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    Jonathan Mott

    Founding Partner and Bank Analyst at Barrenjoey

    Jonathan Mott is a Founding Partner and Bank Analyst at Barrenjoey, where he specializes in covering the banking sector with deep expertise in major Australian financial institutions. Throughout his career, Mott has covered leading companies such as Commonwealth Bank, Westpac, National Australia Bank, and ANZ, often cited for his influential buy- and sell-side recommendations, and his research performance has consistently attracted institutional investors’ attention. Beginning his career in 2002 at UBS as a Bank Analyst and moving to Barrenjoey as a founding partner in September 2021, Mott brings over two decades of industry experience and is recognized for his rigorous analytical approach. His professional credentials include extensive securities research experience in the Australian market and a track record of management roles at top financial institutions.

    Jonathan Mott's questions to ANZGY leadership

    Jonathan Mott's questions to ANZGY leadership • Q4 2023

    Question

    Asked about the outlook for the institutional business margin, questioning if it was peaking given the changing interest rate cycle and yield curve shape. He also inquired about the rollout timeline for ANZ Plus mortgages and whether it would become the default platform for all new mortgages.

    Answer

    Executives acknowledged that a flattening yield curve could be a headwind for institutional margins but noted other supportive factors, such as a mix shift to lower-cost operational balances and strong lending margins. They do not expect a significant retracement. For ANZ Plus mortgages, they confirmed it is live but for a narrow, eligible customer group. The plan is to expand eligibility over the next 12 months to cover ~10% of the market, with a broker offering also in development. It will eventually become the predominant channel, but not in the next year or two.

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    Jonathan Mott's questions to WESTPAC BANKING (WEBNF) leadership

    Jonathan Mott's questions to WESTPAC BANKING (WEBNF) leadership • Q1 2022

    Question

    Jonathan Mott from Barrenjoey asked if the slowdown in lending volumes was due to less competitive fixed-rate pricing and questioned if the quarterly margin compression effectively negated a full year of balance sheet growth.

    Answer

    CEO Peter Francis King conceded that not having the sharpest fixed-rate pricing likely impacted loan flow. He agreed that the significant shift of both new and existing customers to lower-spread fixed-rate loans has had a major negative impact on revenue, which offsets growth.

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    Jonathan Mott's questions to WESTPAC BANKING (WEBNF) leadership • Q1 2021

    Question

    Jonathan Mott from UBS Group AG inquired about the potential for Stage 1 and Stage 2 provisions to revert to pre-pandemic levels and the expected timeline for the reduction of Stage 3 provisions.

    Answer

    CEO Peter Francis King explained that provision levels are fundamentally driven by the portfolio's credit quality and economic forecasts. He noted that the recent reduction in Stage 1 and 2 provisions was influenced by both an improved economic outlook and better underlying credit quality. He added that Stage 3 provisions are dependent on specific company issues and were low in the quarter.

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    Jonathan Mott's questions to WESTPAC BANKING (WEBNF) leadership • Q3 2020

    Question

    Jonathan Mott asked if potential non-cash hits to statutory profit from reviews of life insurance, capitalized software, and goodwill could preclude the payment of a second-half dividend, given that dividend capacity is often tied to statutory profit.

    Answer

    CEO Peter Francis King confirmed that while the historical test for dividends is based on statutory profit, any plan deviating from the standard rules simply requires discussion with the regulator, APRA. He stated that these potential hits do not automatically preclude a second-half dividend and that Westpac would engage with APRA on its capital plans.

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