Morning Expresso – Australasia

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Morning Expresso – Australasia

Australian Banks Fortnightly - Money in the Bank: Issue #26

UBS Australian Bank Fortnightly: Money in the Bank Financial

This is our 26th issue, marking one year of fortnightly reports. Check out our first issue here. For our

anniversary edition, we look at 1) the majors' main financial institution (MFI) share and net promoter

scores (NPS) for retail and business banking segments, and 2) Dive into the majors' latest economic

forecasts and compare this to each bank's provision scenarios and UBSe, pointing to whose earnings

could be most impacted in a credit cycle.

The banks present them, we compare them: Each reporting period, presentations offer plenty of

useful information providing windows into key operating performances outside of the well understood

and tracked financial metrics (RoTE, NIM, GLA growth, etc). This week, we focus on reported scoring

from third parties on MFI and NPS, which are typically key talking points that management teams bring

to the market.

MFI. Main Financial Institution share measures the proportion of customers who nominate the bank as

their primary banking relationship, typically a customer's main transaction and savings account.

Management teams will claim MFI is important as primary customers are stickier, hold more products,

and are cheaper to cross sell to. The reported rankings for retail MFI and NPS align with APRA's

household deposit net monthly flows, which saw on average, CBA with the highest inflows on average,

followed by WBC, NAB then ANZ (broadly aligned to Figure 1MajorsRetail&BusinesMFIShare). Business deposit data is more volatile.

NPS. Net Promoter Score measures customers' willingness to recommend their main financial

institution and is sourced from RFI Global.