Here’s what Westpac is busy doing behind the scenes…
The post Westpac share price on watch following market update appeared first on The Motley Fool Australia. –
The Westpac Banking Corp (ASX: WBC) share price will be one to watch on Wednesday.
This follows the release of the banking giantâs market update this morning.
What did Westpac announce?
This morning Australiaâs oldest bank released an update on a number of matters. This includes the status of the bankâs Customer Outcomes & Risk Excellence (CORE) program, new climate commitments and sector financed emissions targets, its digital capabilities and plans.
In respect to its CORE program, the bank revealed pleasing progress on a number of items. These are being designed to ensure that Westpac is a well-run business where risk is actively managed.
Improvements include a sharp reduction in high-rated issues, significantly better data quality management, and a modest reduction in key controls requiring improvement.
Climate focus
As for its climate commitments, Westpac is aiming to become a net zero bank. It plans to transition its electricity to 100% renewables by 2025, reduce supply chain emissions, and support employee emission reductions.
The work is already underway, with Westpac reducing its scope 1 and 2 emissions by 58% since 2016.
But it wonât stop there. The bank is also supporting customers in their transition to net zero and is aiming to become the transition partner of choice.
It also revealed that there will be zero lending to companies with >5% of their revenue coming directly from thermal coal mining by 2030.
Digital improvements
Westpac has some bold digital plans underway. This includes making digital options for customers and bankers to do business online, expanding access, and reducing cybercrime.
The bank all talked up its Westpac One Bank Platform and its digital mortgage offering. This aims to provide an unconditional mortgage approval in as little as 10 minutes.
The post Westpac share price on watch following market update appeared first on The Motley Fool Australia.
Should you invest $1,000 in Westpac Banking Corp right now?
Before you consider Westpac Banking Corp, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Westpac Banking Corp wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
See The 5 Stocks
*Returns as of July 7 2022
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
Here are 2 ASX 200 dividend shares to buy according to experts
Brokers rate these ASX dividend shares as buys
Own Westpac shares? Why the major bank could soon make a crypto splash
Why did the ANZ share price smash the other ASX 200 banks today?
RBA in the spotlight; and Westpac hikes fixed rates. Scott Phillips on Nineâs Late News
Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
