In case you missed it, Aussie Most Read Publications 5 May to 11 May 2026

Research evidence excerpt

In case you missed it, Aussie Most Read Publications 5 May to 11 May 2026

s and losses on fixed income have recovered and remain

strong (slightly higher than JPMF). We have not made earnings forecast changes, so as to align our forecasts with our other

covered stocks for their reporting dates. We note, however, that if we were to mark investment earnings to market they would

likely be higher than existing forecasts, although partially offset in A$ terms by currency moves. QBE has kept the outlook for

FY26 unchanged. Our COR forecasts are also unchanged: (1) we are missing key details including attritional ratios, expense

ratios and reserve movements (where we expected adverse trends for the Baltimore bridge losses); and (2) in its AGM

commentary QBE says that 1Q trends “on balance are tracking to plan”.

Westpac Banking Corporation (Andrew Triggs) (WBC AU, UW, PT A$37.30)

1H26 call feedback: NIM drivers, margin/growth trade-off, Institutional loan growth and impairments

Below we have highlighted our key takeaways from WBC’s 1H26 conference call.

Margin drivers, and considerations: Core NIM was -4bps hoh in 1H26, including a +2bp tailwind from lower liquid assets

(which would not have added to revenue). This implies -6bps on a core ex liquids basis; on the same basis, we estimate that

ANZ’s NIM was +1bp and NAB’s NIM was +2bps in 1H26. The core NIM movement included a -2bps timing drag from RBA rate

changes (which was similar to peer levels). Excluding the timing impact, core NIM was down 2bps hoh or flat qoq in 2Q26.

Lending margin compression was characterised as persistent in mortgages and business (-2bps combined), but more

pronounced in Institutional (-1bp). Deposit margin dynamics were mixed as the replicating portfolio benefit was offset by bonus-