointments in my executive team. Check-ins on business customers granted packages are underway. 1 Full Year 2020 compared to Full Year 2019. Lending criteria apply to approval of credit products. “While stressed exposures as a percentage of total committed exposures are higher at 1.91%, up 71 basis points compared to 2019, prudence has been maintained with impairment provisions boosted by $2.2 billion to $6.2 billion. Total dividends for 2020 were 31 cents per share representing a 49% payout of our full year statutory result, which is the maximum dividend Westpac could pay under current APRA guidance. This information does not take your personal objectives, circumstances or needs into account. We worked hard to support customers through this time, changing our operations to remain open, diverting resources to areas of most need and providing a range of tailored support packages. Westpac Banking Corporation filed its Annual Report on Form 20- F with the US Securities and Exchange Commission for the financial year ended September 30, 2019 on November 4, 2019. For a reconciliation of cash earnings to reported results, refer to Section 5, Note 8 of Westpac Group 2020 Full Year Results Announcement. The Board has determined a final, fully franked dividend of 31 cents per share to be paid on 18 December 2020. “We have, however, continued to maintain the strength of Westpac’s balance sheet. The final dividend represents a payout ratio of 78.7% of cash earnings. “We have also made progress in our review of specialist businesses. 1 Full Year 2020 compared to Full Year 2019. SHARE. T. 02 8253 4008 For a reconciliation of cash earnings to reported results, refer to Section 5, Note 8 of Westpac Group 2020 Full Year Results Announcement. The Board has determined a final, fully franked dividend of 31 cents per share to be paid on 18 December 2020. The division recorded a cash earnings loss of $506 million compared to a profit of $712 million in Full Year 2019. Unless otherwise specified, the products and services described on this website are available only in Australia from © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. “We are continuing to assist customers affected by COVID-19. Westpac has flagged a $1.2 billion hit to earnings ahead of its full-year results next week. Executives. Mr King said a critical part of performing was supporting customers in need. Video interviews with Mr King and Chief Financial Officer, Michael Rowland, on FY20 results, are available on the Westpac Wire website – www.westpacwire.com.au, David Lording Lending criteria apply to approval of credit products. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack FY19 divisional snapshot 1 Notable items include provisions for estimated customer refunds, payments, associated costs, and litigation, along with costs associated with restructuring of the Group’s wealth business. Westpac fully supports the range of initiatives undertaken by the Federal Government to protect Australians from both the virus and the economic fall-out. The Board has determined a final, fully franked dividend of 31 cents per share to be paid on 18 December 2020. “We remain in an uncertain economic environment, however the recent budget has provided significant stimulus to businesses and households. During Full Year 2020 the business incurred $922 million (after tax) of notable items, compared to $47 million (after tax) in Full Year 2019. We use cookies to secure and tailor your web use. Our notice explains how we use cookies and how you can manage them. During Full Year 2020 the business incurred $922 million (after tax) of notable items, compared to $47 million (after tax) in Full Year 2019. It recorded cash earnings of $649 million – down by 38% on the previous year. Westpac Banking CEO Discusses F4Q10 and Full-Year Results â¿¿ Earnings Call Transcript Log In Receive full access to our market insights, commentary, newsletters, breaking news … Total dividends for 2020 were 31 cents per share representing a 49% payout of our full year statutory result, which is the maximum dividend Westpac could pay under current APRA guidance. During the year Westpac made $280 million in payments to customers as part of its customer remediation program. “Modernising and simplifying our technology and using digital to create better customer experiences remains a priority. “We have enhanced our operating model to align our businesses to our major customer offerings, such as mortgages, everyday banking and business lending. For … [1] Reported on a cash earnings basis unless otherwise stated. “We are moving back to core banking with a sharper focus on Australia and New Zealand,” he said. Mr King said reducing our portfolio of businesses was the driver of many of the changes. Consider its appropriateness to these factors before acting on it. Latest presentations and results; Latest presentations and results. Head of Investor Relations EMAIL. Westpac has resumed making dividend payments but revealed a 62 per cent plummet in full-year cash profit to $2.608 billion, as the bank looks to … We have entered into an agreement to sell our vendor finance business and are consolidating our international operations into London, New York and Singapore,” he said. Reported on a cash earnings basis unless otherwise stated. Full details are available on request. vi | Westpac Group 2017 Full Year Financial Results Announcement The Westpac Group Board has determined an unchanged final, fully franked dividend of 94 cents per share to be paid on 22 December 2017. New data shows business lending is increasingly tough to come by Westpac New Zealand has announced its full-year results for the 12 months ended 30 September 2020. Terms and Conditions or Product Disclosure Statement. Reported on a cash earnings basis unless otherwise stated. 3 Figures current as at 28 October 2020. WESTPAC has reported a flat full-year profit of $8.07 billion as customer compensation and legal costs reined in performance. These may change or we may introduce new ones in the future. Deposits were 7% higher with a 33% rise in transaction balances and 20% increase in savings and online balances. The Bank Levy cost $95 million for the Full Year. ... Our 2020 Full Year reporting suite includes our Annual Report, Full Year Financial Results, Investor Discussion Pack, Sustainability Performance Report, Pillar 3 Report, and other shareholder information including for our Annual General Meeting Mr King said this year Westpac had made significant progress on becoming a simpler, stronger bank. “The simplification of our business will support improved returns and help pave the way for a re-set of our cost base.”. Mr King said that while Westpac expected economic growth to improve through 2021 and 2022, unemployment would remain elevated for some time. Lending criteria apply to approval of credit products. Duration: 00:33 2/11/2020. While we have made progress in these areas, there is more to be done.”. It has been pleasing to see a reduction in the number of our customers on loan deferral packages. Cash earnings were 38% lower primarily driven by higher impairment charges. During Full Year 2020 the business incurred $922 million (after tax) of notable items, compared to $47 million (after tax) in Full Year 2019. “In addition, our Customer Service Hub continues to simplify, standardise and digitise the way we connect with our customers as one bank with multiple brands.”. Cash earnings — Westpac’s preferred measure of profitability — for the 12 months to September 30 barely moved from the $8.06 billion reported a year ago. Bringing together Westpac Group’s 2020 financial, non-financial and sustainability performance. “AUSTRAC’s proceedings had a major impact this year and the agreement to pay a $1.3 billion penalty to settle the matter is an important step forward,” Mr King said. 1 Full Year 2020 compared to Full Year 2019. SHARE. “Excluding notable items, expenses were up 6% this year. Our economists expect at least half the personal tax cuts will be spent and businesses will respond to the generous depreciation allowances.”. Westpac announce 2020 full year results. “Importantly, while economic conditions will still be challenging, Westpac is well placed to continue to support customers through this difficult time. Westpac Banking Corporation 2019 Full Year Financial Results for the 12 months Ending 30 September 2019 Business Wire SYDNEY -- November 4, 2019 Westpac Banking Corporation (Westpac) filed … Conditions, fees and charges apply. “I am very proud of how our people stepped up to support customers in a year which has seen not only the pandemic, but also bushfires and floods. 4 Business packages outstanding represents customers on deferral who are yet to end their 6-month deferral package of the original $10.1bn provided. For a reconciliation of cash earnings to reported results, refer to Section 5, Note 8 of Westpac Group 2020 Full Year Results Announcement. Nov 2, 2020, 11:16 AM Westpac released its full-year results on Monday, revealing bank profits took a $4.2 billion hit. “Our three key priorities – fix, simplify, perform – recognise our immediate need to address our shortcomings, reshape the business to concentrate on our core businesses and markets, and improve performance,” he said. 2 References to notable items in this release include (after tax) provisions and costs for the AUSTRAC proceedings; provisions for estimated refunds, payments, costs and litigation; write-down of intangible items; and asset sales and revaluations. The division recorded a cash earnings loss of $506 million compared to a profit of $712 million in Full Year 2019. Ahead of the release, I thought I would take a … Cash earnings were 64% lower primarily driven by higher impairment charges and a 26% decline in core earnings. Core earnings were down by 14% to $1,223 million, and operating expenses went up by 7% to $1,059 million. Westpac's profit hit was especially large, as it has to a pay a record $1.3 billion for breaching Australia's anti-money laundering laws. 1 Full Year 2020 compared to Full Year 2019. M. 0438 284 863, Westpac FY20 Annual Results Media Release, $16.6bn in Australian home loans in deferral (41,000 mortgage accounts), Reduced from $54.7bn provided (146,000 mortgage accounts), Reduced from $10.1bn provided (32,900 small business customers). M. 0419 683 411, Andrew Bowden Westpac Banking Corporation 2019 Full Year Financial Results for the 12 months ending 30 September 2019 Contacts Westpac Media Relations David Lording M. 0419 683 411 On Monday morning all eyes will be on the Westpac Banking Corp share price when it hands in its full year results for FY 2020. “With our three priorities of fix, simplify and perform, we are becoming a simpler and stronger bank with a renewed focus on a culture to execute and improve performance,” Mr King said. Full details are available on request. For an explanation of cash earnings and reconciliation to reported results refer to Section 1.3.4 and Section 5, Note 8 of Westpac Group’s 2019 Full Year Financial Results Announcement. Customer deposits were up 6% over the year, with the deposit to loan ratio now more than 80%. SYDNEY--(BUSINESS WIRE)--Westpac Banking Corporation (NYSE:WBK), (ASX:WBC): Westpac Group CEO, Peter King, said: “2020 has been a particularly challenging year and our financial result is disappointing. At the same time, we have incurred higher expenses due to increased resourcing to handle unprecedented COVID-19 demands and fixing our compliance issues. Our Common Equity Tier 1 capital ratio is at 11.13%. Total dividends for 2020 were 31 cents per share … Reported on a cash earnings basis unless otherwise stated. For an explanation of cash earnings, refer to Section 1.3.3. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding. Head of Media Relations “We have started a comprehensive, multi-year program to strengthen our risk culture and how we manage risk across the Group. “We have taken accountability for our mistakes and commenced a process of fundamental change, which has included refreshing the Board and management and elevating oversight of financial crime, compliance and conduct. By continuing to use this site we assume you're ok with our notice. It comes after settling its AUSTRAC investigation at a cost of more than $1.3 billion and bracing for the full impact of the coronavirus. Mortgage lending was down 2%, while deposits increased 6%. Its full-year profit fell by a sharp 16pc to $6.78 billion. “While there were a few issues through the year, such as increased wait times and delays to loan processing, we have – and will continue to – support customers through this uncertain time,” he said. 2 Full year results - 2003 Delivering on our focused strategy • High quality result-Underlying cash earnings $2,271m up 10%-Cash return on equity maintained at 21%-Dividend of 78 cents per share fully franked up 11% • Key drivers of growth-Robust growth in loans and acceptances up 17%-Normal sector margin decline down 7 bps Mr King said that COVID-19 was a once in a 100-year health and economic crisis and the near-term economic outlook would remain uncertain. “We are also focused on reducing customer pain points, completing customer remediation as quickly as possible and reducing IT complexity.
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