ASX #7 Wesfarmers Limited

Wesfarmers Limited (Bunnings, Kmart, O/w, chemicals, industrials, health. NOT COLES any more, it is independent since 2018)

• Market Cap AUD 91 billion
• YE June
• Revenue of $45 billion - Bunnings 19.56b, Kmart 11.341b, O/w 3.5 b, WesCEF 2.9b, I&S 2, Wesfarmers Healt 5.9
• 1971 locations
• NPAT of $2.9 billion (CBA NPAT of 10.2 billion, NAB 6.7 billion, )
• I don't fully get there RoC numbers. If this captures all capital then bunnings and kmart are exceptional.
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ASX #6 ANZ

 ANZ Group Holdings Limited

• Market Cap 109.8 billion AUD. 6th largest. Right after Westpac and NAB. All four big banks in australia are part of the largest six market cap stocks. Other two are mining companies, BHP Group and Rio Tinto. ANZ is the smallest market cap of all four. Westpac and NAB are comparable at around AUD 134 billion
• Results for 2025 on Nov 10.
• 42.6k employees (CBA 55k, NAB 41k, Westpac 35k)
• CEO Nuno Matos
• 11m+ customers (6.4m retail, 0.6m commercial).  - 
• CBA 18m, Westpac 13m, NAB 10m
• $748b deposits 
• (CBA 937 billio, Westpac 770, NAB 736)
• $833b  Gross loans and advances 
• (CBA 1tr, Westpac 851bn, NAB 776bn)
• Cost to income  
•  (CBA 45%, NAB - 50.8%? Westpac 53%) - to check that though westpac has lower employee number, why high CtoI? Operating expenses mix?
• NIM 1.55% 
• (Westpac 1.94% NIM NAB 1.74% CBA 2.08%)
• YE Sept 25 Operating Income 22.186 bn (including 4.225 other op income)
• Westpac 22b, NAB 20.8bn, CBA 28bn NOI
• PBIT 8.722b   
•  (Westpac $10b NAB 9.6b, CBA 14.7bn
• PAT 5.891 bn 
• (Westpac 6.9 billion,NAB 6.75b, CBA 10.2b)
• ANZ Segments OI - Aus Retail 5.87 b, Aus Commercial 3.48b, Institutional 6.81 (ncludes other income of ~2b beyond fee), NZ 3.6b, Suncorp 1.7b, Pacific, Group Centre total 0.4b
• Segments comparison
• Consumer Westpac - 8.4bn NOI, NAB Personal Banking 4.625 billion, CBA? (Westpac is bigger than NAB in this). CBA Retail Banking 13 billion
• Business and Wealth WEstpac 6.1 bn, NAB BPB 8.5 bn (NAB is bigger in this). CBA Business Banking 9 billion
• Institutional Westpac 3.8bn, NAB Corp & Instnl 4.094 - comparable. CBA Institutional Bamking and Markets 2.8billion
• NZ Westpac 2.8 bn, NZ NAB 3.1 bn, CBA NZ 3.0bn
• Westpac is stronger in consumer, NAB in Business and Wealth.
• CBA is strongest in retail banking, and comparable to NAB in Business Banking. For Institutional NAB Seems to be the biggest in 3. ANZ bigger than all.

ASX #9 Macquarie Group

 Macquarie Group

• Market Cap of AUD 78.05 billion (Another bank outside of the top 4 australian banks)
• YE March (Westpac, NAB and ANZ have Sept YE. CBA has June)
• 19700 employees acrss 31 markets. ~half in Australia
• A$ 941 billion AUM
• "Largest asset manager in Australia: Macquarie Group has been ranked as the largest asset manager in Australia.
• Global ranking: In a 2022 report, it was ranked 55th globally among asset managers, with its AUM significantly higher than other Australian firms like IFM Investors, AMP Capital, and Pendal Group."
• Old report (2020) - The five largest players in Australia were Macquarie Group, IFM Investors, Colonial First State, AMP Capital and NAB Asset Management.
• Part of the top 10 largest infra funds
• 2 million clients in Banking Business. Banking is small part of overall business
• Loan portfolio of 161 billion (FY25) March?
• Loan assets 206 billion
• Deposit base of 177 billion AUD
• NOI of 17.2 billion. But interest income is small portion. (3.5 billion) Very different from the other large australian banks
• MAM 4.2 billion (fee and commissio 4.2 billion)
• Banking 3.2 billion (fee anc commission 611 million)
• Commodities and Global Markets  6 billion (mainly trading income 4.8 billion)
• Macquarie Capotal 2.638 billion (fee of 1.4b)
• CGM is largest contributor

ASX #4 Westpac

Westpac Banking Group

• 13 million customers (CBA 18m, NAB 10m)
• 35k people (CBA 55k, NAB 41k)
• Market cap $134.04 billion. Makes it fifth largest and NAB 4th largest (NAB M Cap $134.4 billion). - 7/11/2025
• CEO Anthony Miller
• 53.0%  Cost to income ratio ex Notable Items1  (CBA 45%, NAB - 50.8%?)
• 1.94% NIM (NAB 1.74% CBA 2.08%)
• YE Sept 2025 Net Operating Income $22 billion (including $3 billion non interest income) - NAB 20.8bn, CBA 28bn NOI
• PBIT $10b (NAB 9.6b, CBA 14.7bn) - Valuation slightly lower than NAB but broadly comparable
• PAT 6.9 billion (NAB 6.75b, CBA 10.2b)
• Loans of 851 billion (NAB 776 bn, CBA c.1 trillion)
• Housing Loans 580 bn (NAB 436bn)
• Deposits of 770 billion (NAB 736 billion, CBA 937 billion) - Balance SHeet line items of deposits and other borrowings
• Segments comparison
• Consumer Westpac - 8.4bn NOI, NAB Personal Banking 4.625 billion, CBA? (Westpac is bigger than NAB in this). CBA Retail Banking 13 billion
• Business and Wealth WEstpac 6.1 bn, NAB BPB 8.5 bn (NAB is bigger in this). CBA Business Banking 9 billion
• Institutional Westpac 3.8bn, NAB Corp & Instnl 4.094 - comparable. CBA Institutional Bamking and Markets 2.8billion
• NZ Westpac 2.8 bn, NZ NAB 3.1 bn, CBA NZ 3.0bn
• Westpac is stronger in consumer, NAB in Business and Wealth.
• CBA is strongest in retail banking, and comparable to NAB in Business Banking. For Institutional NAB Seems to be the biggest. 
• And to yesterday's note, only other operating income in NAB Institutional was lower, overall result was of growth.
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ASX #5 NAB

 National Australia Bank

• 10 million customers (CBA 18 million)
• 41k employees (CBA 55k)
• Market Cap 136.4 billion AUD (CBA largest 291 billion AUD)
• P&L Snapshot - Net Operating income of 20.872 (including other operating income of 3.46billion). FY25 (Sept YE) CBA 28b
• Operating expenses of 10.3 billion (against CBA 13b). 
• PBIT 9.6 b (against CBA 14.7 billion) - CBA has a higher valuation compared to NAB. 
• PAT 6.75 b (against CBA 10.2 billion)
• Loans and advances of 776 billion. Housing Loans of 436 billion.
• Other operating income in Corporate and Institutional bank is generally higher than rest of the banking, and this year, slightly lower. - overall FY25 Corp and Institutional banking results lower than last year. Other segments better. Overall is better.
• Cost to income of 50.79%? (CBA 45%)
• Net interest margin 1.74% (CBA 2.08%)
• Valuation
• NAB P/E ~19.5 times, Westpac 19.9 times, ANZ 16.2 times, and CBA 29 times
• Global banking average is 10 times.

ASX #1 CBA

 Commonwealth Bank of Australia

• Market Cap of AUD 291 bn (Australia GDP is USD 1.7 trillion or AUD ~2.75 trillion) - one tenth of GDP.
• 18 million + customers (Australia population is 27.2 million)
• 55k employees
• P&L Snapshot - $28.5 billion operating income (June YE FY25) - includes $4.4 billion other operating income
• Matt Comyn Chief Executive Officer
• Cost-to-income ratio 45.7% FY24  45.0%
• Net interest margin 2.08% FY24 1.99%
• Loan portfolio of $ 1 trillion. (Home Loans ~700 billion)
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