1、Asia Pacific Equity Research27 October 2025J P M O R G A NAustralian major bank FY25 result previews Healthy credit growth to underpin solid UL revenue trends,but NIM pressure to return in FY26AustraliaAustralian BanksAndrew Triggs AC(61-2)9003-Kelsey Bentley(61-2)9003 J.P.Morgan Securities Australi

2、a LimitedConference call details:WBCDate:Monday,3 NovemberTime:10:00 AM(AEDT)Registration linkNABDate:Thursday,6 NovemberTime:10:30 AM(AEDT)Registration linkANZDate:Monday,10 NovemberTime:10:00 AM(AEDT)Major bank reporting season begins next Monday,3 November.We expect the majors to report strong UL

3、 revenue growth trends,with good momentum in lending balances and NIM ex Markets/Treasury up slightly for NAB/WBC(and down slightly for ANZ).Taking the gloss off this,the majors have all announced some one-off charges that will impact expense growth in the period.Capital trends are likely to be mixe

4、d,while credit quality indicators should be largely benign.Looking forward,we see NIM pressures picking up into FY26 as rate cut impacts bite and replicating portfolio tailwinds subside.Nonetheless,we see limited risk to consensus EPS forecasts.Sector valuations have continued to stretch,now trading

5、 at an average 12mth fwd PER of 19.3x,which is 19%rich to the avg 5yr PE rel vs ASX 200 Industrials.NAB remains our preference in the major banks,while ANZ is Neutral rated and CBA/WBC are UW rated.WBC(Mon,3 Nov):Strong result expected,FY26 NIM/cost outlook in focus.We f/cast 5%hoh revenue growth in

6、 2H25(best of peers),driven by 3.4%banking income(solid loan growth,+1bp UL NIM)and a big lift in Treasury/Mkts income.The$273m restructuring charge will partly offset this;on an UL basis,we expect 4%hoh cost growth,consistent with guidance at the 1H25 result.Credit costs should be well contained.Lo