Stock Analysis

• The chief executive, Richard Fennell, said the bank's current capabilities in this area are "clearly not where they need to be." ACapitalcharge of $50 million has been in place since 1 January 2026.

• TheLoanmix shifted: commercial lending rose 16% to $15.24bn, while home lending fell 8% to $52,868m and customer deposits fell 6% to $62,904m.

• The finalDividendwas $2.70 per share, taking the FY26 total to $5.05 per share, fully franked, up 4% on FY25.

• Cost growth was 1 per cent and the cost-to-income ratio was 32.1 per cent, at the bottom of the target range.

• Investors should note thatMarginincome of US$749 million in FY2026 is a large figure relative to the group's earnings, so the rate path will matter for the guided growth, alongside fees and balances.

• FUM of $46.5 billion comprises $5.95 billion inInvestmentbonds and $40.5 billion in managed accounts.

• For the half-year to 30 June 2026, reported on 21 August 2026,Revenuewas US$397.2 million, down 1.4% on the previous corresponding period.