WBC And CBA’s Stocks Down On ASX – What Investors Need To Know

WBC And CBA’s Stocks Down On ASX - What Investors Need To Know

The below mentioned leading banks of Australia have provided updates on ASX today. Let’s take a closer look at these updates:

Westpac Banking Corporation (ASX: WBC)

Australia’s leading Bank, Westpac Banking Corporation (ASX: WBC) has appointed two new Non-Executive Directors to the Board. The bank has appointed highly experienced Ms. Margie Seale to its Board who happens to have served on a number of boards including Ramsay Health Care Limited, Bank of Queensland Limited, Penguin Random House Australia Pty Ltd. She is currently a non-executive Director of Scentre Group, Telstra Corporation Limited and Australian Pacific (Holdings) Pty Limited and She was also Managing Director of Random House Australia and New Zealand and was President, Asia Development for Random House globally. 

The Bank has also appointed Mr. Steven Harker to the Westpac Board who was the Managing Director and Chief Executive Officer of Morgan Stanley Australia, and he is currently a Director of The Banking and Finance Oath, The Hunger Project Australia and ASX Refinitiv Charity Foundation. Mr. Steven Harker spent fifteen years with Barclays de Zoete Wedd now Barclays Investment Bank and he is also Governor and Treasurer of Ascham School. As per the company’s announcement, both the appointments will be effective from 1 March 2019.

In the past six months, WBC’s shares decreased by 8.40 as on 5 February 2019, however, in the past five days, the shares have increased by 5.99 Percent. WBC’s shares traded at $26.370 (-1.236% intraday) with a market capitalization of circa $92.05 billion as on 6 February 2019.

Commonwealth Bank of Australia (ASX: CBA)

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Australia’s Leading bank, Commonwealth Bank of Australia (ASX: CBA) has released its half-year ended 31 December 2018 results. For the half year, CBA has reported a Statutory net profit after tax (NPAT) including discontinued operations of $4,599 Mn. Further, CBA reported Operating income of $12,408 million which was 1.9% less than the previous corresponding period. Overall, net interest income was down by 1.3% as compared to the previous corresponding period. CBA has reported Common Equity Tier 1 (CET1) capital ratio on an APRA basis of 10.8% and Return on equity (cash) of 13.8%. CBA has reported Cash NPAT from continuing operations of $4,676 Mn which is 1.7% higher than the previous corresponding period.

The Board has determined an interim dividend of $2.00 per share which represents a dividend payout ratio of 74.3% of cash NPAT. The interim dividend’s ex-dividend date is 13 February 2019, the Record Date is 14 February 2019, and the final dividend will be paid on 28 March 2019.  Today the bank has also released Promontory Australasia’s second independent report into CBA’s progress against its Remedial Action Plan. In the report, Promontory has noted that the Remedial Action Plan program of work is on track, and the momentum was maintained during the reporting period.

In the last six months, the share price of the bank increased by 0.05 percent as on 5 February 2019 and traded at a PE multiple of 13.770x. CBA’s shares traded at $72.60 (-1.359% intraday) with a market capitalization of circa $130.29 billion as on 6 February 2019.


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