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    Ed Henning

    Research Analyst at CLSA

    Ed Henning is an Equity Analyst at CLSA Australia Pty Ltd, specializing in banking and diversified financials with in-depth coverage of leading Australian listed companies. He has delivered a strong track record, with performance metrics indicating that 87.5% of his recommended trades over a one-year holding period generated profits, averaging robust positive returns. Henning began his analyst career prior to 2007 at JPMorgan Securities Australia Ltd. before joining CLSA, where his research and investment calls are highly regarded in the Australian financial markets. He holds credentials in equity research with extensive sector expertise, although specific regulatory licenses are not publicly detailed.

    Ed Henning's questions to ANZGY leadership

    Ed Henning's questions to ANZGY leadership • Q4 2023

    Question

    Asked about the trend in deposit mix shift (transaction accounts to term deposits) and its future impact on margins. Also inquired about the duration of back-book mortgage repricing pressure on lending margins. A second question focused on the components of future expense growth, specifically strategic investment and restructuring costs.

    Answer

    Executives noted the deposit mix shift to term deposits has been pronounced but was slowing towards the end of the half. The back-book repricing headwind is also expected to lessen as most of the book is now at contemporary pricing. On costs, they expect investment spend to be stable to slightly down, but vendor inflation remains a pressure. Restructuring costs are expected to remain at similar levels to support ongoing productivity initiatives to offset inflation.

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