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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Westpac Banking Corp    WBC   AU000000WBC1

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Westpac Subsidiary St George Cuts Variable Home Loan Rate By 38 BPs

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05/04/2012 | 10:03am CEST

Westpac Banking Corp. (>> Westpac Banking Corporation) subsidiary St. George Banking Group Friday passed on a bigger slice of this week's rate cut from the central bank to its customers than its parent.

From May 14, St. George will cut its standard variable home loan rate by 0.38% to 7.04% a year, the bank said in a statement. That's equivalent to reducing repayments on a A$250,000 mortgage by A$732 a year, the bank said.

Westpac, Australia's second-largest bank by market value, earlier said it will cut its standard variable mortgage rate by 37 basis points to 7.09%, joining its major peers Commonwealth Bank of Australia (>> Commonwealth Bank of Australia) and National Australia Bank Ltd. (>> National Australia Bank Ltd.) in passing on only part of the Reserve Bank of Australia's 50 basis-point rate cut.

"Since September 2011, St.George has cut its variable mortgage rate by 0.76%, equating to an annual saving of A$1,476 on an average home loan," said Chief Executive George Frazis in a statement.

On Friday, St. George reported a 7% drop in net-cash earnings in the first half of fiscal 2012 to A$569 million. Westpac reported a rise in its cash earnings in the first half of fiscal 2012 to a record A$3.12 billion this week, slightly above the consensus analyst forecast of A$3.11 billion.

-By Caroline Henshaw, Dow Jones Newswires; 61-2-8272-4689; caroline.henshaw@dowjones.com

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Financials ( AUD)
Sales 2017 21 875 M
EBIT 2017 12 377 M
Net income 2017 8 210 M
Debt 2017 -
Yield 2017 5,84%
P/E ratio 2017 13,61
P/E ratio 2018 13,20
Capi. / Sales 2017 5,00x
Capi. / Sales 2018 4,80x
Capitalization 109 332 M
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 34,2  AUD
Spread / Average Target 6,3%
EPS Revisions
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NameTitle
Brian Hartzer Chief Executive Officer, Executive Director & MD
Lindsay Philip Maxsted Chairman
Peter King Chief Financial Officer
David Curran Chief Information Officer
Robert Wilson Chief Technology Officer
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