Most of that went over my head (I'm not a finance guru or anything) but sure, I'll take a rise in NIM's next year.
To be honest, I'm in WBC not because I've done any hard and deep analysis, but because the directors, one in particular John MacFarlane, has been buying up on market recently. I've followed in the footsteps of banking chiefs who bought shares on market in their banks in the past, and it's worked out well (most recently with a US bank, Wells Fargo, whose CEO bought shares on market last year @ $28 - stock now $50+).
MacFarlane, who is a former ANZ bank CEO, has to know what he's doing when it comes to determining fair value of a bank. He's bought Westpac shares on market 11 times in the past year and half. If he thinks the market is undervaluing the bank, I'm going to back him over the general market consensus.
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