Westpac Banking Corporation (ASX:WBC) is Australia’s oldest bank operating a significant banking franchise in Australia and New Zealand.  WBC is considered an ASX Blue Chip Share. The company has balanced exposures to retail, corporate and institutional sectors.

Westpac has been one of the more acquisitive banks domestically with successful takeovers of Bank of Melbourne and Challenge Bank and Trust Bank in New Zealand. More recently WBC has aggressively expanded its wealth management activities with the acquisition of Rothschild Australia Asset Management, BT Funds Management and Hastings Funds Management.

Westpac today held their AGM where it warned that the European debt crisis will continue to impact the price and possibly the availably of funding to Australia’s banking sector.

CEO Mrs Gail Kelly said the outlook for the global economic outlook remained mixed with Australia not immune to these headwinds, with growth slowing and consumer and business spending cautious.

Mrs Kelly also hinted that WBC may not pass on future interest rate cuts to borrowers in full, citing the impact of higher funding costs on interest rate margins.

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Westpac Bank (WBC) is Australia’s oldest bank, operating a significant banking franchise with balance exposures to retail, corporate and institutional sectors.

Following its merger with St George Bank, WBC is not too far behind Commonwealth Bank in the battle to be the biggest in Australia. WBC is also among the market’s leading blue chip stocks.

WBC recently received final approval to open its second branch in China.

The new branch, which will be located in Beijing, follows the 2008 opening of WBC’s first branch in Shanghai.

The group has plans to open a further two branches in China.

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Westpac Banking Corp (WBC) is Australia’s oldest bank, operating a significant banking franchise with balance exposures to retail, corporate and institutional sectors.

Following its merger with St George Bank, WBC is not too far behind Commonwealth Bank in the battle to be the biggest in Australia. WBC is also amongst the 20 largest banks in the world.

The bank is also widely considered among the blue chip stocks in the Australian share market.

On 3 November, WBC reported an 84% surge in FY10 net profit to a $6.35 billion.  Cash profit rose 26% to $5.88 billion, which was slightly ahead of analyst estimates.

The profit result was driven by a massive drop in write-downs and improved economic conditions.  However, net interest margin contracted 11 basis points to 2.22%, due to higher funding costs.

Revenue climbed 2.4% to $16.9 billion, with net interest income rising 4% due to growth in mortgage and business lending.

WBC was cautious about the outlook, stating the global operating environment is improving but that the recovery was uneven.

WBC declared a final dividend of 74 cents, up 23% from last year and topping analyst estimates.

WBC climbed 0.5% on the day of the announcement.

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