Pretty solid result, slightly ahead of consensus, ex notables....

Pretty solid result, slightly ahead of consensus, ex notables.
(Notable items are stated as "related solely to hedge accounting which will reverse over time..." so not a concern to the market)
NIM's slightly down but expected, credit quality remains strong and the bank remains a strong cash generator.
Expenses were up 2% (ex notables) and only partially offset by FTE reductions etc. This is in part blamed on inflation but little doubt cost containment will have to remain a focus.
Will be something to watch as the other banks report.
In a jittery global market capital hungry Banks wholesale funding is always a main issue so noted the comment that $17b has already been raised of a planned total year funding of $35b - $40b.
Of course biggest question for all the banks has, for a long time been, where to from here.
The Banks are mature businesses with limited growth opportunities and since the RC they have all gone back to their core business offloading the troublesome Insurance and Advice arms.
Growth at the moment is limited to organic in line with expanding Aus economy, housing requirements or cannibalise each other in selected segments which only works for a limited time and you also pay the price in NIMs.
Will be interesting to see which Bank decides to strike out and look for growth outside core banking or heaven forbid once again overseas. Inevitably memories fade, new bosses have ambition and the market likes growth stories so only a matter of time!
This result reinforces that the WBC/NAB SP gap is a bit too wide so WBC may strengthen a bit (or maybe NAB will come back more so)
In the last few years I have only had a couple of parcels in WBC bought around Covid when banks were a no brainer and already collected the gains on one parcel, may let the other ride a bit longer.
Despite the constant screeching and deflection about past highs, Austrac etc etc, the game for me is to make money. I don't bother trading anymore, just try and find beaten down stocks and then sell (or retain) over time. The banks since Covid have been an easy win with very little risk and sound dividends while you wait for the market to pick up. (And yes of course other companies as well)
WBC has lagged the others with poor market sentiment, but the results are now pretty consistent.
You don't have to love something to make money off them, but you do need to understand the business and not get hung up about every bit of rubbish that appears in a headline or the "guilt by association" mantra of some.
Be nice if old Bank threads which suit certain poster's narratives aren't continually bumped over more recent news but I don't hold out much hope
None of the above should be taken as advice, all just my opinion.