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    Victor German

    Research Analyst at Macquarie Group

    Victor German is the Head of Equity Research at Macquarie Group, specializing in financial services sector analysis with a focus on Australasian banks and insurers. Over his 24-year career, he has covered major listed institutions in the region, providing in-depth research on companies such as Commonwealth Bank, Westpac, ANZ, and QBE Insurance, and is recognized for his market insights and leadership in equity research. German began his analyst career in the early 2000s, holding roles as Equity Research Analyst, Director, and Head of Australian Financials Equity Research before assuming his current position at Macquarie in May 2023. He holds a Masters of Finance, a Bachelor of Commerce, and a Bachelor of Science from UNSW Business School, reflecting strong academic credentials, though specific securities licenses such as FINRA registrations are not listed.

    Victor German's questions to WESTPAC BANKING (WEBNF) leadership

    Victor German's questions to WESTPAC BANKING (WEBNF) leadership • Q1 2022

    Question

    Victor German from Macquarie Group asked whether the strong performance from treasury and markets income was sustainable and requested an update on the bank's sensitivity to a 25 basis point interest rate increase.

    Answer

    CFO Michael Rowland indicated the turnaround in the treasury and markets business is a sustainable trend, though the quarterly result was exceptionally strong. CEO Peter Francis King added that sensitivity to rate hikes has likely decreased short-term due to the fixed-rate mortgage shift and that details would be provided at the half-year results.

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    Victor German's questions to WESTPAC BANKING (WEBNF) leadership • Q1 2021

    Question

    Victor German from Macquarie Group Limited requested quantification of the net interest margin benefit from deposit spreads in Q1 and asked about the sustainability of this trend into Q2.

    Answer

    CFO Michael Rowland stated that favorable deposit spreads contributed a couple of basis points to the margin in the quarter. However, he cautioned that further significant gains are unlikely in the second half as deposit rates are already near the floor, and headwinds from asset competition and lower-rate legacy assets persist.

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    Victor German's questions to WESTPAC BANKING (WEBNF) leadership • Q3 2020

    Question

    Victor German asked for details on the 4 basis point margin impact from capital, questioning its linearity and the rationale for shortening the duration of the capital hedge. He also sought clarification on APRA's historical dividend policy regarding statutory profit impacted by capitalized software write-offs.

    Answer

    CEO Peter Francis King explained the capital impact is not linear as it depends on monthly hedge rollovers. The decision to shorten the hedge duration was based on a risk/reward review. Regarding dividend policy, he clarified that historically, paying a dividend above statutory profit required APRA approval based on a holistic review of the bank's capital management plans, not just a mechanical test.

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