Westpac’s 2H17 result was consistent with the trends we’ve seen within the other banks, mainly weaker-than-expected income offset by very low bad debt charges.
Overall WBC’s result came in 2% below consensus with revenue growth at 2.8% and NPAT for 2017 up slightly on 2016 of $8b.
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The outlook for WBC into 2018 is for flat EPS growth, meaning EPS of $2.40, DPS $1.90 delivering a yield of 5.9%.
