WBC -3.06%: A quarterly update from Westpac today showed some weakness for the quarter, although they look likely to hit current full year consensus. Unaudited cash earnings came in at $1.8bn, which implies WBC need a run-rate around the same to reach expectations. Core NIM was 1.86% down 4bps from 1H23 while expenses for second half 2023 were up 5%. Overall, not a bad update, and similar to the other banks, although margins were slightly worse and bad debt provision seems a bit light on.
MM remains neutral on WBC ~$21
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