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    Brendan Sproules

    Research Analyst at Citi

    Brendan Sproules is the Australian Banks Research Head at Citi, where he has become a leading authority on Australia’s banking sector with in-depth coverage of major institutions such as Commonwealth Bank, Westpac, National Australia Bank, and ANZ. Known for his rigorous analysis and market insights, Sproules has established a reputation for strong performance and accuracy in his recommendations, consistently informing investor strategy and sector outlooks. His career spans extensive experience in the financial services industry, culminating in his senior role at Citi and, most recently, a transition to Goldman Sachs in 2025 as a senior bank analyst. Sproules holds advanced professional credentials and licenses that reflect his expertise in bank equity research.

    Brendan Sproules's questions to ANZGY leadership

    Brendan Sproules's questions to ANZGY leadership • Q4 2023

    Question

    Inquired about the demand for debt in the institutional and commercial businesses, noting the strong lending margins but slower growth. He also asked for a comparison of the mortgage pricing dynamics in New Zealand versus Australia.

    Answer

    Executives stated that institutional loan demand slowed in the second half as customers became more cautious, but they expect it to pick up later next year, driven by M&A and sustainable projects. In commercial, they see softness in some sectors but are positive overall, targeting growth in favorable industries like agriculture and manufacturing. Regarding New Zealand mortgages, they noted that competition has moderated more than in Australia, with front-book NIM actually improving in the second half as the market returns to normal.

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    Brendan Sproules's questions to WESTPAC BANKING (WEBNF) leadership

    Brendan Sproules's questions to WESTPAC BANKING (WEBNF) leadership • Q1 2022

    Question

    Brendan Sproules of Citigroup inquired about the expected evolution of margin pressure from fixed-rate mortgages over the next three quarters, considering recent repricing and moderating demand.

    Answer

    CEO Peter Francis King responded that the bank is already observing a moderation in the flow of new loans into fixed-rate products. He declined to forecast future rate movements but emphasized the recent trend of customers shifting back toward variable-rate loans.

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    Brendan Sproules's questions to WESTPAC BANKING (WEBNF) leadership • Q1 2021

    Question

    Brendan Sproules of Citigroup Inc. inquired if the recent improvement in mortgage application momentum would translate to net credit growth in Q2 and asked for an update on momentum in the Business Bank.

    Answer

    CEO Peter Francis King confirmed that mortgage application momentum has already led to positive portfolio growth for a few months, reversing the prior shrinkage. He noted this growth was primarily in the consumer division and that the next focus is on improving processes to drive growth in the small business segment.

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    Brendan Sproules's questions to WESTPAC BANKING (WEBNF) leadership • Q3 2020

    Question

    Brendan Sproules questioned why additional provisions for mortgage delinquencies and business downgrades did not alter the overall economic forecast, unlike the impact seen on risk-weighted assets. He also asked if the mortgage deferral overlay applied to the total package value or a subset.

    Answer

    CEO Peter Francis King clarified that provisioning (an accounting standard) and risk weights (an APRA rule) are separate processes that don't always align. The provision overlay for mortgages is a prudent estimate for potential outcomes where normal risk reporting is obscured. Acting CIO Gary Thursby confirmed the overlay was based on the aggregate $50 billion mortgage deferral portfolio at the end of June.

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