BEN -8.35%: The headline result from BEN looked solid on first pass with cash profit of $500.4m ahead of consensus at $485.4m and a dividend in line with expectations at 26.5c, however, the devil was in the detail. The Net Interest Margin (NIM) was weaker than it should have been at 1.74% and they are not getting leverage to higher rates as the other banks are. There are reasons for this however ultimately we’re likely to see FY23 downgrades as a consequence.
MM has BEN as our least preferred bank
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