0044 GMT - A shift in deposit mix looks like being a stronger margin headwind for Westpac than for National Australia Bank, according to Morgan Stanley analysts. They point to Westpac's larger exposure to retail banking and the pricing of its retail savings accounts as justification for this view. The MS analysts observe in a note to clients that the proportion of savings in term deposits remains lower than at the end of the last decade, and that customers are still shifting toward higher-cost deposits such as those offering bonus enticements. This is one of the reasons that MS prefers NAB over Westpac among Australian bank stocks. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
May 29, 2025 20:44 ET (00:44 GMT)
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