Recent years have been really tough for banks in particular Westpac. Think most people here are aware of the royal commission established on 14 December 2017 by the Australian government to inquire into and report on misconduct in the banking, superannuation, and financial services industry. This lead to many fines.
On top of this Westpac was also exposed for being involved in money laundering. This lead to more fines.
You than had Covid hit where you had the market fear that many would default on their loans.
With fines paid, the business being restructured, a better outlook on the economy and Westpac embarking on an aggressive cost cutting operation this was super undervalued stock in middle of 2020. Most value and contrarian investors would of entered than. As long as the recovery in the economy continues the outlook for banks is the best it has been in over 5 years.
Westpac Growing Market Share in Home Loans, page-9
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$29.66 |
Change
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Mkt cap ! $102.6B | |||
| Open | High | Low | Value | Volume |
| $29.65 | $29.72 | $29.39 | $219.3M | 7.553M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 5000 | $29.61 |
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| Price($) | Vol. | No. |
|---|---|---|
| $29.67 | 7671 | 1 |
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