Morning Report Monday May 4th 2015
Last week the banks dominated the local stock market as they corrected aggressively wiping $20bn from the value of the “Big Four” banks. As discussed in the weekend report the falls were touted to be caused by a number of different macro-economic views. This week 3 of the major banks will come back to basics and report their earnings starting with Westpac (WBC) as I type:
Westpac have reported a 1H cash Profit of 3,778m and are paying a 93c fully franked dividend (ex-date 13th May).
No major surprises but a “little light” on most fronts e.g. the market was expecting a 94c dividend. The best performance was from retail banking, a net positive for CBA, Bank of Queensland and Bendigo Banks. Overall I expect that Westpac will underperform other banks today.
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