Over the last week, ANZ, NAB and Westpac reported their full year 2016 results, while CBA provided a trading update for the September quarter. So I thought it would be a good time to review the key themes to emerge. But first, let’s go back to 21 September, when I posted a note setting out the six main variables to focus on when assessing the outlook for the banks: 1) Loan book growth, 2) Net interest margins, 3) Non-interest income growth, 4) Cost growth, 5) Asset quality, 6) Capital requirements. Of note in the recent results was the slowing rate of revenue growth. This was due to slowing loan book growth, combined with flat or falling net interest margins and continued difficulties in growing non-interest revenues. Non-interest revenues generally benefited from a recovery in trading revenues, but this is lower quality given the inherent volatility of this line item results from risk positions.