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    Richard E. Wiles

    Research Analyst at Morgan Stanley

    Richard E. Wiles is the Head of Research (Australia) at Morgan Stanley, specializing in financial research and analysis within the banking sector, with a particular focus on major Australian banks. He has covered companies such as Westpac Banking Corporation and is recognized for his thorough earnings call analysis and forward-looking market insights. With a significant career at Morgan Stanley, Wiles has built a reputation for in-depth sector coverage, though specific performance metrics or detailed rankings are not publicly available. His professional credentials reflect extensive experience in financial analysis and research leadership, underscoring his role as a senior figure in the Australian financial research landscape.

    Richard E. Wiles's questions to WESTPAC BANKING (WEBNF) leadership

    Richard E. Wiles's questions to WESTPAC BANKING (WEBNF) leadership • Q1 2022

    Question

    Richard E. Wiles from Morgan Stanley questioned the small quarterly decline in non-recurring fixed costs and asked for the expected reduction in these costs for the full year.

    Answer

    CFO Michael Rowland clarified that the cost program is a three-year initiative and investment spend in 2022 is expected to be similar to 2021 to complete the agenda. He noted that the primary focus for cost reduction in the quarter was on the BAU cost base, not the non-recurring investment spend.

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    Richard E. Wiles's questions to WESTPAC BANKING (WEBNF) leadership • Q1 2021

    Question

    Richard E. Wiles from Morgan Stanley asked for the growth rate of non-interest income excluding the Treasury benefit and inquired about trends in the investor mortgage segment.

    Answer

    CEO Peter Francis King noted that there has not yet been a significant return of investor activity in the mortgage market. CFO Michael Rowland stated that while the Treasury result was strong, underlying non-interest income was relatively flat. Mr. King added that Treasury contributed one basis point to the overall net interest margin.

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    Richard E. Wiles's questions to WESTPAC BANKING (WEBNF) leadership • Q3 2020

    Question

    Richard E. Wiles asked why the 5 basis point margin impact from competition and retention was significantly worse than in prior periods and if this pace would continue. He also requested a breakdown of the 105 basis point base-case risk weight density impact between mortgages and corporate loans.

    Answer

    CEO Peter Francis King attributed the increased margin pressure to pricing reductions in the business book as part of the COVID response, alongside ongoing competition in mortgages. Acting CIO Gary Thursby declined to provide a mortgage/corporate split for the RWA sensitivity, stating the aggregate number reflects a holistic portfolio review and is still evolving.

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