My tentative view is that it was a "glass is half full" result.
The good (or somewhat good): DPS is up, CET has been maintained at a healthy level after the share buy back and there were no nasty surprises
The not so good: earnings and revenues are relatively flat, NIM contracted (but see below) and there is limited (nor no) forward guidance on the critical issues including revenue growth and further cost reductions
The speculative: interest rate rises have hit securities held on WBC's books (it's a mark-to-market at balance date) but the spread between cost of funds and lending rates will work its way through the system more gradually + no mention of further "one offs".
While I don't expect WBC to be the most exciting share in my portfolio, I'm satisfied that it will provide a steady and slowly increasing stream of dividends in the years ahead (unless there is a major housing meltdown). On that basis I added to my position today.
WBC Price at posting:
$23.15 Sentiment: Buy Disclosure: Held
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