Ann: Westpac's Full Year 2023 Notable Items, page-54

https://www.marketindex.com.au/news/goldman-sachs-whats-ahead-for-the-banks-and-which-2-are-rated-buy
Good overview of 4 big banks

KEY POINTS

• Australian banks, including the big four, have strong capital positions, but they face challenges such as declining net interest margins (NIMs), rising bad debt costs, and increasing expenses
• NIMs are expected to decrease by approximately 6 basis points in the second half of FY23, largely due to mortgage competition and higher funding costs
• Cost management is a significant concern for the banks, with Goldman Sachs forecasting a 5% average increase in costs for the next three years

How Goldman Sachs rates the banks

• ANZ Bank remains Goldman Sachs’ pick of the big banks, with a BUY rating and a price target of $27.38. ANZ shares were trading at $24.87 at the market close on Wednesday 1 November.

• National Australia Bank is also a BUY, with a price target of $28.32. NAB’s share price closed at $28.16 on Wednesday 1 November.

• Westpac is rated NEUTRAL, with a price target of $20.80. WBC shares closed at $20.74 on Wednesday.

• Commonwealth Bank is rated SELL, with a price target of $81.68, a 16% discount to its $96.87 closing price on Wednesday.