3Q update out this morning to wrap up the reporting period for the local banks. Numbers look solid:
- NPAT of $2.6b, 1% ahead of the 1H average and +10% on 3Q22
- Total NPAT for the first 9 months is $7.75b, on track to meet consensus of $10.35b
- Net interest income fell 2%, the bank reiterating commentary from peers regarding strong competitive pressures. This was offset by improved non-interest income
- Expenses were flat
- Slight increase in provisions to maintain capital strength, though impairments fell to $223m vs $511m in the 1H
- Capital remains strong with CET1 at 12.1%