UBS expects cash earnings to rise 6 per cent and broadly match market forecasts. Investors are also paying $3.70 for every $1 of CBA’s net assets, more than double the average across its major rivals. Westpac reports a third-quarter update on August 10. Despite owning Australia’s largest institutional banking franchise, the broker called it the “clear earnings laggard” and the sector’s “weakest momentum story”. UBS said the division had “gone backwards” and failed to turn its scale and investment in new systems into stronger growth and returns.