Westpac Banking Corporation

WBK

Market cap $52B

Australia's Westpac Banking Corp has reached an A$130 million ($81.84 million) settlement on a class action lawsuit against the lender over commissions paid to auto dealers over five years, the bank said on Friday.

Australia's Westpac Banking posted a 13% rise in its first-quarter net profit on Monday, helped by growth in customer deposits and housing and business loan volumes.

Richard Franulovich of Westpac Institutional Bank believes the euro still has some room to breathe before it hits parity with the U.S. dollar, amid multiple fiscal uncertainties in Germany and France.

New Zealand's financial regulator on Monday said that Australian lender Westpac's local unit admitted to overcharging and misleading more than 24,000 personal and business customers by not providing advertised discounts and benefits.

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The lender said its annual net profit fell by 3%, but signaled hopes that demand for housing and business credit will rise in 2025 as Australia's central bank joins global counterparts in cutting interest rates.

Australia's Westpac Banking Corp reported a 3% fall in annual profit on Monday, due to rising costs and intense competition in the mortgage market, while it increased its buyback program by an additional A$1 billion.

Australia's Westpac said on Thursday Peter Herbert will be appointed as acting chief executive for its business and wealth segment, effective Nov. 5.

Westpac Banking Corp , Australia's third-largest lender by market value, said on Tuesday its 2024 net profit would take a A$123 million ($82.26 million) hit due to impacts from certain notable items.

Westpac Banking Corp said on Thursday it would sell its auto finance loans book to non-bank lender Resimac Group for an expected value of A$1.4 billion ($963.62 million) to A$1.6 billion at completion.