In today’s briefing:
- 2024 High Conviction – BEN – Almost All Mortgages | NPLs in Decline | Credit Costs Can Move Lower
2024 High Conviction – BEN – Almost All Mortgages | NPLs in Decline | Credit Costs Can Move Lower
- In any economy with persistently high interest rates, high living costs and decelerating loan growth, the risk is generally greater for bad corporate loans, not mortgage loans.
- BEN is nearly only residential mortgage loans, highly different to CBA, NAB, WBC, ANZ and MQG. This is also clear in long-term low levels of credit costs.
- NIM has moved up for BEN in FY23. There is limited risk of maturing debt to hurt its NIM in FY24, very much unlike large peer banks, especially NAB, MQG.
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