CBA +0.35%: Out with FY23 results tomorrow morning that will be important for CBA and the banking sector more broadly. Citi (Brendan Sproules) is a bear on margins and therefore earnings, expecting Cash NPAT 9,927m, Basic Cash EPS $5.88, DPS $4.30, with a sharp contraction in 4Q NIM down to 1.99% (vs consensus ~2.05%). UBS (John Storey) on the other hand thinks NIMs will be stronger than consensus tipping a 2-6bps beat putting them 4-4.5% ahead of consensus on cash EPS. We think UBS will be closer driven by reduced competition, implying CBA is a good chance of beating.
MM is currently neutral/slightly bullish CBA ~$102.20
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