Ann: Westpac 1Q24 Update, page-11

From article 'Westpac boss says RBA will be easing ‘within’ a year' posted on the AFR site three hours ago:

"E&P Capital analyst Azib Khan said: “[There is] nothing too concerning on asset quality at this stage, and the capital position remains strong.”

Westpac is his preferred major bank pick."

Also, in the ABC article:

"E&P Capital analyst Azib Khan said the update was slightly better than he was expecting.

WBC is our preferred major bank and we expect the extent of relative disappointment reflected in WBC's share price to continue to dissipate on the back of this update," he wrote in a quick reaction to Westpac's two-pager.

"Revenue is better than expectations with Core NIM better than we expected and a stronger-than-expected contribution from Treasury & Markets (T&M). Costs have been a problem for WBC in recent times, so it is pleasing to see costs for the qtr come in 2% better than E&Pe/VA.

"Despite this, Mr Khan has a neutral rating on Westpac and a price target of $20 — Westpac shares closed on Friday at $24.57."


Me thinks Azib is getting a bit confused.