Westpac hits $100b barrier on market rally
It's the second bank to jump over the hurdle this year after Commonwealth Bank, whose market capitalisation has continued to rise and is about $115 billion.
Discounting BHP Billiton's London shares, Commonwealth Bank is now the biggest stock on the Australian market.
Since the start of the year, Commonwealth Bank has rallied 15.3 per cent, Westpac is up 24.8 per cent. In terms of market caps, Commonwealth and Westpac are ranked the 10th and 11th largest banks in the world, with ANZ coming in at 14th ($82.2 billion). National Australia Bank is slightly behind, ranked at 16th with a market cap of $76.7 billion.
Combined, the big four are expected to notch more than $13 billion in combined profits as they start reporting first-half results in coming weeks.
Australia's biggest banks have among the highest credit rankings in the world, and remain just a handful to carry the "AA" credit rating.
Market report — Page 27
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Westpac became the newest member of the $100 billion club with a market capitalisation of $100.9 billion after a broad stock market rally, according to the report.
Commonwealth Bank remains larger, with a market capitalisation of about $115 billion. Westpac is the second Australian bank to pass the $100 billion mark this year.
Discounting BHP Billiton's London shares, Commonwealth Bank is now the biggest stock on the Australian market.
Since the start of the year, Commonwealth Bank has rallied about 15.3%, while Westpac is up roughly 24.8%.
By market cap, Commonwealth and Westpac are ranked the 10th and 11th largest banks in the world. ANZ sits at 14th with $82.2 billion and National Australia Bank is 16th with $76.7 billion.
The big four are expected to notch more than $13 billion in combined profits as they start reporting first-half results in the coming weeks.
Australia's biggest banks have among the highest credit rankings in the world, and only a handful still carry the 'AA' credit rating.
Westpac joining the $100 billion club reflects strong market confidence following a broad stock market rally and highlights the size and global standing of Australia’s major banks. Everyday investors may watch upcoming first-half results and profit updates from the big four for further signals.
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