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

WESTPAC BANKING CORP (WBC)
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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 CET

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; [email protected]

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Financials ( AUD)
Sales 2018 22 595 M
EBIT 2018 13 004 M
Net income 2018 8 645 M
Debt 2018 -
Yield 2018 6,06%
P/E ratio 2018 12,92
P/E ratio 2019 12,60
Capi. / Sales 2018 4,71x
Capi. / Sales 2019 4,54x
Capitalization 106 B
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 34,1  AUD
Spread / Average Target 8,6%
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Managers
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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