Ann: Dividend/Distribution - WBC, page-40

Well, there you have it, the banking sector interim reporting (exc CBA) for the majors over and done with. Just as well, what a bunch of 1970's banks, headed by 1950's bankers, the usual underperformance, losing market share still, no answer to the more modern forms of lending eg the inroads by the ever-innovative mortgage brokers and such. NIM"s ongoing narrowing margins, but a poor attempt to smother and distract by these irresponsible buybacks, and the customary marketing blah blah, and for that ANZ, the dud of duds now, a major blow for those holders relying on franking credits, now franked only to 65%. No wonder the brokers and research analysts are warning as to the overvalued sp's of the banking sector, no margin for a trip up or any form of external shock.