Big Four Bank Composite League Table
This dashboard is issued for educational and informational purposes only and must not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security. It is generated from publicly available data and a quantitative scoring model. Banking metrics depend materially on reporting dates, accounting bases (cash vs. statutory), and regulatory classification. Always consult a qualified and licensed financial adviser and conduct independent due diligence before making investment decisions. Past performance is not indicative of future results.
All composite and pillar scores loaded verbatim from the four individual Sentinel Bank Share Score reports (WBC 27 Jun 2026 · CBA 29 Jun 2026 · NAB 30 Jun 2026 · ANZ 4 Jul 2026) — no re-derivation. Big Four median composite = 64.0 (simple median). Methodology: Sentinel Bank Edition, five equally weighted pillars at 20% each; Bank Soundness Diagnostic shown as an overlay, not blended. All four majors score MODERATE (61–75): reporting periods differ — see the "as at" badges in the Capital & Liquidity table.
| Metric | ANZ | NAB | CBA | WBC | Big Four Median | Threshold (G ▸ A ▸ R) | Direction |
|---|---|---|---|---|---|---|---|
| Operating income growth YoY | 3.5% #2 | 2.9% #3 | 6.6% #1 | 2.9% #3 | 3.2% | >6% ▸ 2–6% ▸ <2% | Higher better |
| Customer deposit growth YoY | 4.0% #4 | 7.4% #1 | 7.0% #2 | 7.0% #2 | 7.0% | >6% ▸ 2–6% ▸ <2% | Higher better |
| Gross loans growth YoY | 4.5% #4 | 5.9% #3 | 7.0% #1 | 7.0% #1 | 6.5% | 4–9% ▸ 2–4 / 9–14% ▸ <2 / >14% | Band (excess = risk) |
| Context: system credit growth (RBA) | System credit growth ≈6–7% p.a. through 1H26 — none of the four majors is growing loans above ~1.5× system, so no underwriting-quality flag is triggered on the loan-growth band. | ||||||
| Metric | ANZ | NAB | CBA | WBC | Big Four Median | Threshold (G ▸ A ▸ R) | Direction |
|---|---|---|---|---|---|---|---|
| ROE (cash) | 9.9% #4 | 11.4% #2 | 13.8% #1 | 10.0% #3 | 10.7% | >13% ▸ 9–13% ▸ <9% | Higher better |
| Cost-to-income | 49.4% #3 | 47.3% #2 | 44.7% #1 | 51.7% #4 | 48.4% | <45% ▸ 45–55% ▸ >55% | Lower better |
| Net interest margin | 1.56% #4 | 1.74% #3 | 2.04% #1 | 1.80% #2 | 1.77% | >2.00% ▸ 1.70–2.00% ▸ <1.70% | Higher better |
| Context: basis | NAB ROE/CTI/NIM are FY25 scored values (its individual report locked FY25 as the primary period; 1H26 NIM improved to 1.81%). CBA figures are 1H26 (Dec-25 half). ANZ and WBC are 1H26 (Mar-26 half). See reporting-date reconciliation in the Appendix. | ||||||
| Metric | ANZ | NAB | CBA | WBC | Big Four Median | Threshold (G ▸ A ▸ R) | Direction |
|---|---|---|---|---|---|---|---|
| CET1 ratio (APRA Level 2) | 12.39% #2as at 31 Mar 2026 | 11.70% #3as at 30 Sep 2025 | 11.6% #4as at 31 Mar 2026 (3Q26, post-dividend) | 12.4% #1as at 31 Mar 2026 | 12.05% | ≥11.5% ▸ 10.25–11.5% ▸ <10.25% | Higher better |
| Liquidity Coverage Ratio | 132% #3as at 31 Mar 2026 | 135% #1Q-avg Sep 2025 | 133% #2as at 31 Mar 2026 | 132% #3as at 31 Mar 2026 | 132.5% | ≥130% ▸ 110–130% ▸ <110% | Higher better |
| Net Stable Funding Ratio | 115% #3as at 31 Mar 2026 | 116% #1as at 30 Sep 2025 | 116% #1as at 31 Mar 2026 | 112% #4as at 31 Mar 2026 | 115.5% | ≥115% ▸ 105–115% ▸ <105% | Higher better |
| Context: loan-to-deposit ratio | ANZ ≈97% (only major at or below 100%) · CBA ≈108% · WBC ≈114% · NAB ≈119%. NAB pro forma CET1 12.05% post DRP/underwrite; CBA 12.3% pre-interim-dividend. All four sit comfortably above APRA's "unquestionably strong" 10.25% benchmark. | ||||||
| Metric | ANZ | NAB | CBA | WBC | Big Four Median | Threshold (G ▸ A ▸ R) | Direction |
|---|---|---|---|---|---|---|---|
| Cash dividend yield (TTM) | 4.71% #1 | 4.49% #2 | 3.06% #4 | 4.34% #3 | 4.42% | >5% ▸ 3–5% ▸ <3% | Higher better |
| Gross (franked) yield | 6.17% #3 | 6.41% #1 | 4.37% #4 | 6.20% #2 | 6.19% | >7% ▸ 4.5–7% ▸ <4.5% | Higher better |
| Payout ratio (cash, sustainability) | 68.0% #1 | 73.3% #2 | 74.0% #3 | 75.6% #4 | 73.7% | 60–75% ▸ 75–85% ▸ >85% / <40% | Band |
| Franking percentage | 72.5% #4 | 100% #1 | 100% #1 | 100% #1 | 100% | Reported, not scored separately | Higher better (SMSF) |
| Context: sustainability | WBC's 75.6% payout sits marginally above the 75% green ceiling and carries a sustainability caveat in its individual report. ANZ's yield advantage on a cash basis is eroded on a grossed-up basis by its partial (72.5%) franking. No major has cut its ordinary dividend within the prior three years. | ||||||
| Metric | ANZ | NAB | CBA | WBC | Big Four Median | Threshold (G ▸ A ▸ R) | Direction |
|---|---|---|---|---|---|---|---|
| Price-to-book | 1.45× #1 | 1.86× #3 | 3.51× #4 | 1.67× #2 | 1.76× | <1.3× ▸ 1.3–2.0× ▸ >2.0× | Lower better |
| Price-to-tangible-book | 1.62× #1 | 2.02× #3 | 3.93× #4 | 1.94× #2 | 1.98× | <1.5× ▸ 1.5–2.5× ▸ >2.5× | Lower better |
| P/E (cash) | 14.9× #1 | 16.3× #2 | 25.6× #4 | 16.9× #3 | 16.6× | <13× ▸ 13–18× ▸ >18× | Lower better |
| Price-to-deposits | 0.145× #1 | 0.198× #3 | 0.279× #4 | 0.168× #2 | 0.183× | <0.25× ▸ 0.25–0.40× ▸ >0.40× | Lower better |
| Price-to-assets | 0.088× #1 | 0.110× #3 | 0.192× #4 | 0.108× #2 | 0.109× | Scored jointly with P/D | Lower better |
| DDM upside / (downside) | (34.2%) #2IV A$23.20 vs A$35.26 | (19.4%) #1IV A$30.51 vs A$37.86 | (48.9%) #4IV A$82.80 vs A$162.02 | (46.7%) #3IV A$18.90 vs A$35.48 | (40.5%) | >+15% ▸ ±15% ▸ <−15% | Higher better |
| Criterion | Dimension | ANZ | NAB | CBA | WBC | Passing |
|---|---|---|---|---|---|---|
| 1. CET1 ≥ APRA "unquestionably strong" (10.25%) | Capital & Resilience | ✓ PASS12.39% | ✓ PASS11.70% | ✓ PASS11.6% | ✓ PASS12.4% | 4/4 |
| 2. LCR ≥ 120% | Capital & Resilience | ✓ PASS132% | ✓ PASS135% | ✓ PASS133% | ✓ PASS132% | 4/4 |
| 3. NSFR ≥ 110% | Capital & Resilience | ✓ PASS115% | ✓ PASS116% | ✓ PASS116% | ✓ PASS112% | 4/4 |
| 4. Impaired / non-performing loans < 1.00% | Asset Quality | ✓ PASS0.79% NPL | ✗ FAIL1.55% NPL | ✓ PASS0.89% TCE | ✓ PASS0.23% impaired | 3/4 |
| 5. Provision coverage adequate / not deteriorating | Asset Quality | ✓ PASSCP A$4.45b ↑ | ✓ PASS1.33% CRWA | ✓ PASS1.57% CRWA | ✓ PASSA$5.2b, +A$1.9b | 4/4 |
| 6. Credit-impairment charge stable or falling YoY | Asset Quality | ✗ FAIL+A$175m ME overlay | ✗ FAILA$833m, +14% | ✓ PASSA$319m flat, 6bps | ✗ FAILcharge rose ~10bps | 1/4 |
| 7. ROE ≥ cost of equity (CAPM) | Earnings & Funding | ✗ FAIL9.9% < 10.55% | ✓ PASS11.4% > 8.78% | ✓ PASS13.8% > 9.64% | ✗ FAIL10.0% < 10.79% | 2/4 |
| 8. Cost-to-income stable or improving YoY | Earnings & Funding | ✓ PASS49.4%, −505bps 1Q26 | ✗ FAIL47.3%, +80bp | ✓ PASSpositive jaws | ✓ PASS51.7%, expenses −2% | 3/4 |
| 9. Loan-to-deposit ratio ≤ ~100% | Earnings & Funding | ✓ PASS≈97% | ✗ FAIL≈119% | ✗ FAIL≈108% | ✗ FAIL≈114% | 1/4 |
| Total / Dimension subtotals | 7/9Sound · Capital 3/3 · Asset Quality 2/3 · Earnings & Funding 2/3 | 5/9Watch · Capital 3/3 · Asset Quality 1/3 · Earnings & Funding 1/3 | 8/9Strong · Capital 3/3 · Asset Quality 3/3 · Earnings & Funding 2/3 | 6/9Sound · Capital 3/3 · Asset Quality 2/3 · Earnings & Funding 1/3 |
The Bank Soundness Diagnostic is a nine-point, CAMELS-inspired health check that replaces the Piotroski F-Score, which is meaningless for banks. It examines capital and liquidity buffers, asset quality (the historical driver of bank failure), and whether earnings clear the cost of equity while funding remains deposit-anchored. Each criterion is binary; the total is displayed alongside the composite score but never blended into it. In this peer set the striking pattern is that all twelve capital criteria pass, while only one of the four majors passes the impairment-charge trend test — the credit cycle, not capital, is where soundness is being tested.
| Bank | Cost of equity (r) | Sustainable growth (g) | D₁ (next-year DPS) | Intrinsic value | Current price | Upside / (Downside) | Sensitivity note |
|---|---|---|---|---|---|---|---|
| NAB | 8.78% | 3.04% | A$1.751 | A$30.51 | A$37.86 | (19.4%) | Low β (0.70) compresses r; ±25bp on (r−g) moves IV ≈ ±A$1.30 |
| ANZ | 10.55% | 3.17% | A$1.713 | A$23.20 | A$35.26 | (34.2%) | β 1.00; (r−g) = 7.38% is the widest spread of the four |
| WBC | 10.79% | 2.44% | A$1.578 | A$18.90 | A$35.48 | (46.7%) | Lowest g (high payout × modest ROE) drags IV; sensitive to payout normalisation |
| CBA | 9.64% | 3.45% | A$5.121 | A$82.80 | A$162.02 | (48.9%) | Even best-in-class g cannot close a ≈2× gap; the market is pricing a quality premium the DDM does not capture |
Bars are scaled per bank against the larger of price and intrinsic value, so the visual shows each bank's valuation gap rather than absolute price scale (CBA trades at ≈4.5× the others' share price). Reminder: the Gordon Growth DDM is highly sensitive to the (r − g) denominator — small changes in the risk-free rate, beta or sustainable growth move intrinsic value materially. All assumptions loaded verbatim from the individual reports.
Risk-free rate 4.80% (AU 10-year CGS, TradingEconomics) · β 1.00 · ERP 5.75% → r = 10.55% (CAPM). Sustainable growth g = ROE × (1 − payout) = 9.9% × (1 − 0.68) ≈ 3.17%. D₁ = A$1.713 (FY26E DPS at 72.5% franking). Intrinsic value A$23.20 → downside (34.2%) at A$35.26. Source: ANZ Sentinel report, 4 Jul 2026.
Risk-free rate 4.75% · β 0.70 · ERP 5.75% → r = 8.78%. g = 11.4% × (1 − 0.733) ≈ 3.04%. D₁ = A$1.751 (fully franked). Intrinsic value A$30.51 → downside (19.4%) at A$37.86. NAB's low beta gives it the narrowest DDM discount of the four. Source: NAB Sentinel report, 30 Jun 2026.
Risk-free rate 4.75% · β 0.85 · ERP 5.75% → r = 9.64%. g = 13.8% × (1 − 0.74) ≈ 3.45%. D₁ = A$5.121 (fully franked). Intrinsic value A$82.80 → downside (48.9%) at A$162.02. Source: CBA Sentinel report, 29 Jun 2026.
Risk-free rate 4.75% · β 1.05 · ERP 5.75% → r = 10.79%. g = 10.0% × (1 − 0.756) ≈ 2.44%. D₁ = A$1.578 (fully franked). Intrinsic value A$18.90 → downside (46.7%) at A$35.48. Source: WBC Sentinel report, 27 Jun 2026.
Five axes = the five pillar scores (0–100). CBA's polygon is the most lop-sided of the set — maximal on Growth, Profitability and Capital yet nearly collapsed on Dividends and Valuation — while ANZ presents the mirror image. On narrow screens the radar collapses to grouped bars.
Monthly closes rebased to 100 at Jul-25, drawn from the individual reports' price histories (Market Index / Yahoo Finance). ANZ (+16%) and WBC (+12%) led over the window despite sharp May–June 2026 pullbacks; CBA (−9%) de-rated from its 2025 extreme; NAB round-tripped to ≈−1%. Hover any point for the rebased index and absolute price; click a legend chip to toggle a series.
Dot area is proportional to market capitalisation (CBA ≈A$271b, WBC ≈A$118b, NAB ≈A$116b, ANZ ≈A$106b). Points below the diagonal are cheap relative to their profitability; points above pay up for returns. The chart makes the peer set's central tension explicit: CBA's superior ROE is fully priced at 3.9× tangible book, while ANZ trades at 1.6× tangible book precisely because its ROE sits below its cost of equity.
FY periods are the banks' full financial years (30 Sep balance for ANZ, NAB, WBC; 30 Jun for CBA — CBA's "FY25" ended 30 Jun 2025 and its "1H26" ended 31 Dec 2025, six months ahead of the other three, whose 1H26 ended 31 Mar 2026). NAB's 1H26 EPS (A$0.86), ROE (8.6%) and CTI (56.1%) are reported figures including the A$949m accelerated-software-amortisation notable item; ex-LNI cash earnings rose 7.1%. Sparkline in each bank column traces the five-period trajectory. Click a column header to sort.
CBA · 3Q26 (Mar-26 quarter) — 13 May 2026
WBC · 1H26 (to 31 Mar 2026) — 5 May 2026
NAB · 1H26 (to 31 Mar 2026) — 4 May 2026
ANZ · 1H26 (to 31 Mar 2026) — 30 Apr 2026
Sector Catalysts
Surplus CET1 and capital-return capacity. All four majors hold CET1 above APRA's 10.25% "unquestionably strong" benchmark, funding buybacks, DRP neutralisation and franking distribution. (Sources: 1H26 result packs; Pillar 3 disclosures.)
Mortgage-book repricing and volume momentum through the cash-rate cycle. System credit growth ≈6–7% with deposits growing in step supports net interest income even as margins compress. (Sources: RBA/APRA statistics; result packs.)
Cost-transformation programmes lowering cost-to-income. ANZ (−505bps in 1Q26, mid-40s% FY28 target), WBC (UNITE, expenses −2%) and CBA (positive jaws) are all extracting productivity; NAB's CTI deteriorated 80bp in FY25. (Sources: result presentations.)
Business and SME lending growth. The highest-margin growth pocket in the system: NAB leads as the #1 business bank (B&PB earnings A$3.33b); WBC business lending +16%. (Sources: NAB 1H26; WBC 1H26.)
AI and digital productivity. CBA's Compass AI and fraud-loss reduction (−20%) lead the field; WBC's Copilot rollout under UNITE follows; the laggards inherit a proven playbook. (Sources: CBA 1H26 presentation; WBC 1H26.)
Fully-franked income appeal for SMSF flows. Grossed-up yields of ≈6.2–6.4% at NAB, WBC and ANZ anchor persistent retail and SMSF demand; CBA's 4.37% gross yield is the outlier. (Sources: computed at reference prices.)
Sector Risks
Credit-cycle impairment risk. Only CBA passed the impairment-charge trend test: NAB's charge rose 14% (NPL 1.55%), WBC's rose ~10bps, ANZ took a A$175m Middle East overlay. WBC has cut its 2026 GDP forecast to 1.0%. (Sources: result packs.)
NIM compression from mortgage and deposit competition. Direct pressure on the dominant revenue line across the system; ANZ's 1.56% group margin is structurally the thinnest, CBA's 2.04% the widest but falling (−4bps). (Sources: result packs.)
Valuation stretch versus modelled intrinsic value. Every major trades above its Gordon Growth DDM intrinsic value — downside ranges from (19.4%) at NAB to (48.9%) at CBA — leaving the whole peer set exposed to de-rating if earnings or the credit cycle disappoint. (Sources: individual Sentinel DDMs.)
Housing-market and mortgage-book concentration. Concentrated Australian residential-property exposure across the system; heaviest at the retail-weighted CBA and WBC, lightest at business-weighted NAB. (Sources: individual reports; APRA statistics.)
Wholesale-funding reliance. Three of the four run loan-to-deposit ratios above 100% (NAB ≈119%, WBC ≈114%, CBA ≈108%), exposing them to global funding-market disruption; ANZ (≈97%) is the only deposit-funded major. (Sources: balance sheets; DBRS/KPMG analyses.)
Regulatory and capital-framework change. APRA's 2026 capital and liquidity consultation, IRRBB RWA volatility (−22bps at CBA in 3Q26) and ongoing conduct remediation (ANZ non-financial-risk plan; NAB payroll remediation) impose a steady compliance cost across the set. (Sources: APRA; result packs.)
NAB tops the composite on fortress capital and liquidity (100/100) and the strongest fully-franked grossed-up yield of the set (6.41%), but it carries the weakest Bank Soundness Diagnostic (5/9 — Watch) as non-performing loans of 1.55% and a 14% rise in the impairment charge flag deteriorating credit quality.
ANZ is the cheapest major on every multiple (P/B 1.45×, cash P/E 14.9×) and the only deposit-funded balance sheet of the four, but it delivers the lowest profitability in the peer set — a cash ROE of 9.9% that sits below its 10.55% cost of equity.
CBA is unambiguously the best-run bank in the set — three pillars at 100/100 and a Soundness Diagnostic of 8/9 (Strong) — yet its extreme valuation (P/B 3.51×, cash P/E 25.6×, DDM downside 48.9%) collapses its Dividends (1.4) and Valuation (8.1) pillars and drags the composite to third.
Westpac pairs a fortress balance sheet (CET1 12.4%, the highest of the set) and a fully-franked 6.20% gross yield with the second-weakest profitability pillar (30.4) and a full valuation after a 12-month share-price run that outpaced its ~2% EPS growth.
Peer-set synthesis. NAB ranks first at 68.3/100, but all four majors compress into a 7.2-point MODERATE band — the composite differences are modest relative to the divergence inside the pillars. The widest cross-bank divergence is the Dividends pillar, spanning 74.8 points from CBA (1.4) to ANZ (76.2), followed by Profitability (73.8 points from ANZ 26.2 to CBA 100.0): the market has, in effect, priced CBA's operating superiority so fully that it has inverted into income and valuation weakness. The single most material collective risk is that every major trades above its Gordon Growth intrinsic value — downside of 19% to 49% — while three of the four report rising credit-impairment charges, leaving the whole oligopoly exposed to simultaneous de-rating if the credit cycle turns.
| Bank | Metric | Value | Source | Date retrieved | Status |
|---|---|---|---|---|---|
| ANZ | Composite / pillar scores / DDM / Soundness | 66.1 · full set | ANZ Sentinel Bank Share Score (1H26 result 30 Apr 2026; FY25 Pillar 3) | 4 Jul 2026 | Used verbatim |
| NAB | Composite / pillar scores / DDM / Soundness | 68.3 · full set | NAB Sentinel Bank Share Score (FY25 results 6 Nov 2025; 1H26 4 May 2026) | 30 Jun 2026 | Used verbatim |
| NAB | CET1 / LCR / NSFR (scored values) | 11.70% / 135% / 116% | NAB FY25 results & Pillar 3 (30 Sep 2025 balance) | 30 Jun 2026 | STALE >90 days — legitimate half-yearly cadence; 1H26 update: CET1 11.65% (12.05% pro forma), LCR 132% |
| CBA | Composite / pillar scores / DDM / Soundness | 61.9 · full set | CBA Sentinel Bank Share Score (1H26 11 Feb 2026; 3Q26 Pillar 3 13 May 2026) | 29 Jun 2026 | Used verbatim |
| WBC | Composite / pillar scores / DDM / Soundness | 61.1 · full set | WBC Sentinel Bank Share Score (1H26 results 5 May 2026; project workbook FY25) | 27 Jun 2026 | Used verbatim |
| All | Reference prices | A$35.26 / 37.86 / 162.02 / 35.48 | Market Index / Yahoo Finance closes (24 Jun – 3 Jul 2026) | Per report date | Used — note the price dates span ten days across the four reports |
| All | 12-month monthly price histories | 13 points each | Market Index / Yahoo Finance (loaded from individual reports) | Per report date | Used for the rebased chart |
| All | Market capitalisations | CBA A$271b · WBC A$118b · NAB A$116b · ANZ A$106b | Individual report KPI strips (Market Index) | Per report date | Used for scatter dot sizing |
| All | Half-year / annual trend series (EPS, ROE, NIM, CTI, CET1) | 5 periods × 5 metrics × 4 banks | Individual report trend tables (annual reports FY22–FY25; 1H26 results) | Per report date | Used |
| All | Metrics marked Not Available | None | — | — | All scored metrics available for all four banks; no exclusions, no re-ranking required |
This dashboard inherits its entire scoring methodology from the Sentinel Bank Share Score (Bank Edition) skill file (sentinel-bank-share-score, methodology version bank-1.0): five equally weighted pillars at 20% each, the Section 8 threshold table, the normalisation formulas (higher-better, lower-better, band), and the nine-criterion Bank Soundness Diagnostic as a non-weighted overlay. No threshold, weighting or normalisation deviation was applied. This artefact governs presentation, aggregation and comparative layout only: pillar scores, DDM outputs and Soundness results are loaded verbatim from the four individual reports with no re-derivation. The only computation original to this dashboard is the Big Four median, the ordinal rankings, the per-period Big Four averages in the trend matrix, and the rebasing of the price series to a common index.
Composite verification: NAB 0.20×(74.2+50.0+100.0+75.5+42.0)=68.34→68.3 · ANZ 0.20×(62.5+26.2+100.0+76.2+65.8)=66.14→66.1 · CBA 0.20×(100.0+100.0+100.0+1.4+8.1)=61.90→61.9 · WBC 0.20×(74.2+30.4+90.0+67.5+43.4)=61.10→61.1. All four reproduce the source reports exactly.
| Bank | Period | Statutory NPAT | Cash NPAT | Reconciling items |
|---|---|---|---|---|
| ANZ | 1H26 / FY25 | A$3.65b / A$5,891m | A$3.78b / A$5,787m (ex-sig. A$6,896m) | FY25 significant items A$1,109m: restructuring, ASIC settlement, Panin impairment — the largest cash-statutory wedge in the peer set |
| NAB | 1H26 / FY25 | — / A$6,759m | A$2,639m reported; A$3,588m ex-LNI / A$7,091m | 1H26 large notable item: A$949m after-tax accelerated software amortisation; the ex-LNI figure is the scored basis |
| CBA | 1H26 | A$5.412b | A$5.445b | Unusually tight gap — clean earnings quality; minor hedging/consolidation items |
| WBC | 1H26 | A$3.4b | A$3.5b | Notable items: treasury volatility, restructuring |
Consistent with the Bank Edition standard, ROE, EPS, cost-to-income and P/E are scored on the cash (ex-notable-items) basis throughout, with statutory figures disclosed alongside.
The Big Four median is the simple median of the four bank values (mean of the two central observations). It replaces the "peer median" column of the individual reports throughout this dashboard.
| Metric | ANZ | NAB | CBA | WBC | Median |
|---|---|---|---|---|---|
| Composite | 66.1 | 68.3 | 61.9 | 61.1 | 64.0 |
| Op. income growth YoY | 3.5% | 2.9% | 6.6% | 2.9% | 3.2% |
| Deposit growth YoY | 4.0% | 7.4% | 7.0% | 7.0% | 7.0% |
| Loan growth YoY | 4.5% | 5.9% | 7.0% | 7.0% | 6.5% |
| ROE (cash) | 9.9% | 11.4% | 13.8% | 10.0% | 10.7% |
| Cost-to-income | 49.4% | 47.3% | 44.7% | 51.7% | 48.4% |
| NIM | 1.56% | 1.74% | 2.04% | 1.80% | 1.77% |
| CET1 (APRA) | 12.39% | 11.70% | 11.6% | 12.4% | 12.05% |
| LCR | 132% | 135% | 133% | 132% | 132.5% |
| NSFR | 115% | 116% | 116% | 112% | 115.5% |
| Cash yield | 4.71% | 4.49% | 3.06% | 4.34% | 4.42% |
| Gross yield | 6.17% | 6.41% | 4.37% | 6.20% | 6.19% |
| Payout (cash) | 68.0% | 73.3% | 74.0% | 75.6% | 73.7% |
| P/B | 1.445× | 1.86× | 3.51× | 1.668× | 1.764× |
| P/TBV | 1.617× | 2.024× | 3.93× | 1.944× | 1.984× |
| P/E (cash) | 14.94× | 16.33× | 25.6× | 16.90× | 16.62× |
| P/Deposits | 0.145× | 0.198× | 0.279× | 0.168× | 0.183× |
| P/Assets | 0.088× | 0.110× | 0.192× | 0.108× | 0.109× |
| DDM upside | (34.2%) | (19.4%) | (48.9%) | (46.7%) | (40.5%) |
| Pillar — Growth | 62.5 | 74.2 | 100.0 | 74.2 | 74.2 |
| Pillar — Profitability | 26.2 | 50.0 | 100.0 | 30.4 | 40.2 |
| Pillar — Capital & Liquidity | 100.0 | 100.0 | 100.0 | 90.0 | 100.0 |
| Pillar — Dividends | 76.2 | 75.5 | 1.4 | 67.5 | 71.5 |
| Pillar — Valuation | 65.8 | 42.0 | 8.1 | 43.4 | 42.7 |
| Soundness (/9) | 7 | 5 | 8 | 6 | 6.5 |
| Data point | Reporting date | Age at 5 Jul 2026 | Status |
|---|---|---|---|
| ANZ 1H26 result set (CET1, LCR, NSFR, ROE, CTI, NIM, dividend) | 31 Mar 2026 (reported 30 Apr 2026) | ~3 months | Current |
| WBC 1H26 result set | 31 Mar 2026 (reported 5 May 2026) | ~3 months | Current |
| NAB scored result set (FY25 primary period) | 30 Sep 2025 (reported 6 Nov 2025) | ~9 months | STALE — half-yearly cadence; 1H26 (31 Mar 2026) context disclosed throughout |
| CBA 1H26 result set (ROE, CTI, NIM, dividend) | 31 Dec 2025 (reported 11 Feb 2026) | ~6 months | STALE flag — legitimate: CBA's June balance date offsets its halves from the other three majors |
| CBA 3Q26 capital/liquidity (CET1 11.6%, LCR 133%, NSFR 116%) | 31 Mar 2026 (reported 13 May 2026) | ~3 months | Current |
| Reference prices (all four) | 24 Jun – 3 Jul 2026 | 2–11 days | Current |
The peer set is the fixed Australian Big Four — ANZ.AX, NAB.AX, CBA.AX, WBC.AX — the four major banks designated by APRA as domestic systemically important and subject to the 10.25% "unquestionably strong" CET1 benchmark. The Big Four median computed here will differ from the broader ASX Financials sector median (which includes insurers, asset managers, and regional banks operating under the standardised capital approach with lower CET1 minimums); no external calibration against that broader set was required, since every threshold in the Section 8 table is already calibrated to the major-bank category. Reporting-period asymmetry within the set — CBA's 30 June balance date versus the 30 September date of the other three — is flagged on every affected cell rather than adjusted away.