WBC has announced 1H17 cash earnings of $4b which is slightly below market consensus. The 2H16 dividend remains steady at $0.94
Revenue was weaker than expected yet in line with recent trends in the other banking names.
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NIM fell to 2.07% with 4bpts decline due to higher deposit costs.
FY18 forecast net profit $8.2b, EPS $2.40, DPS $1.88 placing the stock on a forward yield of 5.6%
