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    Andrew Triggs

    Senior Equity Analyst at JPMorgan

    Andrew Triggs is a Senior Equity Analyst at JPMorgan specializing in the coverage of major Australian banks. He closely analyzes companies such as Commonwealth Bank, Westpac, ANZ, and National Australia Bank, providing investment insights that influence institutional decision-making. Triggs has earned recognition for his timely calls and market-driven recommendations, leveraging expertise gathered since joining JPMorgan after previous experience in the financial services industry. He maintains relevant professional credentials in equity research and regulations, supporting his role advising institutional investors.

    Andrew Triggs's questions to ANZGY leadership

    Andrew Triggs's questions to ANZGY leadership • Q4 2023

    Question

    Challenged the claim that portfolio diversity led to better NIM outcomes, noting the NIM decline was similar to peers. He also asked directly if ANZ expects to grow its home loan book above the system rate in the next half and questioned the use of cashback offers in a competitive environment.

    Answer

    Executives clarified that diversification provides better overall outcomes and revenue opportunities, not necessarily superior NIM in every period, by allowing them to flex capital to stronger performing divisions like Institutional. They stated they do not target market share for its own sake but aim for a balance of attracting high-quality customers and achieving fair returns. The cashback offer was described as a targeted marketing tool for specific segments like first home buyers, not a broad offering.

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    Andrew Triggs's questions to WESTPAC BANKING (WEBNF) leadership

    Andrew Triggs's questions to WESTPAC BANKING (WEBNF) leadership • Q1 2022

    Question

    Andrew Triggs of JPMorgan Chase & Co. asked for a breakdown of the $120 million reduction in ongoing costs, specifically how much was related to investment spend and the outlook for investment spend for the full year.

    Answer

    CFO Michael Rowland responded that the majority of the reduction was from ongoing BAU costs. He stated that the portion from investment spend was due to seasonality and should not be extrapolated, with the full-year investment profile expected to be similar to 2021.

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    Andrew Triggs's questions to WESTPAC BANKING (WEBNF) leadership • Q1 2021

    Question

    Andrew Triggs from JPMorgan Chase & Co. asked if institutional deposit costs have fallen more than retail, and also questioned the magnitude of the margin headwind from mortgage cashback offers.

    Answer

    CFO Michael Rowland explained that institutional deposit balances and costs are volatile but have come down cyclically. He described cashback offers as one feature of a competitive market, with the cost amortized over the loan's life. CEO Peter Francis King added that the rising proportion of fixed-rate loans is also a significant factor impacting mortgage margins.

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    Andrew Triggs's questions to WESTPAC BANKING (WEBNF) leadership • Q3 2020

    Question

    Andrew Triggs inquired about the expected duration of funding cost tailwinds from falling term deposit rates and growing at-call accounts. He also asked if there was a split between customers returning to interest-only versus full principal-and-interest repayments.

    Answer

    CEO Peter Francis King declined to forecast future deposit pricing, stating it depends on industry-wide decisions. Acting CIO Gary Thursby confirmed deposit growth continued despite lower rates. CEO King clarified that customers resuming payments are expected to make full repayments; those unable to do so are moved into hardship for individual restructuring.

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