No provision for money laundering or anti trust regulatory issues, but I did expect the dividend to be higher and the net profit of $3.5 billion was just marginally down on expectations.
I actually expected a fall in NIM not flat.
So the only problem as Jarden Securities’ Matt Wilson has picked up also is that Project UNITE looks like a mess and will need to be canned but that will be an enormous cost saving in the next result.
Wilson points out that conditions are benign for credit so no bad debts and some have criticised the lending to business. Well, what are Westpac expected to do?
Lend to money launderers like they did in the bad old days. if they had lent to businesses and households earlier, the WBC SP would be $40 or even $50 by now which if it had a better Board and management, it probably would be.
$40 and $50 should be least of expectations for the WBC SP in the next 6 months. WBC have their chosen ALP Government, what else could they want in the next few months with Sydney and Melbourne house prices getting stronger.
WBC and CBA are and always have been the Labor associated and Labor preferred banks. ANZ and NAB have always been LNP preferred.
WBC Price at posting:
$32.52 Sentiment: Sell Disclosure: Not Held
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