Westpac's Margin Supported by Moderating Mortgage Competition -- Market Talk

Dow Jones05-07

0106 GMT - Westpac's 1H FY 2024 net interest margin of 1.94%, excluding notables, was ahead of Jarden's and consensus estimates, with a key driver being moderating mortgage competition, say Jarden analysts Carlos Cacho and Jeff Cai in a note. Meanwhile, the stabilization of core NIM at 1.80% was a highlight, with guidance suggesting it should remain flattish ahead, says Jarden. "That said, the better-than-expected results were arguably overshadowed by unanswered questions on the outlook, namely the outlook for costs in FY 2025," says Jarden, which keeps an overweight call on Westpac's stock. (alice.uribe@wsj.com)

(END) Dow Jones Newswires

May 06, 2024 21:06 ET (01:06 GMT)

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