WBC has been the worst-performing major bank this year, declining -6.7% year to date, noticeably underperforming its peers. The bank’s recent trading update was a touch soft with core NIM of 1.86%, down 4bps from 1H23, plus a credit impairment charge of $275m was a little worse than expected, not a bad result but not enough in our opinion to produce some performance reversion.
- We see no reason to switch from our current holdings to WBC.
MM is neutral toward WBC
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