A solid 1H23 result out this morning from Westpac with net income of $4.00 billion, +22% y/y versus estimate $3.93 billion (Bloomberg Consensus) while the interim dividend of $0.70 was inline with expectations. The core net interest margin was 1.9% while the exit margin was 1.88% and they confirmed margins peaked in October 22. Costs were down 1% in the half, which is a good result. Credit quality remains sound, they have lots of capital on their balance sheet – almost too much, and while they are talking to softening conditions, they are in good shape to handle them.
MM prefer ANZ over WBC
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