0324 GMT - Westpac's long spell of soft mortgage growth looks set to continue for another three years, undermining any arguments that the stock could outperform its Australian bank peers, Morgan Stanley analysts say. They point out that Westpac's Australian mortgage portfolio has grown by less than the overall market, and at a lower rate than the average of its major peers, for five consecutive years. They anticipate three more years of below-market growth rates after Westpac's decision to stop accepting new business at its Rams subsidiary. The analysts calculate that the run-off from the Rams portfolio leaves Westpac needing to lift new lending by 11% amid robust competition. This contributes to their unchanged underweight rating on the stock. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 18, 2025 23:24 ET (03:24 GMT)
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