Westpac – 1Q19 In Review

Westpac WBC reported 1Q19 earnings on Monday and despite the benefit of mortgage re-pricing pushing net interest margins higher, earnings exhibited no growth compared to the same time last year.

1Q19 cash profit came in at $2bn.

All banks, (excluding ANZ & MQG), are under Algo Engine sell conditions and we see little reason in the short term for these negative trends to reverse.