The BetMakers Technology Group Ltd (ASX: BET) share price is taking off on the back of the company’s latest quarterly report.

After opening 2% higher at 49.5 cents, the stock leapt to trade at an intraday high of 53 cents, a 9.3% gain.

At the time of writing, the BetMakers share price has retreated to 49.5 cents, 2.06% higher than its previous close.

BetMakers share price lifts as cash receipts nearly triple

Here are the highlights of the wagering technology provider’s performance in the June quarter:

• $26.2 million of cash reciepts – a 194% improvement on those of the prior corresponding period (PCP)
• Operating cash flow positive with inflows of $416,000
• That included around $2.5 million of accelerated or nonrecurring costs
• The company had $87.6 million of cash in the bank at the end of June

The company also posted $91.6 million of unaudited revenue for financial year 2022 – a 370% improvement on that of financial year 2021.

What else happened in the June quarter?

The quarter just been was an incredibly busy one for the company. Sadly, it also saw the BetMakers share price fall 46%.

The major news during that time was of a new 10-year agreement with a new wagering venture that could see the company raking in more than $300 million of revenue.

BetMakers also signed an agreement that will see it become the new tote provider in Norway and a deal that allows it to offer PENN National Gaming context outside of the US and Canada.

What’s next?

The company didn’t provide any new earnings guidance in today’s release. However, it did provide an optimistic outlook on the upcoming performance of its three major brands.

BetMaker’s global betting service is expected to provide strong revenue growth in financial year 2023 while its global racing network’s revenue is expected to more than double.

Finally, the company’s global tote division is tipped to consolidate its gains this financial year and set the platform for financial year 2024 and beyond.

BetMakers share price snapshot

This year so far has been rough on the BetMakers share price.

It has slumped 39% since the start of 2022 and 47% since this time last year.

For comparison, the All Ordinaries Index (ASX: XAO) has fallen 12% so far this year and 9% over the last 12 months.

The post BetMakers share price lifts as full year revenue surges 370% appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Betmakers Technology Group Ltd. The Motley Fool Australia has recommended Betmakers Technology Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The IGO Ltd (ASX: IGO) share price is edging higher in early trade, up 0.6%.

IGO shares closed yesterday trading for $9.96 and are currently trading for $10.02.

This comes following this morning’s release of the S&P/ASX 200 Index (ASX: XJO) miner’s quarterly results for the three months ending 30 June (4Q FY22).

IGO share price lifts on revenue boost

• Sales revenue of $278 million, up 13% from the prior quarter
• Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 11% quarter-on-quarter to $258 million
• Profit after tax of $107 million, down 19% from Q3
• Acquired Western Areas Limited for cash consideration of $1.26 billion

What else happened during the quarter?

IGO’s net debt position as at 30 June was $533 million, compared to a net cash position of $440 million at the end of Q3.

That debt was fuelled by the ASX 200 miner’s $1.26 billion acquisition of nickel miner Western Areas. The company ended the quarter with $367 million of cash on its balance sheet and $900 million in new debt facilities. The acquisition was completed on 20 June.

IGO reported that its full FY22 nickel production came in at 26,675 tonnes, within guidance. Copper production of 11,483 tonnes came in at the lower end of guidance, while cash costs were better than guidance at $1.95 per payable pound.

On the lithium front, the company produced its first battery grade lithium hydroxide (LiOH) at Kwinana. IGO said this milestone opened the door for qualification processes to commence with respective offtake customers.

What did management say?

Commenting on the results, IGO’s CEO, Peter Bradford said;

Nova and Greenbushes delivered production and cash costs within or better than guidance, first battery grade lithium hydroxide was produced at Kwinana, we received a first dividend distribution from the lithium joint venture and we progressed many organic growth opportunities across the business.

In parallel, we have completed the transaction to acquire Western Areas and have made substantial progress with the integration of Western Areas into IGO. The momentum for clean energy continues to grow and IGO is well placed to play an important role during this exciting period in human history.

What’s next?

In the 2023 financial year ahead, IGO expects to spend $75 million on exploration activities.

The miner said it is committed to continuing growth via the acquisition of high-quality assets along with organic growth in both brownfields and greenfields exploration.

IGO share price snapshot

Though it has struggled in 2022, the IGO share price remains up 10% over the past 12 months. That compares to a full year loss of 8% posted by the ASX 200.

The post IGO share price lifts on 13% fourth quarter revenue boost appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Telstra Corp Ltd (ASX: TLS) share price is edging lower today.

This comes after the company expanded its partnership with US tech giant Microsoft Corporation (NASDAQ: MSFT).

At the time of writing, the telco provider’s shares are down 0.51% to $3.92 each in early trading on Wednesday.

Let’s take a look below at the deal.

What was announced?

In a media release, Microsoft advised it has signed a five-year strategic agreement with Telstra to drive Australia’s digital growth.

Under the partnership, Microsoft’s cloud technology will be integrated into Telstra’s new intercity fibre network. The aim is to have 90% of its applications on public cloud infrastructure by 2025, which includes Microsoft Azure as a preferred cloud partner.

Furthermore, Microsoft will explore boosting its capacity on Telstra’s Asia-Pacific subsea cable network. This will help Microsoft achieve end-to-end connectivity across key telecommunications routes in Australia and across the Asia-Pacific region.

Connectivity in today’s world has become vital, particularly since COVID-19.

Businesses are more decentralised with remote working while user demand for online education, entertainment, and online gaming has accelerated.

Combining Telstra’s network with Microsoft’s cloud capabilities will provide the best possible experiences for customers, the companies say. Overall, more bandwidth and reduced latency will ensure a smoother flow of connectivity on the cloud.

In return, using Microsoft technology like Azure, Microsoft 365, and Microsoft Teams, Telstra will promote hybrid working and cloud migration.

These industry-based solutions will be initially focused on the manufacturing, retail, agriculture, utilities, and finance sectors. Telstra’s managed services and technology consulting business Telstra Purple will be dedicated to delivering this service to customers.

Management commentary

Telstra CEO Andrew Penn noted the deal with Microsoft is aligned to the company’s T25 growth strategy. He said:

As the go-to partner for Microsoft in Australia, this expanded agreement will turbocharge how we deliver compelling, all-digital experiences.

The pervasiveness of technology in businesses today and its ability to transform their operations, improve productivity, reduce their environmental impact and meet evolving customer needs means there’s no one-size-fits all solution.

…Our strategic partnership with Microsoft is on a scale not seen before in Australia, and it will be Australian businesses who will benefit at a time when the urgency to digitise and transform their operations has never been greater.

Telstra share price summary

Since the beginning of the year, the Telstra share price has shed 5.5%.

Its shares touched a multi-year high of $4.31 on 18 January before dropping in the following months.

Telstra commands a market capitalisation of around $45.64 billion, making it the 11th largest company on the ASX.

The post Own Telstra shares? Here’s the latest on the telco’s new Microsoft deal appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has positions in Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Microsoft. The Motley Fool Australia has positions in and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Transurban Group (ASX: TCL) share price has moved slightly ahead in the year to date, but one fund manager is predicting better days ahead.

The company’s shares have leapt 2% this year so far. In comparison, the S&P/ASX 200 Index (ASX: XJO) has lost nearly 9% year to date.

So what is the outlook for the Transurban share price?

Why could Transurban do well?

Transurban is a global toll-road developer, operating roads in Melbourne, Sydney, Brisbane, United States and Canada.

Atlas Funds Management chief investment officer Hugh Dive has named Transurban as one of three companies that could do quite well in a high interest rate environment.

Dive highlighted “high interest rates don’t impact all companies” in a recent interview with livewire.

Commenting on Transurban specifically, he noted the company will make more profit as inflation rises. He said:

With the utilities, you wouldn’t think that they would normally do well in a rising rate environment and their biggest cost is interest.

But given that the debt is termed out on an average of about eight years, it’s not really moving. And every year with inflation, the tolls go up. For the next four years, Transurban has said that every 1% increase in inflation equals another US$50 million in profit.

Transurban operates more than 330 kilometres of road infrastructure with 21 assets in five markets. The company is expecting traffic to increase as the economy recovers post-COVID-19. Returning domestic and international travel is also driving up traffic volumes on roads that lead to airports.

ClearBridge Investments has also recently named Transurban as an “attractive” infrastructure ASX share it holds with a “high-quality” management team. The fund manager said:

Transurban is an attractive company due to its increasing free cash flow profile driven by traffic growth, toll increases linked to CPI and strong cost control resulting in their ability to increase dividends.

Transurban share price snapshot

The Transurban share price has fallen 0.22% in the past year, and 0.84% in the past month.

In comparison, the ASX 200 benchmark index has shed 8% in a year.

Transurban has a market capitalisation of about $43 billion based on the current share price.

The post When inflation = profit: Why this fundie is tipping the Transurban share price to outperform appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Commonwealth Bank of Australia (ASX: CBA) shares are one of the biggest dividend payers in Australia. But how big is the dividend going to be this reporting season in August 2022? There’s one particularly optimistic estimate.

CBA is the biggest ‘big four’ ASX bank share. The others in that group are National Australia Bank Ltd (ASX: NAB), Australia and New Zealand Banking Group Ltd (ASX: ANZ), and Westpac Banking Corp (ASX: WBC).

According to a dividend-focused article on Livewire Markets, Hugh Dive from Atlas Funds Management has picked out CBA (and a couple of other banks) as leading ASX dividend share ideas heading into reporting season.

Dive is “positive” on the banks and thinks that they will “surprise” markets in a good way.

According to the dividend estimate reported, CBA could pay an annual dividend per share of $4 for FY22. To come to this total, CBA would have to pay a final dividend of $2.25 per share.

Dividend increase expected

If CBA were to pay an FY22 second-half dividend of $2.25 per share, that would represent an increase of 12.5% compared to the FY21 second-half dividend of $2.

A total dividend of $4 per share would mean that the FY22 dividend would be increased by 14.2% compared to $3.50 per share in FY21.

If CBA did pay an annual dividend of $4 per share, it could be a surprise for investors because many other brokers are expecting a smaller, but still sizeable, dividend from the big bank.

The dividend of $4 per share would translate into a grossed-up dividend yield of 5.9%.

However, brokers like Macquarie and Morgan Stanley are expecting CBA to pay a grossed-up dividend yield of 5.6% and 5.5% respectively for FY22.

Why are brokers less positive?

Brokers like Morgan Stanley think that the Reserve Bank of Australia (RBA) will keep increasing interest rates and this could help the net interest margins (NIMs) of banks in the shorter term. But, as reported in a Livewire article, higher interest rates could hurt the housing and loan markets, which increases the risk of recession.

The problem is that while higher interest rates can help margins, banks could also suffer from higher bad debts and slower growth.

Morgan Stanley currently has an ‘underweight’ rating on CBA. That is similar to a ‘sell’ rating. The price target of $79 implies a possible drop of around 20% for the CBA share price.

However, Morgan Stanley does think the dividend can remain strong and grow in FY23 to a grossed-up dividend yield of approximately 6.1%.

The post Can investors bank on a dividend surprise from CBA shares this earnings season? appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited and Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Today’s crypto sell-off has stymied much of the positive sentiment we’ve seen materialize in this sector in recent weeks. As of 12:30 p.m. ET, top cryptocurrencies Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) sunk 5.1%, 9.7%, and 6.8%, respectively, over the past 24 hours. 

This sharp sentiment shift appears to be related to the dissipation of hype around Ethereum’s upcoming merge, which drove a significant portion of this sector’s gains in recent weeks. 

This move in the crypto market has been mirrored by equity markets, which are also down substantially today as investors await the Federal Reserve decision on interest rate policy moving forward. This week, the Federal Open Market Committee is expected to announce a rate hike of 75 basis points (0.75%), in a move that will bring the overnight federal funds rate above 2% for the first time since the pre-pandemic era.

So what

Ethereum has been among the more volatile large-cap tokens in the market in recent weeks. Accordingly, its outsize decline today ought to be put into context. 

After all, this is a token that’s run up significantly of late, on anticipation of the network’s upcoming merge. Thus, on down days like today, seeing higher selling interest materialize as investors take profits and realize short-term gains makes sense. 

Broader macro concerns appear to warrant a cautious approach by growth investors, as risk assets get revalued. Some analysts have pointed to the potential for a more sustained bear market in stocks as a pretense for investors steering clear of higher-risk asset classes such as cryptocurrencies. Whether such a prolonged bear market is in store or not is still a topic of discussion among investors, leading to outsize volatility as price discovery unfolds. 

Now what

The overall crypto market continues to hover just a hair above the psychologically important $1 trillion market cap level. Accordingly, there is some concern brewing among crypto investors that traders could be enticed to hit the sell button if we fall back into 12-digit territory. In the weeks to come, more volatility could become the norm, as investors push and pull at this seemingly critical level.

Additionally, it will be interesting to see how the crypto market reacts to the upcoming Fed decision this week. Whether this rate hike is met with relief, or pessimism, is something many will be interested to see. 

Until this decision, I expect more choppiness on the horizon. For long-term investors in these top cryptocurrencies, the next few days and weeks appear to be shaping up to be exciting (for lack of a better word). 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why top cryptocurrencies Bitcoin, Ethereum, and Dogecoin are slumping today appeared first on The Motley Fool Australia.

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Chris MacDonald has positions in Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin and Ethereum. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. 

 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

On July 21, Amazon (NASDAQ: AMZN) announced that it would buy One Medical in a deal valued at $3.9 billion. Its purchase of a tech-powered healthcare company is a step in a direction that many investors have been calling for Amazon to take.

Healthcare services promise to be more profitable than Amazon’s e-commerce segment, which has been weighing on the company’s profit margins. In contrast, its web services segment has carried the load. Let’s look at how this move combines with a few more recent changes to tell a story of an Amazon that’s emphasizing profitability.

Investing in a tech-infused healthcare services business

E-commerce sales have always been a thin-margin business for Amazon. That could explain why its operating profit margin has stayed below 10% for the past 10 years. To make matters worse, it’s becoming even more expensive to sustain that segment. As inflation has taken hold, Amazon’s labor, fuel, and fulfillment input costs have increased substantially in the last year.

AMZN Operating Margin (Quarterly) data by YCharts.

In its most recent quarter, which ended on March 31, Amazon’s shipping costs increased by 14% while its number of units shipped remained unchanged. In other words, shipping each item costs Amazon roughly 14% more. Given the relatively negative outlook for e-commerce sales, investors can be pleased with Amazon’s latest decision to purchase the healthcare services company.

According to Neil Lindsay, senior vice president of Amazon Health Services, in a press release:

We think health care is high on the list of experiences that need reinvention. Booking an appointment, waiting weeks or even months to be seen, taking time off work, driving to a clinic, finding a parking spot, waiting in the waiting room then the exam room for what is too often a rushed few minutes with a doctor, then making another trip to a pharmacy — we see lots of opportunity to both improve the quality of the experience and give people back valuable time in their days.

Moreover, service businesses tend to be higher-margin and less capital-intensive. Costs also tend to be variable rather than fixed, protecting any decreases in revenue. That could be more of what investors like to see from Amazon as its fulfillment centers require large capital investments up front and are expensive to maintain even if sales fall. That may explain why operating income fell to $3.7 billion in the most recent quarter from $8.9 billion in the same quarter the prior year.

Shareholders show their approval

This purchase follows a story by The Wall Street Journal that said Amazon was reducing the number of private-label items it sells on its website. Those products tended to be lower-margin, lower-priced items that were becoming more expensive to fulfill. The business was also causing Amazon regulatory scrutiny, because it was said to be competing against third-party sellers that list similar products on the site.

Investors are cheering these recent moves; Amazon’s stock has been up 12.7% in the past month. Nevertheless, many hope this is just the beginning with similar decisions ahead.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post The genius move Amazon shareholders have been hoping for appeared first on The Motley Fool Australia.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Parkev Tatevosian has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Amazon. The Motley Fool Australia has recommended Amazon. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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One of the leading brokers, Goldman Sachs, has warned about what may happen next with the iron ore price.

According to Australian Financial Review and Bloomberg reporting, the broker thinks that problems in the Chinese property sector may mean bad news for the iron ore price.

Some of the biggest iron ore miners in the world are listed on the ASX, including BHP Group Ltd (ASX: BHP), Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG).

The iron ore price has been falling for a while already. Since early June 2022, the iron ore price has fallen by around US$40 per tonne.

Why could the iron ore price keep going lower?

According to the reporting, the broker thinks there will be a “significant surplus” of iron ore in the second half of the year, which could mean that the iron ore price gets pushed significantly lower.

How much of a surplus could the market see? Goldman thinks there will be an excess of 67 million tonnes for the rest of 2022, compared to a deficit of 56 million tonnes in the first half.

Goldman Sachs puts this down to both weakness in the Chinese real estate sector and a rapid decline in steel demand outside China. The real estate issue was partly caused by the government’s work on “excessive debt” in the sector, according to the broker.

Chinese mortgage holders are now reportedly withholding payments on unfinished housing.

Over the next three and six months, Goldman Sachs was previously expecting the iron ore price would reach US$90 per tonne and US$110 per tonne. However, the broker now expects this to be US$70 per tonne and US$85 per tonne. It’s currently around US$105 per tonne.

Goldman wrote that the Chinese real estate sector is responsible for around a third of China’s steel and iron ore demand. This represents around a quarter of global seaborne demand.

While this could hurt, the broker doesn’t think the iron ore price will be as bad as several years ago in 2014 and 2015, according to the reporting.

Iron ore mining share snapshot

Since 15 July 2022, the Fortescue Metals Group share price has gone up 14.5%.

Over that same time, the Rio Tinto share price has risen 6.1%.

The BHP share price has also gone up by around 6% since 15 July 2022.

Each of these businesses is due to hand in their results in reporting season over the next few weeks.

The post Top broker issues new warning on outlook for iron ore price appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has positions in Fortescue Metals Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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With coal prices at record levels this year, a number of miners of the black gold are printing money. And lots of it! In light of this, the market is expecting some big dividends from coal miners.

One of those is ASX 200 coal miner Coronado Global Resources Inc (ASX: CRN).

What is expected from the Coronado Global dividend?

While miners are known for providing big dividend yields when times are good, the Coronado Global dividend could be one of the largest you’ll ever see.

That’s the view of the team at Goldman Sachs, which are expecting mouth-watering yields from the coal miner’s shares in FY 2022 and FY 2023.

According to the note, the broker has a buy rating and $2.15 price target on the company’s shares.

Based on the current Coronado Global share price of $1.43, this implies potential upside of 50% for investors over the next 12 months. And that’s before dividends.

A 50% yield?

Goldman has pencilled in dividends per share of 53 US cents in FY 2022 and then 30 US cents in FY 2023. This currently equates to 76.5 Australian cents and 43.3 Australian cents, respectively.

So, with the Coronado Global share price trading at $1.43, Goldman is forecasting staggering dividend yields of 53.4% in FY 2022 and 30.3% in FY 2023.

The broker expects this to be underpinned by very strong free cash flow generation thanks to sky high coal prices. It forecasts a “2022/23E FCF yield of c.60%/30% (c.50%/35% at spot) driven by our supportive view on met coal and also pricing lags, but also an expected operational turnaround over the medium term.”

All in all, thanks to this and its “compelling valuation”, Goldman Sachs believes Coronado Global shares could be a top option for investors that are looking for dividends and aren’t averse to investing in the resources sector.

The post The ASX 200 share tipped to provide a stunning 50% dividend yield appeared first on The Motley Fool Australia.

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• Leading brokers name 3 ASX shares to buy today
• ASX 200 midday update: Brickworks higher, IAG drops on prelim results, Zip rockets
• Coronado share price tumbles 8% despite record quarterly revenue
• Here are the top 10 ASX shares today
• Here are the top 10 ASX shares today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Westpac Banking Corp (ASX: WBC) share price will be one to watch on Wednesday.

This follows the release of the banking giant’s market update this morning.

What did Westpac announce?

This morning Australia’s oldest bank released an update on a number of matters. This includes the status of the bank’s Customer Outcomes & Risk Excellence (CORE) program, new climate commitments and sector financed emissions targets, its digital capabilities and plans.

In respect to its CORE program, the bank revealed pleasing progress on a number of items. These are being designed to ensure that Westpac is a well-run business where risk is actively managed.

Improvements include a sharp reduction in high-rated issues, significantly better data quality management, and a modest reduction in key controls requiring improvement.

Climate focus

As for its climate commitments, Westpac is aiming to become a net zero bank. It plans to transition its electricity to 100% renewables by 2025, reduce supply chain emissions, and support employee emission reductions.

The work is already underway, with Westpac reducing its scope 1 and 2 emissions by 58% since 2016.

But it won’t stop there. The bank is also supporting customers in their transition to net zero and is aiming to become the transition partner of choice.

It also revealed that there will be zero lending to companies with >5% of their revenue coming directly from thermal coal mining by 2030.

Digital improvements

Westpac has some bold digital plans underway. This includes making digital options for customers and bankers to do business online, expanding access, and reducing cybercrime.

The bank all talked up its Westpac One Bank Platform and its digital mortgage offering. This aims to provide an unconditional mortgage approval in as little as 10 minutes.

The post Westpac share price on watch following market update appeared first on The Motley Fool Australia.

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More reading

• Here are 2 ASX 200 dividend shares to buy according to experts
• Brokers rate these ASX dividend shares as buys
• Own Westpac shares? Why the major bank could soon make a crypto splash
• Why did the ANZ share price smash the other ASX 200 banks today?
• RBA in the spotlight; and Westpac hikes fixed rates. Scott Phillips on Nine’s Late News

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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