Welcome back to Report[ing season] Wrap, where I take you on a speedrun through the big names issuing reports today.
Westpac (ASX:WBC)
All in all not terrible, but, those net interest margins (NIMs) leave a lot to be desired at Westpac.
Mortgage defaults appear under control, at least, but that kind of thing is really more an issue for the Bank of Queensland, whose portfolio is the most exposed.
The company has actually issued a 1Q FY24 update today, in which it notes that performance might be duller than the six months to December 2023.
- Unaudited profit: $1.5 billion (down six per cent vs 2H FY23 average)
- Core NIM: 1.80 per cent (down four basis points (bps) vs pcp)
- CET1 ratio: 12.3 per cent (down nine bps vs September 2023)
- Customer deposits: $7.9 billion
Bendigo and Adelaide Bank (ASX:BEN)
While Westpac was stable but boring, Bendigo could see some more volatility today.
Or maybe not: while its earnings go down, its dividend goes up.
- Cash earnings after tax: $268.2 million (vs $282 million pcp; drop of five per cent)
- Net Interest Margin: 1.83 per cent(down 15 bps vs pcp)
- Dividend: 30 cents (up 3.4 per cent vs pcp)
- Cash return on equity: 7.82 per cent (down 63 bps vs pcp)
Ampol (ASX:ALD)
Ampol, the company that ate up all your local Caltexes, has reported today.
The company today reports a full year report for the year ended 31 December 2023.
- Statutory NPAT: $549.1 million vs $727.5 million pcp (down 25 per cent)
- Total sales volume: 28.4 billion litres (up 17 per cent vs pcp)
- Final ordinary dividend: $1.20/sh
- Tax obligations: $226.9 million vs $308 million pcp
BlueScope Steel (ASX:BSL)
BlueScope, the company that might have made your shed has also issued a medical checkup on itself. You know. Financially speaking.
The company shipped a lot of steel, but, performance was fairly poor versus 1HFY23.
- NPAT: $439.3 million vs $598 million pcp
- Net cashflow: $720.9 million vs $1.105 billion pcp
- Dividend of 25 cents; unchanged
- Net cash (debt): $613.7 million vs $606 million pcp
LendLease (ASX:LLC)
Finally today, we’ve got LendLease. Things aren’t particularly great.
- “Core operating profit”: $61 million (down 42 per cent pcp)
- Statutory Loss after tax: $136 million
- Investment property values down by $125 million vs pcp
- The company gained $56 million due to redundancies
- Funds under management: $48 billion