Westpac Addresses Shareholders at AGM, Provides Soft Outlook for 2020

  • Dec 12, 2019 AEDT
  • Team Kalkine

Westpac Banking Corporation(ASX: WBC) reported disappointing results in 2019, which reflected deterioration in the conditions for banks and its determination to deal with outstanding issues. The cost of customer remediation and exiting advice reduced cash earnings by around $1.1 billion and was the major reason of cash earnings reduction by 15%.

  • In 2020, the bank is expecting operating conditions to continue to remain soft, with growth remaining low and interest rates expected to fall further;
  • The bank expects to see balance sheet growth without a significant deterioration in credit quality.

At AEST 01:25PM, the stock was trading at $24.100 per share, down by 1.14% from its previous close.


All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK