Westpac (WBC) +4.58%: A frustrating day for MM given we’ve talked about switching from CBA to WBC and that trade today put on 6.48% alone I.e. WBC up 4.58% & CBA down – 1.9%) back to the drawing board! It seems pretty clear from WBC’s quarterly trading update that the tide has turned with a much more upbeat rhetoric about the economy thanks to the vaccine rollout. For Q1, cash NPAT was $1,971m which was a big beat while they had a $501m “impairment benefit”, i.e. they overprovisioned, a theme we’ve talked about at length. All in all, a really strong result from WBC and another sign that banks now have legitimate tailwinds, the first in many years.
MM is bullish Westpac (WBC)
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