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ASX Top 200 Stocks Down Under 28 February 2022: Westpac (ASX:WBC)
Westpac: There’s still a long way to go
In today’s edition of ASX Top 200 Stocks Down Under, we continue casting the spotlight on the Big Banks and today it’s Westpac’s turn (ASX: WBC). Westpac has been the worst performing bank in recent times thanks to reputational damage from breaches of AML/CTF regulations and COVID-19 impacts – particularly low interest rates which are hindering its Net Interest Margin. Management has committed to cutting costs to $8bn a year but still have some way to go and its loan book is growing far slower than CBA and NAB. We’ve given the bank two stars but we’ll be watching its progress closely and may give a higher rating next time if more solid progress has been made.
Click here to read the previous edition of ASX Top 200 Stocks Down Under published 21 February 2022