Westpac Banking Corporation (ASX: WBC)

Westpac Banking Corporation is an Australian bank offering various services including consumer, business, and institutional banking, as well as wealth management. The company is divided into three main segments. The Consumer Banking and Wealth segment caters to individuals, delivering a variety of financial services.

The Institutional and Business Banking segment serves commercial, corporate, agricultural, property finance, governmental, and institutional clients, providing them with a wide array of financial services. The third segment, Financial Markets, deals with foreign exchange, interest rate derivatives, credit products, as well as commodities like carbon and energy.

In addition to these segments, Westpac extends international trade solutions and payment services to its consumers, businesses, and institutional clients. It also offers telephone banking services. Westpac has been operational since 2002 and currently employs around 33,400 individuals.

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When it comes to financials, Westpac has recorded a revenue of 50.46 billion AUD and a net income of 6.53 billion AUD. Recently, the bank announced the acquisition of Healthpoint Ltd on November 2, 2023. Over the past year, Westpac has seen significant growth, with an increase in revenue by 82.68% from 25.97 billion AUD to 47.43 billion AUD, and an enhancement in net income by 26.36% from 5.69 billion AUD to 7.20 billion AUD.