Westpac Banking Corporation (ASX:WBC) has scored the title of Australia's favourite business bank according to DBM Consultants' monthly nationwide survey of businesses, the Australian Associated Press has reported.
The Melbourne consultancy surveyed 7,576 customers, including small and large businesses, and concluded that November's interest rate changes may have influenced recent results and created downward pressure on the ratings.
AAP says that while Commonwealth Bank of Australia Ltd (ASX:CBA) came out as the most favoured bank by large businesses, Westpac was the top rated bank by micro, small and medium sized businesses.
Mircobusinesses, with annual turnovers under $1 million form around 89 per cent of Australian businesses and were shown to be the most sensitive to November's interest rate rise.
Westpac Banking posted a net profit of $6.4 billion in the year to 30 September 2010.
WBC Price at posting:
$22.94 Sentiment: None Disclosure: Held
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