Investors loved the Westpac result but a much weaker second half and a very ambitious tech renovation program provide warning signs beyond a welcome share buyback.
Westpac Banking Corporation
ASX:WBC
Westpac's new chief economist Luci Ellis is thoughtful, outspoken and full of surprises.
Many blame a lack of government reform for Australia's flagging productivity. But Luci Ellis isn't convinced.
After much fanfare, the Consumer Data Right in banking is doing ... not much. Now the ACCC is making veiled warnings of greater regulatory enforcement.
Special situations groups are watching coal terminals, which may face a difficult refinancing environment
For the better part of three decades, the big banks have been mainstays of balanced portfolios. But their stress-free status is now being seriously challenged.
WICET now faces industrial action and a new majority owner of one of its shippers, while one of WICET's lenders sold out due to ESG concerns
In the past, big companies were core clients of Westpac and ANZ, a key point of difference. Now, as home lending peaks, they're telling investors the big end is back.
Queensland's WICET has begun talks for an early refinancing in a major test of market appetite for exposure to coal.
There aren't four pillars in Australia's banking industry. One bank dominates and leads them all.
