Westpac (WBC)traded below 15.00 a little while back which to my mind was the buy of the century. Today they are off 2.6% and are currently trading at 16.50. At 16.00, they will be the buy of the decade. They released earnings figures showing their cash profit only fell 2% for the past quarter. That is OUTSTANDING compared to all the banking results i am hearing from overseas banks, need i mention that not one Australian bank has required a government welfare cheque (bailout) and the thought of nationalisation of Australian banks is so far off that we can probably list plans for New Years Eve 2999 ahead of nationalistion of Australian banks.
Now i have focused on Westpac because it is the best example i feel of an Australian bank that will shoot the lights out when the market wakes up to itself and sees that there are actually banks in the world that are still making a profit…although i can understand how that may be a foreign concept to many in the US and Europe these days.
