Brokerages note Westpac's balance sheet strength, but all eyes on UNITE execution risks
Brokerages note Westpac's WBC.AX strong capital position, and improved credit quality, but flag execution risks around co's UNITE technology project
Australia's third-largest lender by market capitalisation posted a FY net profit after tax of A$6.99 billion ($4.54 billion) on Monday, above a VA consensus estimate of A$6.83 billion; shares closed 2.8% higher
Morningstar cut FY26–FY28 earnings by 7% p.a., citing slower cost savings, but still sees cost/income ratio improving to 46% by FY30 as UNITE's technology benefits flow through and reduce headcount
Citi sees upside if management succeeds in balancing the execution of UNITE, planned productivity gains, and its pivot to business lending, but maintains a neutral rating, saying risk/reward is now balanced after shares' rally
Jefferies retains ‘hold’, citing execution risk and mixed recovery in consumer division
Shares up 23.2% YTD
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