BUZZ-Australian lender Westpac climbs to 2-month high

Reuters05-07

(Adds share moves)

** Shares of Australia's no.3 lender Westpac rise as much as 1.6% to A$27.55, their highest level since March 8

** Stock on track for a fourth consecutive session of gains, if current trend holds

** Australia's No. 3 lender on Monday said it boosted its share buyback programme by A$1 bln ($662.30 mln) and declared a special dividend, even as its first-half profit dropped 16%

** Citi says the buyback and special dividend trend will continue; forecasts two further special dividends of 15 AU cents apiece as well as A$1.0 bln-A$1.5 bln of further buybacks over 2H24 and 1H25 period

** Citi notes Westpac's core net interest margin, excluding the volatile items, has remained stable for six months and ahead of its peers

** Stock has risen 18.43% this year, as of last close

($1 = 1.5099 Australian dollars)

(Reporting by Poonam Behura in Bengaluru)

((Poonam.Behura@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment