Australian Banks Likely to Meet 1H FY 2024 Earnings Expectations -- Market Talk

Dow Jones04-16

0002 GMT - Australian banks look to be on track to deliver on their 1H FY 2024 earnings expectations, says UBS analyst John Storey in a note. Lenders are due to begin reporting their earnings this week, with Bank of Queensland the first to report. BOQ has been a relative stock underperformer in the sector, Storey says. UBS says 2H FY 2023 was difficult for banks with intense competition eroding margins, but 1Q FY 2024 updates were more positive. The investment bank reckons this makes it more likely they will meet 1H expectations, partly driven by non-net interest income.(alice.uribe@wsj.com)

(END) Dow Jones Newswires

April 15, 2024 20:02 ET (00:02 GMT)

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