Westpac Banking Corporation Makes an Announcement About Self-Funding Instalments

  • Jan 08, 2019 AEDT
  • Team Kalkine
Westpac Banking Corporation Makes an Announcement About Self-Funding Instalments

Westpac Banking Corporation (ASX: WBC) came forward and made an announcement about the Self-Funding Instalments with regards to securities in the BHP Group Limited. As per the press release dated January 8, 2019, the bank, which happens to be Self-Funding Instalments issuer of the securities of BHP Group Limited had made a notification of the distribution with regards to the same securities. The distribution happens to be an “Estimated special dividend” which involves the amount of $1.4180 per security having the franking percentage of 100% and Ex-distribution/entitlement date and record date happens to be January 10, 2019 and January 11, 2019, respectively. The payment date is on or about January 30, 2019.

Westpac Banking Corporation had given the list of SFIs (or Self-Funding Instalments) which would start the trading ex-dividend on similar date on which the underlying securities would be ex-dividend. The instrument coded as “BHPSWA” (as quoted on the ASX) which was bearing the previous completion payment amounting to $10.9956 happens to the have the new completion payment amounting to $9.5776 after the dividend amounting to $1.4180 was applied to reduce the completion payment. The instrument coded as “BHPSWR” which happens to the trade on the ASX was having the previous completion payment of $13.9041 and it now has the new completion payment amounting to $12.4861 after applying the dividend of $1.4180 to reduce the completion payment.

Also, an instrument quoted on the Australian Securities Exchange as “BHPSWW” was having the previous completion payment amounting to $6.2598 now has the new completion payment amounting to $4.8418 after applying $1.4180 of the dividend to reduce the completion payment. Westpac Banking Corporation had earlier given the presentation for the FY2018 results in which the bank had highlighted some of the challenges. However, the bank had also stated that it happens to possess strong balance sheet. The challenges which was mentioned by Westpac Banking Corporation in the presentation were related to the customer remediation, slowing system credit growth as well as the regulatory actions. However, they had also mentioned about the increased cost of the funds as well as the effect of bank levy. As reflected in the FY 2018 results presentation, the bank’s consumer bank division’s expenses witnessed the rise because of the investments as well as remediation.

We would now be seeing how the stock has performed today and how it has been performing from the past few months. The stock price of Westpac Banking Corporation ended today’s session on the positive note. The stock closed at A$25.520 per share which implies an intra-day rise of A$0.300 per share or 1.19%. The market capitalisation of Westpac Banking Corporation amounted to $86.95 billion. The annual dividend yield of Westpac Banking Corporation stood at 7.45%. Talking about the bank’s previous performance, in the time frame previous 3 months, the stock had delivered the return of -7.04% and in the time span of previous 6 months, Westpac had given -15.37% return. However, in the previous one month the stock’s return stood at -1.98%.


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