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.

 

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