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WESTPAC BANKING FORECASTS 6-10% NET CASH EARNINGS GROWTH.
SYDNEY, Aug 1 Asia Pulse - Westpac Banking Corp Ltd (ASX:WBC) shares posted healthy gains yesterday, after the bank pleased investors with an upbeat profit outlook.
In a briefing to analysts, the bank forecast 6-10 per cent growth in net cash earnings for the next few years, and reaffirmed earlier guidance of 7-9 per cent growth in earnings per share (EPS) in the short term.
At the same time, the bank scrapped earlier talk that the balance of risks were on the downside of its forecast EPS growth range.
"We've dropped our reservations," chief financial officer Phil Chronican said.
Westpac shares marched 28 cents or 1.7 per cent higher to A$16.61, in a stronger overall market.
"It effectively is an upgrade," Wilson HTM client adviser Joseph Pagliaro said, noting the bank had shelved plans for a share buyback in 2003, and that the same EPS forecast had previously been given with expectations of a buyback.
Shaw Stockbroking banking analyst David McDonald said the positive tone of the presentation was a strong sign for good growth in the short to medium term.
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Source: HighBeam Research, WESTPAC BANKING FORECASTS 6-10% NET CASH EARNINGS GROWTH.