2359 GMT - Westpac's first-quarter result shows Australia's third-largest bank is managing its underlying performance better than its peers, Citi analyst Brendan Sproules says. He points out that Westpac's December quarter revenue grew at twice the pace of its costs, something that he hasn't seen at other major Australian banks. He does wonder whether net interest margin looks low at 1.82, but tells clients in a note that the result was good across the board. Westpac remains Sproules's preferred Australian bank stock, albeit with a sell rating. Citi has a last-published A$26.25 target price on the stock, which is down 5.3% at A$32.88. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
February 16, 2025 18:59 ET (23:59 GMT)
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