Westpac 2021 Full Year Financial Results Announcement

ASX Release


1 November 2021

Westpac 2021 Full Year Financial Results Announcement (incorporating the
requirements of Appendix 4E)

Westpac Banking Corporation (“Westpac”) today provides the attached Westpac
2021 Full Year Financial Results Announcement (incorporating the requirements of
Appendix 4E).










For further information:

David Lording Andrew Bowden
Group Head of Media Relations Head of Investor Relations
0419 683 411 0438 284 863


This document has been authorised for release by Tim Hartin, General Manager & Company
Secretary.



Level 18, 275 Kent Street
Sydney, NSW, 2000

2021
INCORPORATING THE REQUIREMENTS
OF APPENDIX 4E
WESTPAC BANKING CORPORATION
ABN 33 007 457 141
Full Year
Financial
Results
Simpler, stronger bank

ivWESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Results Announcement to the market
ASX Appendix 4E
Results for announcement to the market
1

Report for the full year ended 30 September 2021
2
Revenue from ordinary activities
3,4
($m)up5%to$21,222
Profit from ordinary activities after tax attributable to equity holders
4
($m)up138%to$5,458
Net profit for the year attributable to equity holders
4
($m)up138%to$5,458
Dividend Distributions (cents per ordinary share)
Amount per
security
Franked amount
per security
Final Dividend6060
Interim Dividend
5858
Record date for determining entitlements to the dividends
8 November 2021 (Sydney)
9 November 2021 (New York)
1. This document comprises the Westpac Group 2021 Full Year Financial Results, and is provided to the Australian Securities Exchange
under Listing Rule 4.3A.
2. This report should be read in conjunction with the 2021 Westpac Group Annual Report and any public announcements made in the
period by the Westpac Group in accordance with the continuous disclosure requirements of the Corporations Act 2001 and ASX
Listing Rules.
3. Comprises reported interest income, interest expense and non-interest income.
4. All comparisons are with the reported results for the twelve months ended 30 September 2020.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Results Announcement to the market
Index
1.0Group results1
1.1 Reported results1
1.2 Key financial information3
1.3 Cash earnings results4
1.4 Market share and system multiple metrics11
2.0Review of Group operations12
2.1 Performance overview16
2.2 Review of earnings24
2.3 Credit quality39
2.4 Balance sheet and funding42
2.5 Capital and dividends47
2.6 Sustainability performance summary55
3.0Divisional results57
3.1 Consumer58
3.2 Business61
3.3 Westpac Institutional Bank64
3.4 Westpac New Zealand67
3.5 Specialist Businesses 71
3.6 Group Businesses75
4.02021 Full Year Financial Report77
4.1 Significant developments78
4.2 Consolidated income statement86
4.3 Consolidated statement of comprehensive income87
4.4 Consolidated balance sheet88
4.5 Consolidated statement of changes in equity89
4.6 Consolidated cash flow statement91
4.7 Notes to the consolidated financial statements92
4.8 Statement in relation to the audit of the financial statements124
5.0Cash earnings financial information125
6.0Other information139
6.1 Disclosure regarding forward-looking statements139
6.2 References to websites141
6.3 Credit ratings141
6.4 Dividend reinvestment plan141
6.5 Information on related entities142
6.6 Financial calendar and Share Registry details143
6.7 Exchange rates147
7.0Glossary148

viWESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Results Announcement to the market
In this Full Year Financial Results Announcement (Results Announcement) references to ‘Westpac’, ‘WBC’,
‘Westpac Group’, ‘the Group’, ‘we’, ‘us’ and ‘our’ are to Westpac Banking Corporation and its controlled entities,
unless it clearly means just Westpac Banking Corporation.
All references to $ in this Results Announcement are to Australian dollars unless otherwise stated.
Financial calendar
Final Results Announcement released 1 November 2021
Ex-dividend date for final dividend 5 November 2021
Record date for final dividend (Sydney) 8 November 2021
Annual General Meeting 15 December 2021
Final dividend payable 21 December 2021

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
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Group results
1.0 Group results
1.1 Reported results
Reported net profit attributable to owners of Westpac Banking Corporation (WBC) is prepared in accordance
with the requirements of Australian Accounting Standards (AAS) and regulations applicable to Australian
Authorised Deposit-taking Institutions (ADIs).
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
$m20212021Mar 2120212020Sept 20
Net interest income 8,510 8,348 2 16,858 16,696 1
Net fee income 782 700 12 1,482 1,592 (7)
Net wealth management and insurance income 613 598 3 1,211 751 61
Trading income 277 442 (37) 719 895 (20)
Other income 354 598 (41) 952 249 large
Net operating income before operating expenses and impairment
(charges)/benefits 10,536 10,686 (1) 21,222 20,183 5
Operating expenses(7,314)(5,997) 22 (13,311)(12,739) 4
Profit before impairment (charges)/benefits and income tax
expense 3,222 4,689 (31) 7,911 7,444 6
Impairment (charges)/benefits 218 372 (41) 590 (3,178)large
Profit before income tax expense 3,440 5,061 (32) 8,501 4,266 99
Income tax expense(1,422)(1,616)(12)(3,038)(1,974) 54
Net profit 2,018 3,445 (41) 5,463 2,292 138
Net profit attributable to non-controlling interests (NCI)(3)(2) 50 (5)(2) 150
Net profit attributable to owners of WBC 2,015 3,443 (41) 5,458 2,290 138
Net profit attributable to owners of WBC for Full Year 2021 was $5,458 million, an increase of $3,168 million or
138% compared to Full Year 2020.
The increase in net profit was predominantly due to a credit impairment benefit of $590 million in Full Year 2021
compared to a charge of $3,178 million in Full Year 2020. Over recent years, Westpac has incurred certain
items that have been called “notable items”. The net after tax impact of these items was lower in Full Year 2021
($1,601 million) compared to Full Year 2020 ($2,619 million). Full Year 2021 items included:
• the write-down of assets (goodwill, capitalised software and certain other assets);
• additional provisions for estimated customer refunds, payments, associated costs and litigation; and
• separation and transaction costs related to divestment of the Group’s Specialist Businesses; partly offset by
• gains on sale of assets and non-core businesses.
These are discussed in Section 1.3.2, Section 2.1, Section 2.2.9, and Notes 10 and 14 of the 2021 Full Year Financial
Report in Section 4.
The following is a summary of the movements in the major line items in net profit for Full Year 2021 compared to
Full Year 2020.
Net interest income increased $162 million compared to Full Year 2020 reflecting a 3 basis point increase in
reported net interest margin (to 2.06%) partly offset by a small decline in average interest earning assets of $2.3
billion (down less than 1%). The decline in average interest earning assets was mostly from lower business lending
early in the year and from a decline in other overseas assets as we consolidated our operations in Asia. The rise in
net interest income was predominantly due to:
• a $667 million change in unrealised gains on fair value economic hedges, from a charge of $477 million in
Full Year 2020 to a benefit of $190 million in Full Year 2021; and
• lower wholesale funding and deposit costs; partly offset by
• lower spreads on mortgages and business lending from intense competition, and a shift in the mix of the
portfolio to lower spread fixed rate lending; and
• reduced returns on hedged capital and liquid assets from lower interest rates.

2WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Group results
Net interest income and net interest margin are discussed further in Sections 2.2.1 to 2.2.4.
Non-interest income increased $877 million compared to Full Year 2020. The rise was mainly due to:
• Gains on sale of assets and non-core businesses; and
• Higher net wealth and insurance income due to favourable life policyholder liability revaluation and lower
general insurance severe weather claims; partly offset by
• Lower financial markets trading income from lower volatility and the exit from energy trading; and
• Lower net fee income from fee simplification initiatives.
Non-interest income is discussed further in Section 2.2.5.
Operating expenses increased $572 million or 4% compared to Full Year 2020. The rise was mainly due to:
• Asset impairments (including goodwill and capitalised software);
• An increase in full time equivalent (FTE) employees and associated costs, principally to improve risk
management as part of our Fix priority and increased mortgage volumes; partly offset by
• costs of the AUSTRAC proceedings, including a penalty, in Full Year 2020.
Operating expenses are discussed further in Section 2.2.8.
The Group recognised a credit impairment benefit of $590 million in Full Year 2021 compared to a charge of
$3,178 million in Full Year 2020. In Full Year 2020, the Group materially increased provisions in response to the
expected economic impact of COVID-19, including forecasts of prolonged deterioration in economic activity, a
rise in unemployment and a decline in property prices. The improvement in credit quality along with a better
economic outlook has meant that some of the provisions booked in Full Year 2020 are no longer required. The
Group also fully provided for a large equipment finance fraud in Full Year 2021. Credit impairment charges are
discussed further in Section 2.2.9 and Note 10 of the 2021 Full Year Financial Report in Section 4.
The effective tax rate of 35.7% was lower than the Full Year 2020 effective tax rate of 46.3% predominantly due to
the non-deductible items in Full Year 2020. Income tax expense is discussed further in Section 2.2.10.

3
WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
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Group results
1.2 Key financial information
1

Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
20212021Mar 2120212020Sept 20
Shareholder value
Basic earnings per ordinary share (cents) 54.9 94.5 (42) 149.4 63.7 135
Weighted average ordinary shares (millions)
2
3,666 3,641 1 3,653 3,590 2
Fully franked dividends per ordinary share (cents)60 58 3118 31 large
Dividend payout ratio109.16% 61.75%large79.25% 48.87%large
Return on average ordinary equity 5.57% 9.92%large 7.70% 3.37%large
Average ordinary equity ($m) 72,108 69,583 4 70,849 68,014 4
Average total equity ($m) 72,157 69,634 4 70,899 68,066 4
Net tangible asset per ordinary share ($) 16.90 16.60 2 16.90 15.67 8
Business performance
Interest spread 1.99% 1.97% 2 bps 1.98% 1.90% 8 bps
Benefit of net non-interest bearing assets, liabilities and
equity 0.07% 0.09%(2 bps) 0.08% 0.13%(5 bps)
Net interest margin 2.06% 2.06%- 2.06% 2.03% 3 bps
Average interest earning assets ($m) 825,926 812,950 2 819,456 821,718 -
Expense to income ratio 69.42% 56.12%large 62.72% 63.12%(40 bps)
Capital, funding and liquidity
Common equity Tier 1 capital ratio
- APRA Basel III 12.32% 12.34%(2 bps) 12.32% 11.13% 119 bps
- Internationally comparable 18.17% 18.08% 9 bps 18.17% 16.50% 167 bps
Credit risk weighted assets (credit RWA) ($m) 357,295 347,127 3 357,295 359,389 (1)
Total risk weighted assets (RWA) ($m) 436,650 428,899 2 436,650 437,905 -
Liquidity coverage ratio (LCR)
3,4
129% 124%large 129% 151%large
Net stable funding ratio (NSFR)
4
125% 123% 235 bps 125% 122% 313 bps
Credit quality
4
Gross impaired exposures to gross loans 0.30% 0.30%- 0.30% 0.40%(10 bps)
Gross impaired exposures to equity and total provisions 2.78% 2.67% 11 bps 2.78% 3.74%(96 bps)
Gross impaired exposure provisions to gross impaired
exposures 54.44% 47.0 3 %large 54.44% 41.45%large
Total committed exposures (TCE) ($bn) 1,125 1,072 5 1,125 1,060 6
Total stressed exposures as a % of TCE
5
1.36% 1.60%(24 bps) 1.36% 1.91%(55 bps)
Total provisions to gross loans 70 bps 79 bps(9 bps) 70 bps 88 bps(18 bps)
Mortgages 90+ day delinquencies 0.99% 1.11%(12 bps) 0.99% 1.50%(51 bps)
Other consumer loans 90+ day delinquencies 1.75% 1.92%(17 bps) 1.75% 2.09%(34 bps)
Collectively assessed provisions to credit RWA 117 bps 142 bps(25 bps) 117 bps 154 bps(37 bps)
Balance sheet ($m)
Loans 709,784 688,218 3 709,784 693,059 2
Total assets 935,877 889,459 5 935,877 911,946 3
Deposits and other borrowings 626,955 585,401 7 626,955 591,131 6
Total liabilities 863,785 817,358 6 863,785 843,872 2
Total equity 72,092 72,101 - 72,092 68,074 6
Wealth Management
Average Group funds ($bn) 239.2 220.9 8 230.1 212.4 8
Life insurance in-force premiums (Australia) ($m) 951 943 1 951 953 -
General insurance gross written premiums
6($m) 148 289 (49) 437 555 (21)
1. Averages are based on six months for the halves and twelve months for the full year.
2. Weighted average number of fully paid ordinary shares listed on the ASX for the relevant period less average Westpac shares held by
the Group (“Treasury shares”).
3. Liquidity coverage ratio is calculated on a quarterly average basis.
4. Includes balances presented as held for sale.
5. Stressed exposures include program managed loans 90 days plus and non-performing transaction managed loans.
6. Australian general insurance gross written premiums. Full Year 2021 only included premiums for the period up to the sale date.

4WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Group results
1.3 Cash earnings results
Throughout this Results Announcement, reporting and commentary of financial performance refer to
‘cash earnings results’, unless otherwise stated. Section 4 is prepared on a reported basis. A reconciliation of
cash earnings to reported results is set out in Section 5, Note 8.
Certain commentary throughout this Results Announcement refers to performance excluding “notable items”.
Details on notable items are discussed in Section 1.3.2.
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
$m20212021Mar 2120212020Sept 20
Net interest income 8,245 8,469 (3) 16,714 17,086 (2)
Non-interest income 1,994 2,330 (14) 4,324 3,540 22
Net operating income 10,239 10,799 (5) 21,038 20,626 2
Operating expenses(7,302)(5,981) 22 (13,283)(12,700) 5
Core earnings 2,937 4,818 (39) 7,755 7,926 (2)
Impairment (charges)/benefits 218 372 (41) 590 (3,178)large
Operating profit before income tax expense 3,155 5,190 (39) 8,345 4,748 76
Income tax expense(1,337)(1,651)(19)(2,988)(2,138) 40
Net profit 1,818 3,539 (49) 5,357 2,610 105
Net profit attributable to NCI(3)(2) 50 (5)(2) 150
Cash earnings 1,815 3,537 (49) 5,352 2,608 105
Add back notable items 1,319 282 large 1,601 2,619 (39)
Cash earnings excluding notable items 3,134 3,819 (18) 6,953 5,227 33
1.3.1 Key financial information – cash earnings basis
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
20212021Mar 2120212020Sept 20
Shareholder value
Cash earnings per ordinary share (cents) 49.5 97.1 (49) 146.3 72.5 102
Economic profit/(loss) ($m)
4
(639) 1,407 large 768 (3,579)large
Weighted average ordinary shares (millions)
1
3,669 3,644 1 3,657 3,595 2
Dividend payout ratio121.28% 60.16%large80.88% 42.93%large
Cash earnings return on average ordinary equity (ROE) 5.02% 10.19%large 7.55% 3.83% 372 bps
Cash earnings return on average tangible ordinary equity (ROTE) 5.72% 11.71%large 8.65% 4.46%large
Average ordinary equity ($m) 72,108 69,583 4 70,849 68,014 4
Average tangible ordinary equity ($m)
2
63,241 60,552 4 61,900 58,421 6
Business performance
Interest spread 1.92% 2.01%(9 bps) 1.96% 1.96%-
Benefit of net non-interest bearing assets, liabilities and equity 0.07% 0.08%(1 bps) 0.08% 0.12%(4 bps)
Net interest margin 1.99% 2.09%(10 bps) 2.04% 2.08%(4 bps)
Average interest earning assets ($m) 825,926 812,950 2 819,456 821,718 -
Expense to income ratio 71.32% 55.38%large 63.14% 61.57% 157 bps
Full time equivalent employees (FTE) 40,143 38,747 4 40,143 36,849 9
Revenue per FTE ($ ‘000’s) 259 286 (9) 545 593 (8)
Effective tax rate 42.38% 31.81%large 35.81% 45.03%large
impairment charges
Impairment charges/(benefits) to average loans annualised
3
(6 bps)(11 bps) 5 bps(8 bps) 45 bps(53 bps)
Net write-offs to average loans annualised
3
8 bps 9 bps(1 bps) 8 bps 14 bps(6 bps)
1. Weighted average ordinary shares – cash earnings: represents the weighted average number of fully paid ordinary shares listed on the
ASX for the relevant period.
2. Average tangible ordinary equity is calculated as average ordinary equity less intangible assets (excluding capitalised software).
3. Includes assets and liabilities presented as held for sale.
4. Economic profit/(loss) is defined as cash earnings plus a franking benefit equivalent of 70% of the value of Austraian tax expense less
a capital charge calculated at 9% of average ordinary equity.

5
WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
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Group results
1.3.2 Cash earnings policy
In assessing financial performance, including divisional results, Westpac Group uses a measure of performance
referred to as ‘cash earnings’. Cash earnings is viewed as a measure of the level of profit that is generated by
ongoing operations and is therefore typically considered in assessing distributions, including dividends. Cash
earnings is neither a measure of cash flow nor net profit determined on a cash accounting basis, as it includes
both cash and non-cash adjustments to statutory net profit.
Management believes this allows the Group to more effectively assess performance for the current period against
prior periods and to compare performance across business divisions and across peer companies.
To determine cash earnings, three categories of adjustments are made to reported results:
• Material items that key decision makers at the Westpac Group believe do not reflect the Group’s ongoing operations;
• Items that are not typically considered when dividends are recommended, mainly economic hedging impacts; and
• Accounting reclassifications between individual line items that do not impact reported results.
A full reconciliation of reported results to cash earnings is set out in Section 5, Note 8.
Reconciliation of reported results to cash earnings and cash earnings excluding notable items
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
$m20212021Mar 2120212020Sept 20
Net profit attributable to owners of WBC 2,015 3,443 (41) 5,458 2,290 138
Fair value (gain)/loss on economic hedges(184) 46 large(138) 362 large
Ineffective hedges(16) 48 large 32 (61)large
Adjustments related to Pendal- - - - 31 (100)
Treasury shares- - - - (14)(100)
Total cash earnings adjustment (post-tax)(200) 94 large(106) 318 large
Cash earnings 1,815 3,537 (49) 5,352 2,608 105
Add back notable items 1,319 282 large 1,601 2,619 (39)
Cash earnings excluding notable items 3,134 3,819 (18) 6,953 5,227 33
Outlined below are the cash earnings adjustments to the reported result:
• Fair value (gain)/loss on economic hedges (which do not qualify for hedge accounting under AAS) comprise:
–The unrealised fair value (gain)/loss on hedges of accrual accounted term funding transactions are reversed
in deriving cash earnings as they may create a material timing difference on reported results but do not
affect the Group’s earnings over the life of the hedge; and
–The unrealised fair value (gain)/loss on foreign exchange hedges of future New Zealand earnings impacting
non-interest income is reversed in deriving cash earnings as they may create a material timing difference on
reported results but do not affect the Group’s earnings over the life of the hedge.
• Ineffective hedges: The unrealised (gain)/loss on ineffective hedges is reversed in deriving cash earnings
because the gain or loss arising from the fair value movement in these hedges reverses over time and does not
affect the Group’s profits over time;
• Adjustments related to Pendal: Westpac disposed of its holdings in Second Half 2020. As a result, no further
adjustments will be recognised. In prior periods this item was treated as a cash adjustment given its size and
that it did not reflect ongoing operations;
• Treasury shares: Treasury shares held by the Group in managed funds and life businesses were disposed of in
Second Half 2020 and these Treasury shares were nil as at 30 September 2021; and
• Accounting reclassifications between individual line items that do not impact reported results comprise:
–Operating leases: Under AAS rental income on operating leases is presented gross of the depreciation of
the assets subject to the lease. These amounts are offset in deriving non-interest income and operating
expenses on a cash earnings basis; and
–Policyholder tax recoveries: Income and tax amounts that are grossed up to comply with the AAS covering
Life Insurance Business (policyholder tax recoveries) are reversed in deriving income and taxation expense
on a cash earnings basis.

6WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Group results
1.3.3 Impact of notable items
Over recent years, a number of large items have impacted results. We have called these items “notable items”
Notable items do not include COVID-19 impacts despite the significant effect on our results this year. Notable
items can be divided into four categories:
Category
Cash
earnings
impact FY21
$mDetail
1. Provisions and costs related to the
AUSTRAC proceedings
-• There were no costs or provisions associated with the AUSTRAC
proceedings in Full Year 2021, these proceedings were settled in
Full Year 2020
.
2. Provisions for estimated customer
refunds and payments, associated costs
and litigation costs
$448 million
reduction
• Additional provisions for estimated customer refunds in
Full Year 2021 included:
–fees paid to aligned and salaried advisors;
–customer remediation in Westpac New Zealand;
–some customers on our platforms who were not advised of certain
corporate actions; partly offset by
–release of provisions for business customers provided with a business
loan instead of a consumer loan regulated by the National Consumer
Credit Protection Act and National Credit Code.
• Additional costs for our remediation program.
• Costs of litigation matters, including to resolve outstanding investigations
should a regulator decide to bring civil penalty proceedings.
• Costs associated with ending the Group’s service agreement with IOOF.
3. The write-down of assets, including
goodwill and capitalised software
$1,164 million
reduction
• Write-down of assets in WIB following an annual impairment test as
the value of WIB’s forward cash flows no longer supported the carrying
value of these assets. This was partly due to reducing risk in the division
through the exit of energy trading, consolidating our Asian operations
and reducing our correspondent banking relationships which have
all impacted earnings. At the same time, medium term expectations
of prolonged low interest rates, subdued financial markets income
and elevated compliance expenses have impacted WIB’s earnings
outlook. The pre-tax impact of assets written down included goodwill
($487 million), capitalised software ($344 million) and other assets,
mostly property leases ($325 million).
• Write-down and impairment of capitalised software balances.
• Write-down of goodwill in the Group’s Lenders Mortgage Insurance
business as part of its sale.
4. The impact of asset sales and
revaluations
$11 million
benefit
• Gain on the divestment of the Group’s stake in Coinbase Inc (Coinbase)
held in the Reinventure fund 1 of $283 million (after tax), along with an
additional gain on the sale of our holding in Zip Co. Ltd.
• Gain on sale of Westpac General Insurance.
• Post-sale adjustments from earn out payments associated with the sale of
the Group’s Vendor Finance business.
• Separation and transaction costs along with a deferred tax asset write-off
related to the agreed sale of Westpac Life Insurance Services Limited
(WLIS).
• Write-down of assets associated with Westpac Pacific as the division was
held for sale during First Half 2021.
• Other costs associated with the divestment of the Group’s specialist
businesses.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
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Group results
$m
AUSTRAC
proceedings
Refunds,
payments,
costs, and
litigation
Write-down
of intangibles
Asset
sales and
revaluationsTotal
Half Year Sept 2021
Net interest income- 60 - (4) 56
Net fee income- (33)- - (33)
Net wealth management and insurance income- (18)- - (18)
Trading income- - - - -
Other income- 3 - 193 196
Non-interest income- (48)- 193 145
Net operating income- 12 - 189 201
Staff expenses- (33)- (175)(208)
Occupancy expenses- - (232) 39 (193)
Technology expenses- (2)(414)(56)(472)
Other expenses- (180)(510)(39)(729)
Operating expenses- (215)(1,156)(231)(1,602)
Core earnings- (203)(1,156)(42)(1,401)
Income tax (expense)/benefit and NCI- 31 191 (140) 82
Cash earnings- (172)(965)(182)(1,319)
Half Year March 2021
Net interest income- 71 - - 71
Net fee income- (104)- - (104)
Net wealth management and insurance income- (88)- - (88)
Trading income- - - - -
Other income- (7)- 571 564
Non-interest income- (199)- 571 372
Net operating income- (128)- 571 443
Staff expenses- (83)- - (83)
Occupancy expenses- - - (82)(82)
Technology expenses- (1)(165)(12)(178)
Other expenses- (172)(84)(146)(402)
Operating expenses- (256)(249)(240)(745)
Core earnings- (384)(249) 331 (302)
Income tax (expense)/benefit and NCI- 108 50 (138) 20
Cash earnings- (276)(199) 193 (282)

8WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Group results
$m
AUSTRAC
proceedings
Refunds,
payments,
costs, and
litigation
Write-down
of intangibles
Asset
sales and
revaluationsTotal
Full Year Sept 2021
Net interest income- 131 - (4) 127
Net fee income- (137)- - (137)
Net wealth management and insurance income- (106)- - (106)
Trading income- - - - -
Other income- (4)- 764 760
Non-interest income- (247)- 764 517
Net operating income- (116)- 760 644
Staff expenses- (116)- (175)(291)
Occupancy expenses- - (232)(43)(275)
Technology expenses- (3)(579)(68)(650)
Other expenses- (352)(594)(185)(1,131)
Operating expenses- (471)(1,405)(471)(2,347)
Core earnings- (587)(1,405) 289 (1,703)
Income tax (expense)/benefit and NCI- 139 241 (278) 102
Cash earnings- (448)(1,164) 11 (1,601)
Full Year Sept 2020
Net interest income- (143)- - (143)
Net fee income- (88)- - (88)
Net wealth management and insurance income- (121)- (357)(478)
Trading income- - - - -
Other income- - - 303 303
Non-interest income- (209)- (54)(263)
Net operating income- (352)- (54)(406)
Staff expenses- (123)- (3)(126)
Occupancy expenses- - - - -
Technology expenses- (4)(161)(4)(169)
Other expenses(1,478)(147)(507)(112)(2,244)
Operating expenses(1,478)(274)(668)(119)(2,539)
Core earnings(1,478)(626)(668)(173)(2,945)
Income tax (expense)/benefit and NCI 36 186 54 50 326
Cash earnings(1,442)(440)(614)(123)(2,619)

9
WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
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Group results
1.3.3 Impact of notable items (continued)
Second Half 2021
Notable items contributed $56 million to net interest income as some customer remediation provisions were
no longer required for business customers that were not provided regulated consumer loans. These provision
releases were partly offset by additional provisions for customer remediation in Westpac New Zealand.
Notable items increased non-interest income $145 million and comprised:
• A benefit to Other income of $196 million for the gain on sale of Westpac General Insurance and post-sale earn
out payments from the sale of Vendor finance; partly offset by
• A reduction to Net fee income of $33 million for additional provisions for salaried advice remediation; and
• An $18 million reduction to Net wealth management and insurance income for additional provisions for aligned
dealer group advice remediation.
Notable items added $1,602 million to expenses in Second Half 2021 and comprised:
• Staff expenses of $208 million for separation costs related to the sale of WLIS and implementation of our
remediation programs;
• Occupancy expenses of $193 million related to the write-down of WIB property leases partly offset by the
write-back of assets in Westpac Pacific following the decision not to proceed with its sale;
• Technology expenses of $472 million, mainly from the write-down and impairment of capitalised software in
WIB and costs related to the sale of WLIS; and
• Other expenses of $729 million including the write-down of goodwill in WIB, costs associated with divestments
and other costs linked to completing our remediation programs and litigation matters.
Income tax expense and NCI was reduced $82 million by notable items. This was mainly from the tax benefit from
certain notable expenses, partly offset by higher tax from the sale of Westpac General Insurance and the write-off
of a deferred tax asset in WLIS.
First Half 2021
Notable items contributed $71 million to net interest income as some customer remediation provisions were no
longer required for business customers that were not provided regulated consumer loans.
Notable items added $372 million to non-interest income from:
• A $564 million benefit to Other income from a gain on our stake in Coinbase which has now been sold, along
with a small gain from finalising the sale of our holding in Zip Co. Ltd; partly offset by
• A $104 million reduction to Net fee income for additional provisions related to salaried advice remediation and
for some customers on our platforms who were not advised of certain corporate actions; and
• A $88 million reduction to Net wealth management and insurance income for additional provisions for aligned
dealer group advice remediation.
Notable items added $745 million to expenses in First Half 2021 and comprised:
• Staff expenses of $83 million related to implementation of our remediation program;
• Occupancy expenses of $82 million from the write-down of assets in Westpac Pacific, primarily property leases
as the business was held for sale in First Half 2021;
• Technology expenses of $178 million from the write-down and impairment of capitalised software; and
• Other expenses of $402 million including Reinventure performance fees paid that were linked to the
divestment of Coinbase, separation costs for divestments, the write-down of goodwill in Westpac Lenders
Mortgage Insurance and other assets in Westpac Pacific. Other expenses also included costs for completing
our remediation programs and provisions for litigation matters.
Income tax expense and NCI was reduced by $20 million for notable items mainly from the tax benefit of the
above items partly offset by tax on the revaluation gain on Coinbase.

10WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Group results
Full Year 2020
Notable items reduced net interest income by $143 million from an increase in provisions for Business customers
that were provided business loans but should have been provided regulated consumer loans, partly offset by the
release of provisions no longer required for interest only loans that did not automatically switch, when required, to
principal and interest loans.
Notable items reduced non-interest income by $263 million from:
• A reduction to Net fee income of $88 million for provisions for some customers on our platforms who were not
advised of certain corporate actions;
• A $478 million reduction of Net wealth management and insurance income from the write-off of intangibles
including insurance liabilities and deferred acquisition costs associated with WLIS and provisions for aligned
dealer group advice remediation; partly offset by
• A $303 million benefit to Other income from a revaluation gain related to the divestment of the Group’s stake
in Zip Co. Ltd.
Notable items added $2,539 million to expenses in Full Year 2020 and comprised:
• Staff expenses of $126 million for implementation of our remediation program;
• Technology expenses of $169 million from the write-down of capitalised software; and
• Other expenses of $2,244 million including costs associated with the AUSTRAC matter (including a $1.3 billion
penalty), the write-down of goodwill for WLIS and the Group’s Auto business, an accounting loss on sale of
our Vendor Finance business, and costs linked to our remediation programs and litigation.
Notable items reduced income tax expense and NCI by $326 million from the tax benefit of the above items
(excluding penalties and goodwill write-downs that were non-deductible), partly offset by tax on the revaluation
gain associated with the divestment of Zip Co Ltd.
1.3.4 Balance sheet presentation changes
Westpac had announced the sale of certain specialist businesses which included Westpac’s Vendor Finance
business, Westpac General Insurance Limited, Westpac General Services Limited, Westpac Pacific, Westpac
Lenders Mortgage Insurance Limited, Westpac Life Insurance Services Limited, Westpac Life-NZ-Limited,
Westpac’s motor vehicle dealer finance and Westpac’s novated leasing business. The assets and liabilities of these
businesses have been separately presented as assets held for sale and liabilities held for sale for First Half 2021,
Second Half 2021 and Full Year 2021 subsequent to their announcement. During Second Half 2021, we agreed
with Kina Securities Limited to terminate our sale agreement for Westpac Pacific following the decision by the
Papua New Guinea’s Independent Consumer and Competition Commission (ICCC) to deny authorisation for the
proposed acquisition. Accordingly, Westpac Pacific was no longer classified as held for sale at 30 September
2021. Comparatives were not restated for these change. Refer to Note 9 in Section 5, and Note 17 to 2021 Full Year
Financial Report for further details.
1.3.5 This Results Announcement is unaudited
PricewaterhouseCoopers has audited the financial statements contained within the 2021 Westpac Group Annual
Report and has issued an unmodified audit report. This 2021 Full Year Results Announcement has not been
subject to audit by PricewaterhouseCoopers. The financial information contained in this Results Announcement
includes information extracted from the audited financial statements together with information that has not been
audited. The cash earnings disclosed as part of this Results Announcement has not been separately audited by
PricewaterhouseCoopers.

11
WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
3
4
5
6
7
1
2
Group results
1.4 Market share and system multiple metrics
1.4.1 Market share
As atAs atAs atAs at
30 Sept31 March30 Sept31 March
2021202120202020
Australia
Banking system (Australian Prudential Regulation Authority (APRA))
Housing credit
1
22% 22% 23% 23%
Cards22% 22% 22% 23%
Household deposits21% 21% 21% 22%
Business deposits19% 19% 19% 20%
Financial system (Reserve Bank of Australia (RBA))
Housing credit
1
21% 22% 22% 22%
Business credit15% 15% 16% 16%
Retail deposits
2
20% 20% 21% 21%
New Zealand (Reserve Bank of New Zealand (RBNZ))
3
Consumer lending18% 18% 19% 18%
Deposits18% 18% 18% 19%
Business lending16% 17% 17% 17%
Australian Wealth Management
4
Platforms (includes Wrap and Corporate Super)18% 18% 18% 18%
Retail (excludes Cash)17% 17% 17% 18%
Corporate Super15% 15% 14% 15%
1.4.2 System multiples
Half YearHalf YearHalf YearHalf Year
SeptMarch30 SeptMarch
2021202120202020
Australia
Banking system (APRA)
Housing credit
1,5
0.9 0.4 n/a n/a
Cards
5
n/a n/a n/a n/a
Household deposits 0.9 0.6 0.6 0.3
Business deposits 0.7 0.2 0.7 0.6
Financial system (RBA)
Housing credit
1,5
1.0 0.4 n/a n/a
Business credit
5
0.9 n/a n/a 0.2
Retail deposits
2,5
1.0 n/a 0.4 0.3
New Zealand (RBNZ)
3
Consumer lending 0.9 0.9 1.3 1.0
Deposits 1.0 1.4 0.3 1.6
1. Includes securitised loans.
2. Retail deposits as measured by the RBA, financial system includes financial corporations’ deposits.
3. New Zealand comprises New Zealand banking operations.
4. Market Share Australian Wealth Management based on market share statistics from Plan For Life as at 30 June 2021
(for Second Half 2021), as at 31 December 2020 (for First Half 2021), as at 30 June 2020 (for Second Half 2020) and as at
31 December 2019 (for First Half 2020).
5. n/a indicates that system growth or Westpac growth was negative.

12WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
2.0 Review of Group operations
Divisional cash earnings summary
Westpac Westpac New
Institutional Zealand
1
SpecialistGroup
Consumer BusinessBank(A$)BusinessesBusinessesGroup
Half Year Sept 2021 ($m)
Net interest income 4,189 1,982 455 991 250 378 8,245
Non-interest income 247 276 520 156 806 (11) 1,994
Net operating income 4,436 2,258 975 1,147 1,056 367 10,239
Operating expenses(2,352)(1,360)(1,876)(562)(737)(415)(7,302)
Core earnings 2,084 898 (901) 585 319 (48) 2,937
Impairment (charges)/benefits 45 355 (154)(13)(14)(1) 218
Operating profit before income
tax (expense)/benefit 2,129 1,253 (1,055) 572 305 (49) 3,155
Income tax (expense)/benefit(640)(384) 155 (167)(241)(60)(1,337)
Net profit 1,489 869 (900) 405 64 (109) 1,818
Net profit attributable to NCI- - - - (5) 2 (3)
Cash earnings 1,489 869 (900) 405 59 (107) 1,815
Add back notable items 24 (55) 965 42 243 100 1,319
Cash earnings excluding notable
items 1,513 814 65 447 302 (7) 3,134
Half Year March 2021 ($m)
Net interest income 4,216 2,083 464 996 253 457 8,469
Non-interest income 241 273 582 167 684 383 2,330
Net operating income 4,457 2,356 1,046 1,163 937 840 10,799
Operating expenses(2,270)(1,170)(698)(500)(740)(603)(5,981)
Core earnings 2,187 1,186 348 663 197 237 4,818
Impairment (charges)/benefits 80 129 (8) 92 80 (1) 372
Operating profit before income
tax (expense)/benefit 2,267 1,315 340 755 277 236 5,190
Income tax (expense)/benefit(675)(395)(110)(210)(146)(115)(1,651)
Net profit 1,592 920 230 545 131 121 3,539
Net profit attributable to NCI- - - - 3 (5)(2)
Cash earnings 1,592 920 230 545 134 116 3,537
Add back notable items 76 (25) 26 10 297 (102) 282
Cash earnings excluding notable
items 1,668 895 256 555 431 14 3,819
Mov’t Sept 21 - Mar 21 (%)
Net interest income(1)(5)(2)(1)(1)(17)(3)
Non-interest income 2 1 (11)(7) 18 large(14)
Net operating income - (4)(7)(1) 13 (56)(5)
Operating expenses 4 16 169 12 - (31) 22
Core earnings(5)(24)large(12) 62 large(39)
Impairment (charges)/benefits(44) 175 largelargelarge- (41)
Operating profit before income
tax (expense)/benefit(6)(5)large(24) 10 large(39)
Income tax (expense)/benefit(5)(3)large(20) 65 (48)(19)
Net profit(6)(6)large(26)(51)large(49)
Net profit attributable to NCI- - - - largelarge 50
Cash earnings(6)(6)large(26)(56)large(49)
Add back notable items(68) 120 largelarge(18)largelarge
Cash earnings excluding notable
items(9)(9)(75)(19)(30)large(18)
1. Refer to Section 3.4 for the Westpac New Zealand NZ$ divisional result.

13
WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
3
4
5
6
7
1
2
Review of Group operations
Movement in cash earnings ($m)
Second Half 2021 – First Half 2021
1H21 cash
earnings
Add back
1H21
notable
items
1H21
cash
earnings
ex notable
items
Net
interest
income
Non-
interest
income
Operating
expenses
Impairment
charges
Tax &
non-
controlling
interests
2H21 cash
earnings
ex notable
items
2H21
notable
items
2H21 cash
earnings
3,537
282
3,819
(209)
(109)
(464)
(154)
251
3,134
(1,319)
1,815
(49%)
(18%)
Movement in core earnings by division ($m)
Second Half 2021 – First Half 2021
Add back
1H21
notable
items
1H21 core
earnings
1H21
core
earnings
ex notable
items
ConsumerBusinessWIBWestpac
New
Zealand
(A$)
SBDGroup
Businesses
2H21 core
earnings
ex notable
items
2H21
notable
items
2H21 core
earnings
4,818
3025,120
(185)
(337)
(130)
(89)
(4)
4,338
(1,401)
2,937
(39%)
(15%)
(37)

14WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Westpac Westpac New
Institutional Zealand
1
SpecialistGroup
Consumer BusinessBank(A$)BusinessesBusinessesGroup
Full Year Sept 2021 ($m)
Net interest income 8,405 4,065 919 1,987 503 835 16,714
Non-interest income 488 549 1,102 323 1,490 372 4,324
Net operating income 8,893 4,614 2,021 2,310 1,993 1,207 21,038
Operating expenses(4,622)(2,530)(2,574)(1,062)(1,477)(1,018)(13,283)
Core earnings 4,271 2,084 (553) 1,248 516 189 7,755
Impairment (charges)/benefits 125 484 (162) 79 66 (2) 590
Operating profit before income
tax (expense)/benefit 4,396 2,568 (715) 1,327 582 187 8,345
Income tax (expense)/benefit(1,315)(779) 45 (377)(387)(175)(2,988)
Net profit 3,081 1,789 (670) 950 195 12 5,357
Net profit attributable to NCI- - - - (2)(3)(5)
Cash earnings 3,081 1,789 (670) 950 193 9 5,352
Add back notable items 100 (80) 991 52 540 (2) 1,601
Cash earnings excluding notable
items 3,181 1,709 321 1,002 733 7 6,953
Full Year Sept 2020 ($m)
Net interest income 8,547 4,163 1,111 1,832 534 899 17,086
Non-interest income 573 560 1,182 319 762 144 3,540
Net operating income 9,120 4,723 2,293 2,151 1,296 1,043 20,626
Operating expenses(4,176)(2,298)(1,316)(998)(1,548)(2,364)(12,700)
Core earnings 4,944 2,425 977 1,153 (252)(1,321) 7,926
Impairment (charges)/benefits(1,015)(1,371)(404)(302)(255) 169 (3,178)
Operating profit before income
tax (expense)/benefit 3,929 1,054 573 851 (507)(1,152) 4,748
Income tax (expense)/benefit(1,183)(320)(241)(239) 3 (158)(2,138)
Net profit 2,746 734 332 612 (504)(1,310) 2,610
Net profit attributable to NCI- - - - (2)- (2)
Cash earnings 2,746 734 332 612 (506)(1,310) 2,608
Add back notable items 39 188 - 9 922 1,461 2,619
Cash earnings excluding notable
items 2,785 922 332 621 416 151 5,227
Mov’t Sept 21 - Sept 20 (%)
Net interest income(2)(2)(17) 8 (6)(7)(2)
Non-interest income(15)(2)(7) 1 96 158 22
Net operating income (2)(2)(12) 7 54 16 2
Operating expenses 11 10 96 6 (5)(57) 5
Core earnings(14)(14)large 8 largelarge(2)
Impairment (charges)/benefitslargelarge(60)largelargelargelarge
Operating profit before income
tax (expense)/benefit 12 144 large 56 largelarge 76
Income tax (expense)/benefit 11 143 large 58 large 11 40
Net profit 12 144 large 55 largelarge 105
Net profit attributable to NCI- - - - - - 150
Cash earnings 12 144 large 55 largelarge 105
Add back notable items 156 large- large(41)large(39)
Cash earnings excluding notable
items 14 85 (3) 61 76 (95) 33
1. Refer to Section 3.4 for the Westpac New Zealand NZ$ divisional result.

15
WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
3
4
5
6
7
1
2
Review of Group operations
Movement in cash earnings ($m)
Full Year 2021 – Full Year 2020
FY20 cash
earnings
Add back
FY20
notable
items
FY20 cash
earnings
ex notable
items
Net
interest
income
Non-
interest
income
Operating
expenses
Impairment
charges
Tax &
non-
controlling
interests
FY21 cash
earnings
ex notable
items
FY21
notable
items
FY21 cash
earnings
2,608
2,6195,227
(642)
4
(775)
3,768
(629)
6,953
(1,601)
5,352
105%
33%
Movement in core earnings by division ($m)
Full Year 2021 – Full Year 2020
FY20 core
earnings
Add back
FY20
notable
items
FY20 core
earnings
ex notable
items
ConsumerBusiness
WIB
Westpac
New
Zealand
(A$)
Group
Businesses
FY21 core
earnings
ex notable
items
FY21
notable
items
FY21 core
earnings
7,926
2,94510,871
(592)
(729)
(337)
151
(30)
9,458
(1,703)
7,755
(2%)
(13%)
124
SBD

16WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
2.1 Performance overview
Overview
Westpac has made progress in the 2021 financial year, with higher cash earnings, continued balance sheet
strength, and improving momentum on our strategic priorities. Full Year 2021 cash earnings of $5,352 million
were significantly higher than Full Year 2020, up $2,744 million or 105%, due to a turnaround in credit impairment
charges (a $2,638 million cash earnings increase) and lower notable items (infrequent items that do not reflect
ongoing business performance). Full Year 2021 cash return on equity was 7.6% and cash earnings per share were
146.3 cents, up 102%. Excluding notable items these metrics were 9.8% and 190.1 cents per share, up 31%.
Our core performance in Full Year 2021 reflected improving momentum across our businesses. We restored
loan growth through the year with mortgage lending growing in line with the major banks in the second half
while business loan growth is improving in our core markets. While growth improved, revenue was down as net
interest margins fell, predominantly from low interest rates, increased competition and the mix impact of growth
in lower spread assets. Earnings were also impacted by higher operating expenses as we have committed to do
what is necessary to address our shortcomings and strengthen our management of risk. Nevertheless, we are
looking beyond these medium term cost increases and are seeking to deliver a cost base of $8 billion in 2024.
The turnaround in credit impairments was the largest driver of improved earnings.
While notable items were lower over the year, their cash earnings impact remained significant at $1,601 million
in Full Year 2021. The notable items were largely due to the $965 million write-down of assets in Westpac
Institutional Bank (WIB) as its earnings profile could not support the carrying value of its intangible assets.
The remaining notables were mostly due to additional costs related to remediation and regulatory actions,
and additional costs and write-downs linked to the exit of businesses. Detail on notable items is provided
in Section 1.3.3 and Section 3.0. In aggregate, notable items were $1,018 million lower than in Full Year 2020
(which were $2,619 million).
Excluding notable items, cash earnings for Full Year 2021 were $6,953 million up $1,726 million or 33% on
Full Year 2020. The increase was predominantly due to a credit impairment benefit of $590 million for Full Year
2021 (compared to a credit impairment charge of $3,178 million in Full Year 2020) as credit quality outcomes
related to COVID-19 did not have the financial impact we estimated in 2020. This meant that certain impairment
provisions built up in Full Year 2020 were no longer required.
Core earnings (profit before impairment charges and tax), excluding notable items, were lower in 2021, declining
13%. While loan growth improved through the year, low interest rates and continued mortgage competition drove
an 8 basis points reduction in margins. Expenses rose 8% as we increased resources to address our strategic
priorities. This was partly offset by a small rise in non-interest income from higher insurance earnings.
Improved cash earnings and underwriting the final 2020 dividend contributed to a strengthening of our balance
sheet. Our common equity tier 1 (CET1) capital ratio increased 119 basis points, while our funding and liquidity
metrics are all comfortably above regulatory minimums. The Board has determined to pay a final ordinary
dividend of 60 cents per share reflecting a 121% cash earnings payout ratio.
At 30 September 2021 our CET1 capital ratio of 12.3% represents $8 billion of capital above APRA’s unquestionably
strong benchmark of 10.5%. Given this strong capital position and the improved economic outlook, the Board has
determined to implement an off-market share buy-back of up to $3.5 billion.
Having established our new strategic priorities at the end of 2020, the 2021 financial year has been focused on
implementation – and we have made good progress. Significant attention, and cost, has been directed to our ‘Fix’
priority while we have also made good progress on our ‘Simplify’ and our ‘Perform’ priorities.
Progress under each of these priorities is described below.
Fix
This priority is focused on improving our control environment, lifting our management of risk and completing
customer remediation as quickly as possible. A key element of this is our Customer Outcomes and Risk Excellence
(CORE) program which is an integrated plan of over 300 activities that aims to strengthen our risk governance,
accountability, and culture. Key milestones achieved for the CORE program over the year have included:
• Over 600 senior leaders have established statements of accountability to improve role clarity, prioritisation
and decision making;
• Completed mapping of key processes across our Australian banking business to standardise risk management
and reporting;
• Added over 2,000 employees to lift our three lines of defence capability while over 7,600 people completed
expanded risk fundamentals training; and
• 121 CORE activities (37% of the activities) submitted to Promontory Australia (who is completing the
independent assurance of the program).
Review of Group
operations
Review of Group operations

2
1
3
4
5
6
7
17
WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Alongside our CORE program, additional progress under our Fix priority has included:
• Progressing customer remediation. In 2021 we paid or offered over $1 billion to more than 1 million customers.
Within our remediation programs we have:
–Largely finalised payments associated with our two largest financial advice remediation programs; and
–Completed the review of business customers who were provided a business loan instead of a regulated
consumer loan. Customer remediation is expected to be completed by mid 2022.
• Further improved our financial crime capability including closing out all matters referred to in the AUSTRAC
statement of claim;
• Embedded our new complaints management platform, to better capture, resolve and report complaints, and
help to identify and rectify the root cause of customer issues; and
• Lifting technology resilience in New Zealand, with almost a third of payments migrated to a new payments
platform while replacement of the core business lending/deposit platform is 50% complete.
While we have made much progress there is still much to do. In addition, there are a number of investigations
underway that primarily relate to our past practices and these could result in further litigation, fines, penalties or
other regulatory action. Refer to Note 14 of the Financial Statements on Contingent Liabilities and Provisions for
further details.
Simplify
In simplifying Westpac, we are focusing on banking for consumer, business and institutional customers in Australia
and New Zealand. This has three dimensions 1. portfolio simplification – the businesses we operate, 2. geographic
simplification – where we operate, and 3. banking simplification – making it easier for customers to bank with us,
using digital to transform our operations.
Under portfolio simplification, our Specialist Businesses division was set up to manage the Australian and Pacific
businesses we ultimately plan to exit. Over Full Year 2021 we:
• Completed the sale of our General Insurance, Lenders Mortgage Insurance, Vendor Finance and New Zealand
Wealth Advisory businesses; and
• Entered into sale agreements for our Australian Life Insurance, New Zealand Life Insurance, and Motor Vehicle
Finance and Novated Leasing businesses.
The remaining businesses identified for divestment, but not under a sale agreement, include Westpac Pacific and
our Superannuation, Investments and Platforms (SIP) operations. During Second Half 2021 we agreed with Kina
Securities Limited to terminate our sale agreement for Westpac Pacific following the decision by the Papua New
Guinea’s Independent Consumer and Competition Commission (ICCC) to deny authorisation for the proposed
acquisition. We continue to operate the business while assessing other options.
Under geographic simplification, we announced the consolidation of 5 international offices into our Singapore
hub. Our branches in Mumbai and Jakarta have now been closed while our Hong Kong, Shanghai and Beijing
offices are not taking new business and we expect to finalise their exit by the end of 2022.
A key element of banking simplification has been the establishment of our lines of business operating model. This
model is providing end-to-end accountability and clear decision making for our major product categories and is
supporting the streamlining of processes (including via digitisation), reducing and simplifying products, cutting
the number of fees and improving service.
Banking simplification outcomes for 2021 included:
• Closing over 100 branches across Australia and New Zealand and reducing the ATM network by 168, down 8%;
• Launching a new Westpac mobile banking iPhone app which is now being used by over 90% of eligible iPhone
app consumer and sole trader customers. Our new Android app is now in pilot;
• Closing 284 products and eliminating associated fees;
• Streamlining the annual account review process for business customers, improving banker productivity;
• Reducing correspondent banking relationships, exiting, or restricting our relationship with 286 banking groups;
• Returning over 1,000 previously outsourced roles to Australia; and
• Revamping the New Zealand website improving customer self-service while lowering call centre volumes.
Review of Group operations

18WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Perform
In the current low interest rate and competitive environment, it has been vital that we remain focused on
enhancing our operational efficiency to improve sustainable shareholder returns. We have previously outlined our
key ‘Perform’ priorities of growing mortgages in line with major banks by Second Half 2021 and have set a three-
year cost base target. Progress over the year included:
• Targeting an $8 billion cost base by Full Year 2024. Four elements required to meet this target include,
elimination of major notable items, exiting businesses, simplifying our operations (with a focus on digital) and
streamlining our head office consistent with the smaller, more focused business we are becoming. Most of the
progress this year has been linked to our simplification priority, particularly divestments;
• Restored growth in mortgages to be in line with major bank system in Second Half 2021. In part this was due to
the establishment of the mortgage line of business which has:
–Conducted more targeted campaigns, to improve growth in key segments;
–Finalised the roll-out of our one bank platform to our bank brands with a single digital origination process;
–Implemented around 70 process improvements to enhance the customer experience and speed-up
decision times; and
–Recruited around 150 new bankers, and over 300 people in our mortgage operations team.
• Improved growth in business lending through the year. with over 100 policy and process improvements,
increased auto decisioning and reduced decision times. While in Institutional, we have refocused on our core
markets generating growth across most sectors;
• Launched new card products, ‘Flex’ (zero rate card) and ‘Worldwide wallet’ card for international payments;
• Developed a new Banking-as-a-Service (BaaS) platform (a low cost, cloud based banking system) which
is now in pilot. Deposits on the new platform will soon be available to the customers of our first partner,
Afterpay; and
• Maintained a strong balance sheet enabling us to announce an off-market buy-back.
Supporting customers
Under our Perform strategic priority we are seeking to deliver market leading customer service. While much of
our effort this year has been on supporting customers throughout the COVID-19 pandemic we have also delivered
initiatives to improve the customer experience. Some of these included:
• Accelerating use of dynamic CVC numbers and instant digital cards to improve convenience and security;
• Developed a new digital onboarding and verification process enabling deposit customers to set up and use
their accounts within 5 minutes;
• Enhancing the ability for customers to block their cards to online gambling;
• Helping the more vulnerable in the community, with around 18,000 customers receiving assistance through our
specialist teams; and
• Implemented new measures to block inappropriate messages through payments channels.
COVID-19
COVID-19 has continued to have a significant impact on economies, businesses, and consumers. The effects of
lockdowns and social restrictions have been partly offset by the support provided by governments, regulators and
by the banking sector. And so, while the impact of COVID-19 restrictions has been less than initially expected, its
effects on customers have been uneven across businesses and consumers. How COVID-19 affected Westpac can
be broadly categorised into five areas.
1. Low interest rates supported demand for lending (particularly mortgages) although they have put pressure on
interest margins through lower returns on capital, and from an effective floor on deposit interest rates.
2. Westpac has provided significant support to customers via repayment deferrals, fee waivers, special interest
rates and special loans. While the current levels of support are well down on the 2020 peaks, it has, and will
continue to, have an impact on net interest income and non-interest income.
3. Elevated stressed exposures compared to pre-pandemic levels. In First Half 2021 it became clear stressed
exposures were going to be less than initially expected in 2020, and after peaking around September
2020, the proportion of loans classified as stressed has now declined. Despite the improved outlook, some
uncertainty remains, and we will continue to monitor how customers manage the winding down of government
assistance and emerge from lockdowns in determining credit impairment provisions.
4. Costs increased as we responded to higher demand for support, installed new customer/employee protection
measures and brought roles back to Australia. Some costs associated with safety measures have reduced in
Full Year 2021, others will remain while we continue to focus on supporting customers/employees.
5. A stronger balance sheet through more capital, higher liquid assets and more customer deposits. These
changes partly impact net interest income but also reduce return metrics from higher capital.
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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Financial performance summary (Full Year 2021 compared to Full Year 2020)
Cash earnings for Full Year 2021 were $5,352 million, up 105% on Full Year 2020. The result benefited from
lower credit impairment charges and lower notable items. The notable items are explained in Section 1.3.3 and
Section 3.0.
The cash earnings impact of notable items was $1,601 million in Full Year 2021 (compared to $2,619 million in
Full Year 2020). Excluding notable items, cash earnings were $6,953 million, up $1,726 million or 33%.
Net interest income
Net interest income of $16,714 million was down 2% with a 4 basis point reduction in net interest margin to 2.04%
and little change in average interest earning assets.
Excluding notable items, net interest income was down $642 million or 4% with margins down 8 basis points to
2.02%. Notable items in interest income were due to provision releases for customer refunds no longer required.
The 8 basis point decline in margins excluding notable items was predominantly due to mortgage competition
resulting in narrower spreads on new and refinanced lending along with the impact of low interest rates, including
reduced income on capital and hedged deposits. The mix effect of growing lower spread fixed rate mortgages
and holding more liquid assets also contributed to the margin decline. These reductions were partly offset by
improved deposit spreads (including the mix effect from less term deposits) and lower wholesale funding costs as
we fully drew down on our $30 billion allocation of the Term Funding Facility.
While average interest earning assets were flat over the year there was a change in mix, with average loans
decreasing 2% offset by a 15% increase in liquid assets due to both additional market liquidity and a lift in funded
liquid assets.
On a spot basis, lending increased $17.7 billion (up 3%) as growth improved through the year. Most of the rise was
in Australian mortgages, up $14.7 billion or 3%, a $7.0 billion or 9% increase in New Zealand lending (in $A terms)
and a small increase in Australian business lending of $0.9 billion. These increases were partly offset by lower
offshore lending, down $4.3 billion or 41% following our decision to consolidate our Asian points of presence and
lower personal lending, down $2.4 billion or 14%.
In Australian mortgages, growth was concentrated in owner occupied lending which was up 9% while investor
lending declined 5%. There has also been a significant shift in the composition of this portfolio with fixed rate
lending comprising 38% of the book, up from 28% at September 2020.
Customer deposits grew 4%, fully funding loan growth over the year and lifting the deposit to loan ratio to
81.6% up from 80.1%. The rise in deposits was consistent with the increased liquidity in the financial system from
government stimulus payments and a decline in retail spending. Most of the increase in deposits was in at call
deposits, both in Australia and New Zealand (up 13% and 16% respectively), as customers preferred to keep
their funds liquid. This was partly offset by a corresponding shift away from term deposits down 18% in Australia
and 9% in New Zealand. Overall customer deposit growth in New Zealand was 10% in $A terms, while overseas
deposits fell $4.0 billion or 37% in line with our Asian consolidation.
Non-interest income
Non-interest income for Full Year 2021 was $4,324 million or 22% higher than Full Year 2020. Excluding notable
items, non-interest income was relatively flat (up $4 million).
Notable items were a benefit to non-interest income in 2021 versus a detriment to earnings in Full Year 2020. The
benefits were due to a $537 million contribution from our prior holding in Coinbase Inc. and a $160 million gain
from the sale of Westpac General Insurance Limited.
Key movements in non-interest income excluding notable items included:
• Higher insurance income from a favourable life policyholder liability revaluation, lower general insurance severe
weather claims and higher mortgage growth increasing the contribution from Lenders Mortgage Insurance;
• Reduced trading income from lower market volatility and the closure of the energy trading business in 2020;
• Our decision to reduce our correspondent banking relationships;
• The removal of around 80 fees in Consumer as part of our Simplify priority; and
• Lower wealth income with more customers now on lower margin products.
Review of Group operations

20WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Expenses
Operating expenses were up $583 million or 5% over Full Year 2021 with the increase mainly due to higher
workforce expenses. In Full Year 2021 notable items in expenses were $2,347 million, mostly from the write-down
of WIB assets, costs related to businesses being sold (including goodwill write-downs along with separation
and transaction costs), and further provisions for remediation costs and litigation. Costs were also higher from
performance fees linked to Reinventure (our fintech venture capital funds) following the sale of our Coinbase Inc.
holding.
Full Year 2020 notable items in expenses were $2,539 million and included provisions for the AUSTRAC penalty
and write-downs of intangibles. Excluding notable items, expenses were up $775 million or 8%.
Excluding notable items, higher expenses were predominantly workforce related as FTE increased 3,294, or 9%.
Most of these new roles were focused on supporting our Fix strategic priority, including our CORE program and
strengthening our risk and financial crime teams. Some of these resources will roll-off as programs are completed.
We also added more front-line mortgage specialists and bankers along with more resources to process mortgage
volumes and respond to customer enquiries, including bringing 1,000 roles back to Australia.
Credit quality and credit impairment charges
After initially deteriorating in 2020 from the economic impacts of COVID-19, credit quality metrics improved over
Full Year 2021. The improvement has been due to the success of government stimulus measures, better labour
market conditions and the support provided to customers, including repayment deferrals.
Stressed exposures to total committed exposures ended the year at 1.36% compared to 1.91% at 30 September
2020. The improvement was experienced across most sectors, segments and geographies. Delinquencies were
also lower with mortgage 90+ day delinquencies down 51 basis points to 0.99% and other consumer 90+ day
delinquencies down 44 basis points to 1.75%.
The improvement in credit quality, along with a better economic outlook, has meant that some provisions booked
in Full Year 2020 were no longer required. This led to a credit impairment benefit of $590 million for Full Year
2021. This compared to a $3,178 million credit impairment charge in Full Year 2020 – in aggregate, a $3.8 billion
turnaround.
Total provision balances remain above pre-pandemic levels at $5.0 billion and were down $1.1 billion over
Full Year 2021. Our ratio of total provisions to credit risk weighted assets was 1.40% at 30 September 2021,
down from 1.71% at 30 September 2020. Our ratio of impaired asset provisions to impaired assets was 54%,
up from 41% at 30 September 2020.
Ta x
The Group booked a $2,988 million tax expense in Full Year 2021 up 40% from Full Year 2020. The rise in tax
expense was less than the 76% increase in earnings before tax as the effective tax rate reduced to 35.8%, from
45.0% in Full Year 2020. The tax rate in Full Year 2021 remains higher than Australia’s 30% corporate tax rate as
some intangible asset write-downs were not tax deductible.
ROE and EPS
The large increase in cash earnings contributed to an increase in return and per share metrics, these increases
were partly offset by increases in capital and a 2% rise in shares on issue. The cash earnings return on equity
was 7.6% in Full Year 2021 up from 3.8% for Full Year 2020. Cash earnings per ordinary share were 146.4 cents in
Full Year 2021, more than doubling from 72.5 cents over the prior year.
Excluding notable items, cash earnings per share were 190.1 cents, compared to 145.4 cents for Full Year 2020,
while the return on equity was 9.8%.
Net tangible assets per share were $16.90 at 30 September 2021 up 8% over the year, due to increased capital.
Capital
The Group’s capital position improved over the half with a CET1 capital ratio of 12.32% at 30 September 2021
up from 11.13% at 30 September 2020. The rise was due to the increase in cash earnings, completion of the
divestment of Westpac General Insurance and Westpac Lenders Mortgage Insurance and the full underwrite of
the final 2020 dividend.
The Group’s funding and liquidity ratios remained comfortably above regulatory minimums with the liquidity
coverage ratio (LCR) and the net stable funding ratio (NSFR) ending the year at 129% and 125% respectively.
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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Dividends and capital management
The Board determined a final ordinary dividend of 60 cents per share, fully franked. This reflects a payout ratio of
121% based on cash earnings and 70% excluding notable items.
Based on the share price at 30 September 2021, the implied yield on the final dividend is 4.62%.
No discount will be applied to the market price used to determine the number of shares issued under the dividend
reinvestment plan (DRP). The market price used to determine the number of shares issued under the DRP will be
set over the 10 trading days commencing 11 November 2021. Westpac plans to neutralise the impact of the DRP
and intends to arrange for the purchase of shares by a third party to satisfy the DRP for the 2021 final dividend.
The 60 cent ordinary dividend is expected to be paid on 21 December 2021.
Given Westpac’s CET1 capital ratio is comfortably above APRA’s 10.5% unquestionably strong benchmark the
Board has decided to announce an off-market buy-back of up to $3.5 billion worth of shares.
After allowing for the 2021 Final ordinary dividend, and the announced off-market buy-back, the Group’s adjusted
franking account balance is estimated to be $3.0 billion.
Bank Levy
Westpac paid the Government’s Bank Levy of $392 million in Full Year 2021 ($408 million in Full Year 2020). The
Bank Levy in Full Year 2021 was equal to 5% of cash earnings and is equivalent to 7 cents per share and is included
in net interest income where it reduced net interest margin by 5 basis points. In aggregate, taxes paid, along with
the Bank Levy give Westpac an adjusted effective tax rate of 38.7%.
Financial performance summary (Second Half 2021 compared to First Half 2021)
Cash earnings of $1,815 million were down $1,722 million or 49% from First Half 2021. The decrease was primarily
due to higher notable items in Second Half 2021, lower net interest income and higher expenses. Excluding
notable items, cash earnings were $3,134 million, down $685 million or 18%.
Notable items for the half reduced cash earnings by $1,319 million and included the write-down of assets in WIB
and for businesses under sale, further provisions for remediation costs, litigation matters along with separation
and transaction costs. These were partly offset by gains on sale of divested businesses.
Net interest income was 3% lower over the prior half, principally due to lower net interest margins which fell
10 basis points to 1.99% (excluding notable items, margins fell 9 basis points to 1.98%) primarily due to low interest
rates, competition narrowing spreads on new and existing lending and adverse mix impacts. Average interest
earning assets were up 2% over the half from a 1% rise in lending. Growth in lending was due to:
• Higher Australian lending across mortgages (up $12.0 billion), business (up $5.5 billion) while personal lending
decreased $1.7 billion; and
• Higher New Zealand lending up $5.3 billion (in $A terms) mainly from stronger mortgage lending.
Customer deposits increased $30.0 billion as continued government stimulus flowed through to increased
liquidity in the financial system. Growth in Australia was predominantly in at call accounts, which grew
$30.2 billion or 10%, predominantly in Consumer and Business as customer preferences to more liquid
deposits continued. Correspondingly, term deposits contracted 7% over the six months to 30 September 2021.
New Zealand deposits increased $4.5 billion (in $A terms) or 7% with similar mix trends.
Non-interest income was down 14% over the prior half and was down 6% excluding notable items. The fall
excluding notable items was mainly due to lower trading income from lower non-customer markets income.
Expenses were up $1,321 million or 22% compared to First Half 2021. Excluding notable items, expenses were up
$464 million or 9% primarily due to higher staff expenses. The increase reflected additional workforce associated
with our Fix priority, increased staff to support customers, including customers experiencing hardship and lower
utilisation of leave provisions following COVID-19 lockdowns.
Credit quality continued to improve over the half with stressed exposures to TCE declining 24 basis points to
1.36%. Mortgage and other consumer delinquencies were also lower.
We recorded a credit impairment benefit in Second Half 2021 of $218 million as the improvement in credit quality
and a better economic outlook meant that collectively assessed provisions initially booked in 2020 were no longer
required. The $218 million benefit was lower than the benefit recorded in First Half 2021 of $372 million. Within
the impairment benefit was an individually assessed provision charge of $263 million, mostly related to a large
equipment finance fraud that was fully provided for.
Review of Group operations

22WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Divisional performance summary
The performance of each division is based on Full Year 2021 compared to Full Year 2020 and is discussed below.
For a description of each division see Section 3.
Consumer
Cash earnings of $3,081 million were $335 million or 12% higher than Full Year 2020, mostly from a credit
impairment benefit partly offset by higher expenses and lower net interest income. Notable items had a small
net impact on the division’s earnings over the year, predominantly in expenses. Net interest income was down
2% with a 3 basis point decrease in margins partly offset by a 5% increase in lending. The decrease in margins
was driven by competition in mortgages leading to lower spreads on new and refinanced lending along with a
mix shift to fixed rate lending. This was partly offset by a portfolio mix benefit in deposits (from term deposits
to at call) and improved deposit spreads. Non-interest income fell 15% reflecting the removal of certain fees as
part of our simplification strategy, lower activity related fees and reduced foreign currency fees. Costs were
9% higher (excluding notable items) mostly related to our Fix priority. Credit impairment charges were a benefit
of $125 million compared to a charge of $1,015 million in Full Year 2020 as provisions raised in the prior year were
no longer required.
Business
Cash earnings of $1,789 million were $1,055 million higher than Full Year 2020. Most of the improvement was
due to a credit impairment benefit of $484 million compared to a credit impairment charge of $1,371 million in
Full Year 2020 along with a $268 million turnaround in notable items. Excluding notable items, earnings were
$1,709 million, up $787 million. Net interest income benefited from a $318 million turnaround in notable items
as some provisions for customer refunds were no longer required. Excluding this, net interest income was down
$416 million or 10% with a 11 basis point decrease in margins and a 5% decrease in lending. Lower lending reflected
reduced demand and a reduction in investor property lending. The decline in margins was from reduced spreads
on business loans and the impact of special low interest rates on COVID-19 support products. This was partly
offset by improved deposit spreads and lower funding costs. Non-interest income also fell mostly due to a decline
in activity. Expenses, excluding notable items, were $303 million or 14% higher than Full Year 2021 from increased
resources associated with our Fix priority along with further investment in front line risk capability including
additional bankers. Credit impairment charges were a $484 million benefit in Full Year 2021, the turnaround from
a Full Year 2020 charge of $1,371 million mainly reflecting an improved economic outlook and credit quality.
Individually assessed provisions were also lower over the year.
Westpac Institutional Bank
Cash earnings were a loss of $670 million for Full Year 2021 compared to a profit of $332 million for Full Year
2020, with notable items of $991 million incurred in Full Year 2021. Excluding notable items, cash earnings were
$321 million or 3% million lower than Full Year 2020. Income was 12% lower, mostly from a 17% fall in net interest
income as net interest margin declined 9 basis points and lending was broadly flat. The decline in margins
was mainly due to the impact of low interest rates on deposit spreads and earnings on capital. Non-interest
income was down 7% from lower non-customer and customer financial markets income, including from the
closure of the energy desk, partly offset by a derivative valuation adjustment benefit. Expenses were 5% higher
excluding notable items, with the increase due to higher risk management and compliance costs, partly offset
by productivity benefits from the consolidation of our international operations. Credit impairment charges were
$242 million lower, mainly due to collectively assessed provisions reducing as both the economic outlook and
credit quality improved and offshore exposures declined. This was partly offset by one large facility downgraded
to impaired.
Westpac New Zealand
Cash earnings of NZ$1,013 million were NZ$364 million or 56% higher compared to Full Year 2020. Net interest
income was up 9%, or 10% excluding notable items from a 5% increase in lending and a 5 basis point expansion
in net interest margin (excluding notable items). The increase in margin was primarily due to higher deposit
spreads from repricing and portfolio mix, partly offset by lower spreads on new lending. Non-interest income was
up 3% primarily from higher cards revenue and a gain on sale of the Wealth Advisory business. Expenses were
up NZ$73 million or 7% mainly from one-off costs related to strategic projects alongside additional investment
in our Fix priority. Credit impairment charges were a NZ$84 million benefit in Full Year 2021 compared to a
NZ$320 million charge in Full Year 2020, the turnaround was mainly from a collectively assessed provision benefit
from improved credit quality with delinquencies and stressed exposures improving and from a better economic
outlook.
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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Specialist Businesses
Cash earnings for Full Year 2021 were $193 million compared to a loss of $506 million for Full Year 2020, most
of the improvement was due to a $382 million reduction in notable items. In Full Year 2021 the division incurred
$540 million of notable items, primarily related to divestments, compared to $922 million in the previous year.
Net interest income excluding notable items was down $13 million or 2%, due to a decrease in Auto, Pacific
and Vendor Finance lending. This was partly offset by an 14 basis point improvement in margins as interest
rate reductions related to COVID-19 support ended. Non-interest income, excluding notable items, increased
$120 million or 10%.
Revenue contributions from businesses excluding notable items were:
• Insurance income was up $180 million or 61% from an improved Lenders Mortgage Insurance contribution as
the mortgage portfolio grew and claims fell, lower severe weather claims in General Insurance and a favourable
movement in policyholder valuations in Life Insurance;
• Superannuation, Investments and Platforms contribution fell $18 million or 3% mostly from continued margin
compression from pricing changes and migrations; and
• Banking income fell $41 million or 29% from lower activity including in Westpac Pacific from the impact of
COVID-19 restrictions on tourism.
Expenses were down $54 million in Full Year 2021 excluding notable items due to lower project spend and
reduced costs related to COVID-19 support. Credit impairment charges were a benefit of $66 million compared to
a charge of $255 million as provisions raised in Full Year 2020 were no longer required.
Over Full Year 2021 we completed sales of Westpac General Insurance, Westpac Lenders Mortgage Insurance and
our Vendor Finance business. Further detail on the contribution of these businesses can be found in Section 5
Note 9.
Group Businesses
Group Businesses cash earnings were $9 million in Full Year 2021, compared to a $1,310 million loss in Full Year
2020. The improvement in cash earnings reflected lower notable items in Full Year 2021 with benefits from the
sale of our holding in Coinbase Inc. partly offset by lower provisions for customer refunds and payments and
litigation. Notable items in Full Year 2020 costs related to the AUSTRAC proceedings, additional provisions for
customer refunds and payments and litigation, partly offset by the revaluation gains on our investment in Zip Co
Limited Excluding notable items, cash earnings were $7 million compared to $151 million in Full Year 2020. The
fall in cash earnings was mainly due to a lower contribution from Treasury and credit impairment charges as we
reduced some centrally held credit impairment provisions in Full Year 2020.
Review of Group operations

24WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
2.2 Review of earnings
2.2.1 Net interest income
1
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
$m20212021Mar 2120212020Sept 20
Net interest Income ($m)
Net interest income excluding Treasury & Markets 7,796 7,942 (2) 15,738 16,049 (2)
Treasury net interest income
2
396 482 (18) 878 903 (3)
Markets net interest income 53 45 18 98 134 (27)
Net interest income 8,245 8,469 (3) 16,714 17,086 (2)
Add back notable items(56)(71)(21)(127) 143 large
Net interest income excluding notable items 8,189 8,398 (2) 16,587 17,229 (4)
Average interest earning assets ($m)
3
Loans 657,940 648,767 1 653,366 670,072 (2)
Third party liquid assets
4
149,416 138,245 8 143,846 125,606 15
Other interest earning assets 18,570 25,938 (28) 22,244 26,040 (15)
Average interest earning assets 825,926 812,950 2 819,456 821,718 -
Net interest margin (%)
Group net interest margin 1.99% 2.09%(10 bps) 2.04% 2.08%(4 bps)
Group net interest margin excluding Treasury &
Markets
5
1.88% 1.96%(8 bps) 1.92% 1.95%(3 bps)
Excluding notable items (%)
Group net interest margin 1.98% 2.07%(9 bps) 2.02% 2.10%(8 bps)
Group net interest margin excluding Treasury &
Markets
5
1.87% 1.94%(7 bps) 1.90% 1.97%(7 bps)
Second Half 2021 – First Half 2021
Net interest income decreased $224 million or 3% compared to First Half 2021. Excluding notable items, net
interest income decreased $209 million against First Half 2021. Key features include:
• Net interest margin decreased 10 basis points due to competition in lending, shifts in the mortgage portfolio
to lower margin fixed rate loans, reduced earnings on hedged capital and deposits, and a decline in the
Treasury and Markets contribution. This was partly offset by shifts in deposit mix as customers preferred at call
products, deposit repricing, and lower wholesale funding costs. Refer to Section 2.2.4 for further details on net
interest margin; and
• Average interest earning assets increased 2% due to higher mortgage lending and holdings of third party liquid
assets. This was partly offset by lower average business and personal lending. Other interest earning assets
decreased mainly in collateral balances.
Full Year 2021 – Full Year 2020
Net interest income decreased $372 million or 2% compared to Full Year 2020. Excluding notable items, net
interest income decreased $642 million against Full Year 2020. Key features include:
• Net interest margin decreased 4 basis points due to compression on lending from shifts in the mortgage
portfolio to lower margin fixed rate loans, mix impact from a decline in personal lending, and reduced earnings
on hedged capital and deposits. This was partly offset by deposit repricing, shifts in the deposit mix as
customers preferred at call products, and lower wholesale funding costs. Refer to Section 2.2.4 for further
details on net interest margin; and
• Average interest earnings assets declined slightly, with reductions in institutional, business, and personal
lending balances, partly offset by higher mortgage lending balances and increased holdings of third party
liquid assets. Other interest earning assets decreased mainly in collateral balances.
1. Refer to Section 4, Note 3 for reported results breakdown. Refer to Section 5, Note 3 for cash earnings results breakdown. As discussed
in Section 1.3, commentary is reflected on a cash earnings basis.
2. Treasury net interest income excludes capital benefit.
3. Includes assets held for sale.
4. Refer to Glossary for definition.
5. Calculated by dividing net interest income excluding Treasury and Markets by total average interest earning assets.
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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
2.2.2 Loans
As atAs atAs at% Mov’t
30 Sept31 March30 SeptSept 21 - Sept 21 -
$m202120212020Mar 21Sept 20
Australia 614,770 598,663 600,780 3 2
Housing 455,604 443,557 440,933 3 3
Personal 14,737 16,458 17,081 (10)(14)
Business 148,453 142,965 147,584 4 1
Provisions(4,024)(4,317)(4,818)(7)(16)
New Zealand (A$) 88,793 83,486 81,788 6 9
New Zealand (NZ$) 93,032 90,923 88,353 2 5
Housing 60,849 58,297 55,231 4 10
Personal 1,231 1,409 1,469 (13)(16)
Business 31,421 31,713 32,261 (1)(3)
Provisions(469)(496)(608)(5)(23)
Other overseas (A$) 6,221 6,069 10,491 3 (41)
Total loans 709,784 688,218 693,059 3 2
Loans held for sale
1
1,015 1,819 - (44)-
Total loans (including held for sale) 710,799 690,037 693,059 3 3
Second Half 2021 – First Half 2021
Total loans (including held for sale) increased $20.8 billion or 3% compared to 31 March 2021. Excluding foreign
currency translation impacts, total loans increased $16.8 billion or 2%.
Key features of total loan movements were:
• Australian housing loans increased $12.0 billion, achieving major bank system growth in the second half,
supported by market growth, improvements in credit decisioning and processing times. This was in owner
occupied lending, up $15.0 billion, partly offset by reduced investor property lending of $2.3 billion;
• Australian personal lending contracted $1.7 billion primarily across credit cards and personal loans, consistent
with overall market trends in unsecured lending. Auto finance contracted $0.6 billion due to lower market
activity;
• Australian business lending grew $5.5 billion from higher institutional balances through growth in targeted
segments, increased merger and acquisition financing and higher utilisation of existing facilities. SME and
Commercial lending grew marginally over Second Half 2021;
• New Zealand lending increased in $NZ terms with higher housing lending, supported by continued market strength;
and
• Adjusting for the $1.4 billion of Westpac Pacific loans previously classified as held for sale, other overseas
lending declined $1.3 billion as we continued to consolidate our operations in Asia.
Full Year 2021 – Full Year 2020
Total loans (including held for sale) increased $17.7 billion or 3% compared to 30 September 2020. Excluding
foreign currency translation impacts, total loans increased $15.1 billion or 2%.
Key features of total loan movements were:
• Australian housing loans increased $14.7 billion, with growth improving through the year, supported by market
growth, improvements in credit decisioning and processing times. The growth was in owner occupied lending,
up $23.8 billion, partly offset by a reduction in investor lending of $7.5 billion;
• Australian personal lending decreased $2.3 billion with auto finance declining $1.1 billion and a decrease in
credit cards and personal loans as customers reduced this form of debt;
• Australian business lending grew $0.9 billion from increased institutional activity, leading to higher drawdowns
on existing facilities. This was partly offset by a reduction in exposures to the SME and commercial portfolios
from reduced new lending and accelerated repayments;
• New Zealand lending increased in $NZ terms with higher housing lending, supported by continued market
strength, partly offset by lower business lending; and
• Other overseas lending decreased as the Group continued to consolidate its operations in Asia.
1. The balance at March 2021 included Westpac Pacific ($1.4 billion) and Vendor Finance ($0.4 billion) which were included in Other
overseas and Australian business lending prior to this. On 22 September 2021 the sale of Westpac Pacific was terminated and the loans
were restated to Other overseas. Loans held for sale at September 2021 included Motor Vehicle Dealer Finance ($1.0 billion) which was
included in Australian business lending in prior periods.
Review of Group
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26WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
2.2.3 Deposits and other borrowings
1
As atAs atAs at% Mov’t
30 Sept31 March30 SeptSept 21 - Sept 21 -
$m202120212020Mar 21Sept 20
Customer deposits
Australia 501,010 475,155 478,884 5 5
At call 345,416 315,218 304,761 10 13
Term 102,775 110,470 125,820 (7)(18)
Non-interest bearing 52,819 49,467 48,303 7 9
New Zealand (A$) 72,462 67,999 65,700 7 10
New Zealand (NZ$) 75,916 74,056 70,974 3 7
At call 32,848 31,608 28,411 4 16
Term 28,331 28,739 30,992 (1)(9)
Non-interest bearing 14,737 13,709 11,571 7 27
Other overseas (A$) 6,845 5,095 10,869 34 (37)
Total customer deposits 580,317 548,249 555,453 6 4
Customer deposits held for sale
2
- 2,088 - (100)-
Total customer deposits (including held for sale) 580,317 550,337 555,453 5 4
Certificates of deposit 46,638 37,152 35,678 26 31
Australia 31,506 26,273 25,647 20 23
New Zealand (A$) 3,293 3,020 2,773 9 19
Other overseas (A$) 11,839 7,859 7,258 51 63
Total deposits and other borrowings (including held for sale) 626,955 587,489 591,131 7 6
Second Half 2021 – First Half 2021
Total customer deposits (including held for sale deposits) increased $30.0 billion or 5% compared to
First Half 2021, more than fully funding loan growth of $20.8 billion. Excluding foreign currency translation
impacts, customer deposits increased $26.5 billion or 5%.
Key features of total customer deposits movements were:
• Australian customer deposits increased from the impact of extended lockdowns and the effect of government
stimulus, with the mix of deposits continuing to shift from term deposits to at call deposits. Non-interest
bearing deposits were higher due to mortgage offset balances, up $3.3 billion;
• New Zealand customer deposits increased in NZ$ terms across both household and business, with term
deposits declining and at call products increasing; and
• Adjusting for the $2.1 billion of Westpac Pacific deposits previously classified as held for sale, other overseas
deposits decreased by $0.3 billion as we continued consolidation of our operations in Asia.
Full Year 2021 – Full Year 2020
Total customer deposits (including held for sale deposits) increased $24.9 billion or 4% compared to
30 September 2020, fully funding loan growth for the year. Excluding foreign currency translation impacts,
customer deposits increased $22.8 billion or 4%.
Key features of total customer deposits growth were:
• Customer deposits in Australia increased reflecting the impact of extended lockdowns and government
stimulus, with all the growth recorded in the second half of the year. The mix of deposits continued to shift
from term deposits to at call products. Non-interest bearing deposits were higher reflecting mortgage offset
balances up $4.8 billion;
• New Zealand customer deposits increased across both households and business with term deposits declining
and at call products increasing; and
• Other overseas deposits decreased primarily in Asia as we continued to consolidate our operations.
1. Non-interest bearing relates to instruments which do not carry a rate of interest.
2 Customer deposits held for sale at March 2021 included Westpac Pacific ($2.1 billion) which was in Other Overseas in prior periods.
Following the sale of Westpac Pacific terminating on 22 September, $2.3 billion of deposits were restated to Other overseas.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
2.2.4 Net interest margin
Group net interest margin movement (%)
Second Half 2021 – First Half 2021
1H21
Notable
Items
1H21 ex
Notable
Items
Wholesale
Funding
Loans
Customer
Deposits
CapitalLiquidity
2H21 ex
Notable
Items
Treasury
&
Markets
2H21Notable
Items
2.09%
0.13%
1.96%
0.13%
1.94%
1.87%
(2bps)
1bp
2.07%
(11bps)
3bps
(2bps)
4bps
(2bps)
(1bp)
1.98%
1.88%
1.99%
Group margin down 10bps
Excluding Treasury & Markets and notable items down 7bps
Treasury & Markets
Group Margin ex Treasury & Markets
0.11%
0.11%
Second Half 2021 – First Half 2021
Group net interest margin of 1.99% decreased 10 basis points from First Half 2021. In Second Half 2021, notable
items primarily relating to the release of provisions for estimated customer refunds and payments that were
a benefit of $56 million compared to a $71 million benefit in First Half 2021, reducing net interest margin by
1 basis point.
• Excluding notable items, Group net interest margin decreased 9 basis points to 1.98% from:
–11 basis point decrease from loans primarily due to lower spreads on new mortgages, shifts in the mortgage
portfolio to lower spread fixed rate loans, reduced business lending interest rates, and a change in portfolio
mix with reductions in higher spread personal and business lending average balances;
–4 basis point increase from deposits primarily due to repricing and favourable shifts in portfolio
composition as customers preferred at call products, partly offset by reduced earnings on hedged deposits;
–3 basis point increase from lower wholesale funding costs from the Term Funding Facility and low interest
rates;
–2 basis point decrease from capital and other primarily due to reduced earnings on hedged capital;
–1 basis point decrease from higher holdings of third party liquids assets; and
–2 basis point decrease from lower Treasury and Markets income.
Review of Group
operations

28WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Group net interest margin movement (%)
Full Year 2021 – Full Year 2020
FY20
Notable
Items
FY20 ex
Notable
Items
Wholesale
Funding
Loans
Customer
Deposits
CapitalLiquidity
FY21 ex
Notable
Items
Treasury
&
Markets
FY21Notable
Items
2.08%
0.13%
1.95%
0.13%
1.97%
1.90%
2bps
2bps
2.10%
(7bps)
5bps
(1bp)
4bps
(6bps)
(3bps)
2.02%
1.92%
2.04%
Group margin down 4bps
Excluding Treasury & Markets and notable items down 7bps
Treasury & Markets
Group Margin ex Treasury & Markets
0.12%
0.12%
Full Year 2021 – Full Year 2020
Group net interest margin of 2.04% decreased 4 basis points from Full Year 2020. In Full Year 2021, notable items
primarily relating to the release of provisions for estimated customer refunds and payments that were a benefit of
$127 million compared to a cost of $143 million in Full Year 2020, improving net interest margin by 4 basis points.
• Excluding notable items, Group net interest margin decreased 8 basis points to 2.02% from:
–7 basis point decrease from loans primarily due to lower spreads on new lending, shifts in the mortgage
portfolio composition to lower spread fixed rate loans, mortgage retention pricing, contraction in business
lending spreads, and a change in portfolio mix with reductions in higher spread personal and business
lending average balances, partly offset by lower funding costs;
–4 basis point increase from deposits primarily due to favourable shifts in portfolio composition as
customers preferred at call products and repricing, partly offset by lower earnings on hedged deposits;
–5 basis point increase from lower wholesale funding costs reflecting low interest rates and the Term
Funding Facility;
–6 basis point decrease from capital and other primarily due to reduced earnings on hedged capital;
–3 basis point decrease from higher holdings of third party liquid assets; and
–1 basis point decrease from lower Treasury and Markets income.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
2.2.5 Non-interest income
1
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
$m20212021Mar 2120212020Sept 20
Net fee income 782 700 12 1,482 1,592 (7)
Net wealth management and insurance income 611 595 3 1,206 759 59
Trading income 262 453 (42) 715 928 (23)
Other income 339 582 (42) 921 261 large
Total non-interest income 1,994 2,330 (14) 4,324 3,540 22
Excluding notables
Net fee income 815 804 1 1,619 1,680 (4)
Net wealth management and insurance income 629 683 (8) 1,312 1,237 6
Trading income 262 453 (42) 715 928 (23)
Other income 143 18 large 161 (42)large
Non-interest income excluding notable items 1,849 1,958 (6) 3,807 3,803 -
Second Half 2021 – First Half 2021

Non-interest income of $1,994 million was $336 million or 14% lower compared to First Half 2021. Excluding notable
items, non-interest income was $109 million or 6% lower compared to First Half 2021. Notable items increased non-
interest income by $145 million in Second Half 2021 compared to a $372 million increase in First Half 2021.
Net fee income
Net fee income increased $82 million or 12%. Excluding notable items, net fee income increased $11 million or
1% higher due to:
• Higher business and institutional lending fees from an increase in originations and higher undrawn line fees;
partly offset by
• Lower payments revenue from the reduction of correspondent banking relationships and a decline in volumes; and
• Lower account and transaction fees from the elimination of over 80 fees as part of our simplification initiatives.
Net wealth management and insurance income
Net wealth management and insurance income increased $16 million or 3%. Excluding notable items, net wealth
management and insurance income was $54 million or 8% lower due to:
• Lower life insurance income ($98 million) due to a reduced contribution from revaluation of life policy
liabilities; and
• Lower wealth income ($37 million) mostly from lower platform margins due to repricing and the migration of
customers from legacy platforms onto BT Panorama; partly offset by
• Higher General Insurance income ($45 million) from lower weather-related claims, noting that the sale of the
business was completed in July 2021
2
; and
• Higher Lenders Mortgage Insurance income ($9 million) due to increased mortgage volumes, particularly first
home buyer activity. The sale of this business was completed in August 2021².
Trading income
Trading income decreased $191 million or 42% due to:
• Lower non-customer income primarily from lower volatility reducing fixed income trading opportunities;
• Losses on derivatives ($86 million) that hedge certain customer products which is mostly offset by
corresponding gains in Other income; and
• Lower benefit from derivative valuation adjustments ($15 million).
Other income
Other income decreased $243 million or 42% primarily due to a notable gain in First Half 2021 arising from a
revaluation related to the investment in Coinbase. Excluding notable items, other income increased by $125 million
from fair value gains on markets related customer products ($87 million), with the risk associated with these
instruments hedged and losses reported in trading income and revaluation of fintech investments ($29 million).
1. Refer to Section 4, Note 4 for reported results breakdown. Refer to Section 5, Note 4 for cash earnings results breakdown. As discussed
in Section 1.3, commentary is on a cash earnings basis.
2. For additional disclosure refer to Section 5 Note 9.
Review of Group
operations

30WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Full Year 2021 – Full Year 2020
Non-interest income of $4,324 million increased $784 million or 22% compared to Full Year 2020. Excluding
notable items, non-interest income was little changed compared to Full Year 2020 (up $4 million). Notable
items added $517 million to non-interest income in Full Year 2021 compared to a decrease of $263 million in
Full Year 2020, a $780 million movement.
Net fee income
Net fee income decreased $110 million or 7%. Excluding notable items, net fee income was $61 million or 4% lower
due to:
• The removal of certain account and transaction fees as part of our simplification initiatives;
• The impacts of COVID-19 including a decline in international card volumes and lower customer activity;
• Lower payments revenue from a reduction in correspondent banking relationships; and
• Lower net contribution from ATM usage ($25 million) following the sale of our offsite ATMs to a third party in
Full Year 2020; partly offset by
• Higher corporate and institutional fee income ($37 million) from lower utilisation of credit facilities.
Net wealth management and insurance income
Net wealth management and insurance income increased $447 million or 59%. Excluding notable items, net wealth
management and insurance income increased $75 million or 6% due to:
• Higher Lenders Mortgage Insurance income ($81 million) reflecting increased volumes and first home buyer
activity prior to the sale of the business in August 2021
1
;
• Higher life insurance income ($56 million) from a favourable movement in the valuation of life policy liabilities;
and
• Higher General Insurance income ($41 million) due to lower weather-related claims prior to the sale of the
business in July 2021¹; partly offset by
• Lower wealth income ($39 million) mostly from platform and superannuation pricing changes and migration of
customers from legacy platforms to BT Panorama; and
• Full period impact from the exit of the Advice business in Full Year 2020 ($30 million).
Trading income
Trading income decreased $213 million or 23% due to:
• Lower non-customer income primarily due to lower fixed income and foreign exchange trading due to low
market volatility and reduced commodities income following the exit of the energy desk in 2020 ($64 million);
and
• Losses on derivatives ($79 million) that hedge certain customer products which is mostly offset by a
corresponding gain in Other income; partly offset by
• A positive movement in derivative valuation adjustments ($169 million) with Full Year 2020 impacted by wider
credit spreads due to the higher potential risks that were expected to emerge from COVID-19.
Other income
Other income increased $660 million primarily due to notable items in Full Year 2021 arising from a revaluation
gain related to the investment in Coinbase and a gain on sale of Westpac General Insurance. Excluding notable
items, other income increased by $203 million from fair value gains on markets related customer products
($78 million), with the risk associated with these instruments hedged and losses reported in trading income.
In addition, other income was higher due to non-recurring foreign currency translation losses incurred in
Full Year 2020 following the closure of the Mumbai branch ($55 million) and revaluation of fintech investments
($43 million).
1. For additional disclosure refer to Section 5 Note 9.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
2.2.6 Group funds
As atAs at% Mov’tAs at% Mov’t
30 SeptNetOther30 SeptSept 21 - 31 MarchSept 21 -
$bn2021InflowsOutflowsflowsMov’t2020Sept 202021Mar 21
Superannuation 45.4 4.2 (4.4)(0.2) 7.4 38.2 19 42.3 7
Platforms 139.3 24.1 (22.1) 2.0 19.5 117.8 18 128.2 9
Packaged Fund 47.4 6.2 (6.0) 0.2 6.2 41.0 16 45.4 4
Other- - - - - - - - -
Total Australia 232.1 34.5 (32.5) 2.0 33.1 197.0 18 215.9 8
Total NZ funds (A$) 11.5 3.5 (4.5)(1.0) 1.2 11.3 2 10.9 6
Total Group funds 243.6 38.0 (37.0) 1.0 34.3 208.3 17 226.8 7
Total NZ funds (NZ$) 12.0 3.6 (4.7)(1.1) 0.9 12.2 (2) 11.9 1
Group funds comprises non-superannuation and superannuation regulated products provided to Australian
and New Zealand customers through advised and direct channels. This includes wealth products distributed to
Australian customers by the Specialist Businesses and Business divisions, and to New Zealand customers through
the BT brand operating in Westpac New Zealand.
Group funds increased $35.3 billion (or 17%) over Full Year 2021, primarily driven by market movements. Inflows of
$34.5 billion were offset by outflows of $32.5 billion.
2.2.7 Markets related income
1
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
$m20212021Mar 2120212020Sept 20
Net interest income 54 45 20 99 134 (26)
Non-interest income 355 418 (15) 773 894 (14)
Total markets income 409 463 (12) 872 1,028 (15)
Customer income 340 335 1 675 783 (14)
Non-customer income 25 75 (67) 100 322 (69)
Derivatives valuation adjustment 44 53 (17) 97 (77)large
Total markets income 409 463 (12) 872 1,028 (15)
Markets income comprises sales and risk management revenue derived from the creation, pricing and distribution
of risk management products to the Group’s consumer, business, corporate and institutional customers. Dedicated
relationship specialists provide product solutions to these customers to help manage their interest rate, foreign
exchange, commodity, credit and structured products risk exposures.
Second Half 2021 – First Half 2021
Total markets income decreased by $54 million or 12% compared to First Half 2021, primarily due to lower non-
customer income.
Customer income was up $5 million compared to First Half 2021, largely from higher commodities sales. Fixed
income and foreign exchange sales were little changed, with customer demand for hedging stabilising.
Non-customer income decreased by 67% in Second Half 2021, primarily due to lower fixed income trading.
Low levels of interest rate volatility were driven by market uncertainty of the impacts from COVID-19 related
lockdowns, reducing trading opportunities compared to First Half 2021.
Full Year 2021 – Full Year 2020
Total markets income decreased by $156 million or 15% compared to the Full Year 2020, from lower customer
and non-customer income (down $330 million), partly offset by higher contribution from derivative valuation
adjustments, up $174 million.
Customer income decreased 14% compared to Full Year 2020, from reduced customer demand for hedging across
fixed income and foreign exchange.
Non-customer income decreased 69% compared to Full Year 2020, primarily due to lower fixed income and
foreign exchange trading due to low market volatility and reduced commodities income following the exit of the
energy desk. Non-customer income was also lower due to the consolidation of operations in Asia.
Derivative valuation adjustments contribution increased by $174 million in Full Year 2021 due to narrowing of
credit spreads and gains from movements in Australian and New Zealand interest rates.
1. Markets income includes WIB Markets, Business division, Consumer division, Specialist Businesses and Westpac New Zealand markets.

32WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Markets Value at Risk (VaR)
$mAverageHigh Low
Half Year 30 Sept 2021 5.7 8.5 4.1
Half Year 31 March 2021 23.5 34.7 4.6
Half Year 30 Sept 2020 24.1 32.8 16.7
The Components of Markets Value at Risk (VaR) are as follows:
AverageHalf YearHalf YearHalf Year
SeptMarchSept
$m202120212020
Interest rate risk 3.5 8.0 9.4
Foreign exchange risk 1.4 1.6 3.5
Equity risk- 0.4 0.3
Commodity risk
1
0.9 1.5 1.6
Credit and other market risks
2
4.5 16.9 19.2
Diversification benefit(4.6)(4.9)(9.9)
Net market risk 5.7 23.5 24.1
1. Includes electricity risk. Closure of the electricity business was completed in Full Year 2020.
2. Includes pre-payment risk and credit spread risk (exposures to generic credit rating bonds).

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
2.2.8 Operating expenses
1
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
$m20212021Mar 2120212020Sept 20
Staff expenses(3,263)(2,771) 18 (6,034)(5,015) 20
Occupancy expenses(655)(543) 21 (1,198)(977) 23
Technology expenses(1,723)(1,405) 23 (3,128)(2,643) 18
Other expenses(1,661)(1,262) 32 (2,923)(4,065)(28)
Total operating expenses(7,302)(5,981) 22 (13,283)(12,700) 5
Excluding notables
Staff expenses(3,055)(2,688) 14 (5,743)(4,889) 17
Occupancy expenses(462)(461)- (923)(977)(6)
Technology expenses(1,251)(1,227) 2 (2,478)(2,474)-
Other expenses(932)(860) 8 (1,792)(1,821)(2)
Total operating expenses excluding notable items(5,700)(5,236) 9 (10,936)(10,161) 8
Full Time Equivalent (FTE) employees
As atAs atAs at% Mov’t
30 Sept31 MarchSeptSept 21 - Sept 21 -
Number of FTE202120212020Mar 21Sept 20
Permanent employees 34,975 33,607 32,367 4 8
Temporary employees 5,168 5,140 4,482 1 15
FTE 40,143 38,747 36,849 4 9
Average FTE
2
39,553 37,714 36,117 5 10
Second Half 2021 – First Half 2021
Operating expenses were $1,321 million (or 22%) higher compared to First Half 2021. Excluding notable items,
operating expenses were $464 million (or 9%) higher.
Most of the increase was from adding 1,396 FTE over the half mainly from additional resources to support our
Fix strategic priority, supporting customers and bringing roles back to Australia. These increases were partly
offset by savings from organisational streamlining.
Staff expenses increased $492 million (or 18%). Excluding notable items, staff expenses were $367 million (or 14%)
higher due to:
• Higher personnel expenses from:
–Additional resources to improve risk management and compliance;
–Supporting customers including customers impacted by hardship; and
• Lower utilisation of leave provisions.
Occupancy expenses were $112 million (or 21%) higher. Excluding notable items, occupancy expenses were flat as
benefits from branch closures were largely offset by costs associated with corporate sites rationalisation.
Technology expenses were $318 million (or 23%) higher. Excluding notable items, technology expenses were $24
million (or 2%) higher as we continued to improve our IT infrastructure network by bringing more services inhouse.
Other expenses increased $399 million (or 32%). Excluding notable items, other expenses increased $72 million
(or 8%) mainly from higher spend related to risk management and compliance projects.
1. Refer to Section 4, Note 5 for reported results breakdown. Refer to Section 5, Note 5 for cash earnings breakdown. As discussed in
Section 1.3, commentary is on a cash earnings basis.
2. Average is based on a six month period.
Review of Group
operations

34WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Full Year 2021 – Full Year 2020
Operating expenses were $583 million or 5% higher compared to Full Year 2020. Excluding notable items,
operating expenses were $775 million or 8% higher.
Through the year, we added 3,294 FTE mainly in response to additional resources to support our Fix strategic
priority, responding to higher mortgage volumes, providing COVID-19 support, and bringing more than
1,000 previously outsourced roles back to Australia. Additionally, increased expenses from the changes to our
software capitalisation policy and increased short-term incentives were partly offset by savings from organisational
streamlining and reductions in our branch network.
Staff expenses increased $1,019 million (or 20%). Excluding notable items, staff expenses were $854 million
(or 17%) higher due to:
• Higher personnel expenses mainly driven by:
–Additional resources to improve risk management and compliance;
–Responding to higher mortgage volumes, providing COVID-19 support, and bringing roles back to Australia;
and
– Increased short-term incentives as 2020 had a reduced bonus pool given risk issues;
• Changes to our software capitalisation policy resulted in a higher proportion of activity being directly
expensed in the period, rather than amortised over future periods;
• Partly offset by higher utilisation of leave provisions.
Occupancy expenses were $221 million (or 23%) higher. Excluding notable items, occupancy expenses were
$54 million (or 6%) lower mostly from lower distribution network costs including branch closures, partly offset by
costs associated with corporate sites rationalisation.
Technology expenses were $485 million (or 18%) higher. Excluding notable items, technology expenses were
$4 million higher from impacts of changes to our software capitalisation policy partly offset by lower amortisation.
Other expenses decreased $1,142 million (or 28%). Excluding notable items, other expenses decreased $29 million
(or 2%) from lower third-party spend and travel and entertainment partly offset by higher costs relating to the
Customer Outcomes and Risk Excellence (CORE) program.
Investment spend
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
$m20212021Mar 2120212020Sept 20
Expensed 720 502 43 1,222 680 80
Capitalised software, fixed assets and prepayments 443 354 25 797 1,040 (23)
Total 1,163 856 36 2,019 1,720 17
Fix 859 572 50 1,431 1,049 36
Simplify 144 100 44 244 283 (14)
Perform 160 184 (13) 344 388 (11)
Total 1,163 856 36 2,019 1,720 17
In Full Year 2021, the Group invested $2,019 million, an increase of $299 million (or 17%) on the prior year. This was
primarily due to a $382 million increase in spend on our Fix strategic priority. Investment spend over the year was
skewed to the second half (consistent with patterns over recent years), up 36% on First Half 2021.
Projects to support our Fix strategic priorities accounted for 71% of investment spend, an increase from 61% in
the prior year. We have continued to strengthen our management of risk across the Group, this includes initiatives
linked to our CORE program and updating systems to meet our new standards and regulatory obligations.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
The following progress was achieved in 2021:
Fix
Our CORE program was established to drive an improvement in our management of risk and culture. The program
has 19 workstreams, 80 deliverables and 327 activities. Key deliverables in Full Year 2021 include:
• 121 of the activities have been submitted to the independent reviewer Promontory Australia.
• Development of a new risk insights platform.
We have lifted our Financial Crime capability, through upgraded transaction screening software and settings to
deliver more risk-sensitive outcomes, and enhance our data and analytics to improve financial crime detection.
Further development of our Open Banking capability enables customers to access and transfer data for deposit,
transaction, credit and debit cards, mortgages and personal loan information securely with trusted third parties.
We continue to invest to meet changing regulatory requirements, including:
• Compliance with new Anti-Hawking, and Design and Distribution Obligations in First Half 2022.
• System and process updates to transition from traditional Interbank Offered Rates to alternative reference
rates continues, with plan to move to business as usual in First Half 2022.
• Updating credit and risk systems for changes to regulatory capital requirements by APRA and the RBNZ.
• Financial Markets has made progress on risk and remediation programs across Trade Surveillance, Trade
Reconstruction and critical Global Derivatives Reform uplift of customer data.
To further enhance effective complaints resolution and address root cause issues consistently, we continued to
enhance our complaints handling system.
Simplify
We are making progress on our simplification agenda driving improved customer, cost, and risk outcomes by
harmonising products and fees, including:
• Simplified the mortgages portfolio by eliminating more than half of the products.
• Migrated 1.5 million transaction account customers to end state products to date.
• Migrated 1.2 million credit card customers to end state products, enabling rationalisation of 62 active cards
products.
• Removed 82 fees in the Full Year 2021.
• WIB removed 73 products as part of its product simplification strategy.
We updated the IT infrastructure for over 800 branches improving the speed and security of our network.
We further continue upgrade IT infrastructure, to improve performance and reliability, supported by the
monitoring and system alerts in conjunction with capacity and performance monitoring.
We completed the migration of customers from BT Wrap to Panorama, our wealth administration platform.
Perform
We have continued to help more customers into homes with improvements to our home lending journey through
a suite of process, productivity, and policy improvements including:
• Simplification, with our strategic mortgage origination platform now fully rolled out to all first party lenders.
Broker roll out is progressing with 1,300 brokers on platform at the end of September 2021.
• Continuous improvement of digital end-to-end experience for customers, with a new Digital mortgage
functionality rolled out to all brands.
• Digitised and simplified the process for customers to access home lender support with new functionality to
help digitally track and accept their loan contracts.
We simplified our business lending annual review processes and policy documents. In addition, we have increased
usage of auto-decisioning, and improved reviews of credit appetite and approval processes.
We improved our Digital capability, with targeted initiatives:
• Roll-out of our new Westpac mobile banking app to iPhone customers, reaching 96% adoption of the new
app, providing a faster and simpler banking experience including smarter search, and intuitive navigation.
The iOS app has achieved #2 in Forrester Mobile Banking App ranking. The Android app beta version roll-out
commenced in September, with full version scheduled to be released in November 2021.
• Streamlined digital onboarding for deposit customers to set up and use their account within 5 minutes,
145,000 accounts have been opened through this process this year.
• Launched a new Worldwide Wallet FX travel card, fully integrated with online banking.

36WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Capitalised software
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
$m20212021Mar 2120212020Sept 20
Balance as at beginning of period 2,260 2,430 (7) 2,430 2,365 3
Total additions
1
392 348 13 740 1,035 (29)
Amortisation expense(371)(384)(3)(755)(799)(6)
Impairment expense(352)(133) 165 (485)(171) 184
Other adjustments(89)(1)large(90)- -
Balance as at end of period 1,840 2,260 (19) 1,840 2,430 (24)
Capitalised software decreased $590 million (or 24%) during the year, which is largely driven by the $344 million
impairment in WIB; and the revision in accounting policy for the treatment of Software-as-a-Service (SaaS)
arrangements ($94 million impact) and increased capitalisation threshold.
Additions decreased by $295 million (or 29%) largely driven by a change in our software capitalisation policy,
which increased the minimum project capitalisation threshold to $20 million (implemented in First Half 2021).
The average amortisation period for our capitalised software assets is 2.6 years.
Please refer to Note 1 to the financial statements of the 2021 Westpac Group Annual Report for further
information on the revision in accounting treatment of SaaS arrangements.
1. Includes capitalised borrowing costs and card scheme.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
2.2.9 Credit impairment (charges)/benefits
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
$m20212021Mar 2120212020Sept 20
Individually assessed provisions (IAPs)
New IAPs(466)(144)large(610)(634)(4)
Write-backs 93 62 50 155 124 25
Recoveries 110 132 (17) 242 193 25
Total IAPs write-backs and recoveries(263) 50 large(213)(317)(33)
Collectively assessed provisions (CAPs)
Write-offs(296)(318)(7)(614)(876)(30)
Other changes in CAPs 777 640 21 1,417 (1,985)large
Total new CAPs 481 322 49 803 (2,861)large
Total credit impairment (charges)/benefits 218 372 (41) 590 (3,178)large
In Full Year 2021, Westpac reported a credit impairment benefit of $590 million, compared to the Full Year 2020
credit impairment charge of $3,178 million, a $3,768 million improvement. The credit impairment benefit in
Full Year 2021 was driven by more positive forward-looking economic inputs in the provision calculations and
improved credit quality metrics. Provision levels remain adequate and are over $1 billion (28%) higher than pre-
COVID-19 levels (30 September 2021: $5,007 million; 30 September 2019: $3,924 million).
Through the 2021 financial year, the measures introduced by governments, regulators, banks and others in
response to the impacts of COVID-19 have aided improvements in both economic forecasts and the credit
environment, bolstering the underlying resilience of the Australian and New Zealand (NZ) economies from the
downside of lockdowns and restrictions. This has helped to support substantial elements of economic activity and
has assisted many borrowers’ ability to maintain payments.
Credit quality metrics have improved across the portfolio through 2021 with stressed exposures to total
committed exposures (TCE) declining 55 basis points to 1.36% from 1.91% at 30 September 2020. This ratio is also
improved over the Second Half 2021 (down 24 basis points) despite the lockdowns experienced across NSW and
Victoria.
Despite improved credit metrics, some uncertainty remains. While the economy is widely expected to rebound
as lockdowns cease and borders opens, the impacts may vary across segments and sectors, both in terms of
timeframe of emergence and degrees of impact. In part, this is because the effect on customers from the unwind
of stimulus measures will vary due to the medium term impact of economic and socio-demographic trends
which have accelerated over this period (such as migrating activity to digital channels and more remote work).
Additionally, there is some risk from potential new COVID-19 strains, further lockdowns, restricted international
mobility, inflation and supply chain performance.
Overlays at 30 September 2021 have been adjusted to reflect the current uncertainty, including the risk of delayed
loss emergence in the portfolio (in part reflecting that insolvencies in the Australian and New Zealand economies
remain at low levels) and the assistance offered to customers impacted by COVID-19 in Second Half 2021.
A degree of uncertainty has also been reflected in our scenario weights where we have retained the weights
established in 2020, with a downside weight of 40%. The following table indicates the weightings applied by
the Group.
Macroeconomic scenario weightings (%)
As at
30 Sept 2021
As at
31 March 2021
As at
30 Sept 2020
As at
31 March 2020
Upside
5555
Base
55555555
Downside
40404040
Review of Group
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38WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Second Half 2021 – First Half 2021
Second Half 2021 was a credit impairment benefit of $218 million compared to a $372 million benefit in
First Half 2021.
Total new CAP was a benefit of $481 million, $159 million higher than First Half 2021. The benefit reflected further
improvement in credit risk metrics across stressed exposures and consumer delinquencies. The higher CAP
benefit in Second Half 2021 was driven by:
• an update to overlay provisions to reflect:
–a lower overlay related to the roll-off of 2020 COVID-19 support measures which have now largely been
recognised or not required; partly offset by
–a new overlay for the potential impact from the roll-off of new, 2021 COVID-19 support measures;
• lower write offs, predominately from lower delinquencies and a reduction in our consumer unsecured lending;
partly offset by
• updated forward looking economic inputs in the provision calculations which incorporate the impact of recent
lockdowns and have a slower rebound than estimates used at March 2021.
Total IAPs, write-backs and recoveries were $313 million higher than First Half 2021 due to:
• higher new IAPs, mostly from one IAP related to a fully provided equipment finance fraud; partly offset by
• higher write-backs, particularly within the New Zealand portfolio.
Full Year 2021 – Full Year 2020
Full Year 2021 was a credit impairment benefit of $590 million compared to a $3,178 million charge in
Full Year 2020, a $3,768 million improvement.
Total new CAP in Full Year 2021 was a benefit of $803 million compared to a charge of $2,861 million in
Full Year 2020. The benefit was due to:
• more positive forward-looking economic inputs in the provision calculations through Full Year 2021;
• improved credit quality metrics, including a 55 basis reduction in the Group’s stressed exposures to TCE and
lower delinquencies across the consumer portfolios; and
• lower write-offs, predominately from lower delinquencies and a reduction in our consumer unsecured
portfolios.
Total IAPs, write-backs and recoveries were $104 million lower than Full Year 2020 principally due to:
• higher recoveries and write-backs in Full Year 2021 predominately in the Consumer and Business divisions; and
• lower new IAPs. Full Year 2021 included a small number of large customers migrating to impaired while one
fully provided equipment finance fraud was recorded in Full Year 2021.
2.2.10 Income tax expense
Second Half 2021 – First Half 2021
The effective tax rate of 42.38% in Second Half 2021 was higher than the First Half 2021 effective tax rate of
31.81%, the key drivers for the increase in the rate being the non-deductible goodwill impairments in WIB and the
additional tax expense arising from our Insurance divestments, all being recognised in the Second Half. This was
offset by a reduction in the non-deductible write downs in our Pacific Banking entities.
Full Year 2021 – Full Year 2020
The effective tax rate of 35.81% in Full Year 2021 was significantly lower than the effective tax rate of 45.03% in
Full Year 2020 due to the non-deductible provisions for the penalty, and associated costs, relating to the
AUSTRAC civil proceedings, being recognised in Full Year 2020 and not repeated in Full Year 2021. These have
been offset by additional tax expense arising from our Insurance divestments in Full Year 2021.
2.2.11 Non-controlling interests
Non-controlling interests represent results of non-wholly owned subsidiaries attributable to shareholders other
than Westpac. These include profits attributable to the 10.1% shareholding in Westpac Bank-PNG-Limited and the
25% shareholding in St.George Motor Finance Limited that are not owned by Westpac.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
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2.3 Credit quality
The portfolio performed well through Full Year 2021 with stressed exposures as a percentage of TCE reducing
55 basis points to 1.36% at 30 September 2021 with improvements in both the First Half and Second Half of 2021.
The total reduction over the last 12 months comprised:
• a 36 basis point fall in watchlist and substandard exposures, from rating upgrades across Australian business
and Institutional portfolios. The improvement was across most industry sectors;
• a 12 basis point decline in 90 days past due and not impaired exposures, mostly related to mortgages,
including lower levels of hardship; and
• a 7 basis point decrease in impaired exposures, driven by loans refinanced and upgraded from impaired.
The ratio of gross impaired exposures to gross loans decreased 10 basis points to 0.30% compared to
30 September 2020. At 30 September 2021, the ratio of gross impaired exposure provisions to gross impaired
exposures was 54.4% (up from 41.5% at 30 September 2020). The increase was mainly driven by a fully provided
equipment finance fraud in Second Half 2021.
The ratio of collectively assessed provisions to credit risk weighted assets (credit RWA) decreased to 117 basis
points (a 37 basis point reduction compared to September 2020) driven mainly by a release of provisions. RWA
floors were introduced for consumer unsecured and mortgage lending. This added $5.3 billion to credit RWA over
Second Half 2021 and led to a 3 basis point impact on the ratio.
Portfolio segments
The Institutional segment has seen a decrease in stress with stressed exposures to TCE falling 21 basis points to
0.35% compared to 30 September 2020. This was mainly due to a reduction in watchlist exposures from rating
upgrades, the pay down of debt and some write-offs. These improvements were partly offset by higher impaired
exposures mainly due to one fully provided equipment finance fraud in the services sector that was downgraded
to impaired (recovery actions are ongoing).
The Australian Business segment, comprising Australian commercial and SME customers, has seen stressed
exposures to TCE fall 135 basis points to 5.56% compared to 30 September 2020. This reduction was driven
primarily due to lower watchlist and impaired exposures with most segments experiencing improvements.
Australian mortgage 90+ day delinquencies were 55 basis points lower than 30 September 2020 at 1.07%.
This improvement was driven by:
• a reduction in the hardship portfolio (for customers that did not receive COVID-19 assistance) as accounts
completed their serviceability period;
• a reduction of facilities that were delinquent but not in hardship. We have devoted more resources to
managing this cohort, particularly facilities that have been delinquent for some time; partially offset by
• customers that exited COVID-19 deferral support first provided in 2020 and have now migrated to 90 days
past due.
Properties in possession as at 30 September 2021 were 224, 32 lower from the prior year end. Whilst this
represents an increase from the mid year low point of 180, these levels remain well below those experienced pre-
COVID-19. This was aided by a slow-down in repossessions during COVID-19 outbreaks in the Second Half 2021
and by the strong property market.
Group realised mortgage losses were $71 million for Full Year 2021, compared to $125 million in Full Year 2020.
This in part reflects that stress levels improved through the year and higher property prices.
Other Australian consumer 90+ day delinquencies were 33 basis points lower than 30 September 2020 at 1.76%.
The decline was due to a 60 basis point reduction from underlying performance of the portfolio, partly offset by a
27 basis point increase related to the impacts of lower lending.
Most of the reduction in delinquencies was in auto finance where 90+ day delinquencies were 83 basis points
lower declining to 1.97% at 30 September 2021. The improvement was due to lower hardship volumes and a focus
on reducing accounts 180+ day delinquent.
New Zealand has seen a major improvement in credit quality metrics with stressed exposures to TCE 40 basis
points lower than 30 September 2020 at 1.19%. The improvement has been mostly due to a reduction in stress for
lower rated business customers along with lower consumer delinquencies.
New Zealand mortgage 90+ day delinquencies were 0.30%, 22 basis points lower than 30 September 2020,
reflecting the strength of the property market and improved credit scores on customer behaviour. New Zealand
other consumer 90+ day delinquencies were 1.65%, 44 basis points lower than 30 September 2020. The
improvement was due to lower hardship and customers rolling off New Zealand COVID-19 deferral measures. The
decline in delinquencies was achieved despite a reduction in lending, including from closing legacy products.

40WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Provisioning
Total provisions were $5,007 million at 30 September 2021, $1,156 million lower than 30 September 2020. While
total provisions were lower over the year, the level of provisions is $1,083 million higher than pre-COVID-19 levels
(total provisions of $3,924 million at 30 September 2019).
The decline in provisions over Full Year 2021 was due to more positive forward-looking economic inputs, improved
portfolio performance, a decline in some higher risk exposures and lower overlays. These declines were partly
offset by higher IAPs which was mainly driven by a fully provided equipment finance fraud.
While the Australian and New Zealand economies are expected to rebound as lockdowns cease and borders
open, the outlook contains a degree of uncertainty. This uncertainty is reflected through our scenario weights
and by maintaining COVID-19 related overlays. More specifically, we have maintained the scenario weights first
established in early 2020, including a 40% weight to the downside scenario. COVID-19 related overlays consider
the potential emergence of losses for our specific portfolios once support and stimulus measures reduce. Total
overlays at 30 September 2021 were $647 million, down from $902 million at 31 March 2021 and $652 million at
30 September 2020.
IAPs were $832 million at 31 September 2021, $221 million higher than at 30 September 2020. The increase was
predominately due to a new IAP relating to a fully provided equipment finance fraud.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
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2.3.1 Credit quality key metrics
1
As atAs atAs atAs at
30 Sept31 March30 Sept31 March
2021202120202020
Stressed exposures by credit grade as a % of TCE:
Impaired 0.19% 0.19% 0.26% 0.20%
90 days past due and not impaired 0.68% 0.66% 0.80% 0.50%
Watchlist and substandard 0.49% 0.75% 0.85% 0.62%
Total stressed exposures 1.36% 1.60% 1.91% 1.32%

Gross impaired exposures to TCE for business and institutional:
Business Australia 0.72% 0.88% 1.07% 0.71%
Business New Zealand 0.20% 0.44% 0.54% 0.59%
Institutional 0.16% 0.08% 0.15% 0.08%

Mortgage 90+ day delinquencies:
Group 0.99% 1.11% 1.50% 0.87%
Australia 1.07% 1.20% 1.62% 0.94%
New Zealand 0.30% 0.33% 0.52% 0.27%

Other consumer loans 90+ day delinquencies:
Group 1.75% 1.92% 2.09% 1.94%
Australia 1.76% 1.92% 2.09% 1.97%
New Zealand 1.65% 1.91% 2.09% 1.59%

Other:
Gross impaired exposures to gross loans 0.30% 0.30% 0.40% 0.30%
Gross impaired exposure provisions to gross impaired exposures 54.44% 47.0 3 % 41.45% 50.09%
Total provisions to gross loans 70 bps 79 bps 88 bps 80 bps
Collectively assessed provisions to credit risk weighted assets 117 bps 142 bps 154 bps 140 bps
Total provisions to credit risk weighted assets 140 bps 159 bps 171 bps 157 bps
Impairment charges/(benefits) to average gross loans annualised
2
(6 bps)(11 bps) 27 bps 62 bps
Net write-offs to average loans annualised
2
8 bps 9 bps 15 bps 12 bps
2.3.2 Movement in gross impaired exposures
1
Half YearHalf YearHalf Year% Mov’t
SeptMarchSeptSept 21 - Sept 21 -
$m202120212020Mar 21Sept 20
Balance as at beginning of period 2,071 2,779 2,154 (25)(4)
New and increased - individually managed 614 222 864 177 (29)
Write-offs(405)(431)(633)(6)(36)
Returned to performing or repaid(222)(369)(488)(40)(55)
Portfolio managed - new/increased/returned/repaid 65 (104) 842 large(92)
Exchange rate and other adjustments 19 (26) 40 large(53)
Balance as at end of period 2,142 2,071 2,779 3 (23)
1. Includes balances presented as held for sale.
2. Averages are based on a six month period.

42WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
2.4 Balance sheet and funding
2.4.1 Balance sheet
As atAs atAs at% Mov’t
30 Sept31 March30 SeptSept 21 - Sept 21 -
$m202120212020Mar 21Sept 20
Assets
Cash and balances with central banks 71,353 33,877 30,129 111 137
Collateral paid 4,232 3,917 4,778 8 (11)
Trading securities and other financial assets measured at fair value
through income statement (FVIS) and investment securities 104,518 112,231 132,206 (7)(21)
Derivative financial instruments 19,353 22,373 23,367 (13)(17)
Loans 709,784 688,218 693,059 3 2
Life insurance assets- 3,416 3,593 (100)(100)
Assets held for sale 4,188 4,359 - (4)-
All other assets 22,449 21,068 24,814 7 (10)
Total assets 935,877 889,459 911,946 5 3
Liabilities
Collateral received 2,368 2,504 2,250 (5) 5
Deposits and other borrowings 626,955 585,401 591,131 7 6
Other financial liabilities 50,309 42,996 40,925 17 23
Derivative financial instruments 18,059 20,303 23,054 (11)(22)
Debt issues 128,779 127,850 150,325 1 (14)
Life insurance liabilities- 1,070 1,396 (100)(100)
Loan capital 29,067 26,294 23,949 11 21
Liabilities held for sale 837 3,049 - (73)-
All other liabilities 7,411 7,891 10,842 (6)(32)
Total liabilities 863,785 817,358 843,872 6 2
Equity
Total equity attributable to owners of WBC 72,035 72,052 68,023 - 6
NCI 57 49 51 16 12
Total equity 72,092 72,101 68,074 - 6
Second Half 2021 – First Half 2021
During Second Half 2021, our balance sheet strengthened, with higher levels of liquid assets primarily due to
inflows from deposits outpacing loan growth.
Key movements included:
Assets
• Cash and balances with central banks increased $37.5 billion or 111% reflecting higher liquid assets held in this
form;
• Trading securities and financial assets measured at FVIS and investment securities decreased $7.7 billion or
7% reflecting lower balances held in this form;
• Derivative assets decreased $3.0 billion or 13% mainly driven by movements in foreign currency forward
contracts and interest rate swaps;
• Loans increased $21.6 billion or 3%. Refer to Section 2.2.2 Loans for further information;
• Life insurance assets decreased $3.4 billion or 100% due to the reclassification to assets held for sale;
• Assets held for sale as at 30 September 2021 comprised of businesses announced to be sold in
Second Half 2021 (refer to Note 17). Assets held for sale as at 31 March 2021 comprised of businesses
that already settled in Second Half 2021 (refer to Note 16 for the details of assets and liabilities that were
deconsolidated on settlement and Note 17) and Pacific businesses that were reclassified out of assets held for
sale in Second Half 2021 following the decision of Westpac and Kina Securities to terminate the agreement; and
• All other assets increased $1.4 billion or 7% mainly due to securities sold not delivered, partly offset by
impairment of intangible assets.
Review of Group
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Liabilities
• Deposits and other borrowings increased $41.6 billion or 7%. Refer to Section 2.2.3 Deposits and other
borrowings for further information;
• Other financial liabilities increased $7.3 billion or 17% mainly driven by higher securities sold under agreements
to repurchase, securities sold short, securities purchased not delivered and interbank deposits;
• Derivative liabilities decreased $2.2 billion or 11% driven by movements in foreign currency forward contracts
and interest rate swaps;
• Debt issues increased $0.9 billion or 1% ($3.7 billion or 3% decrease excluding foreign currency impacts). Refer
to Section 2.4.2 Funding and liquidity risk management for further information;
• Life insurance liabilities decreased $1.1 billion or 100% due to the reclassification to liabilities held for sale;
• Loan capital increased $2.8 billion or 11% mainly due to $0.6 billion net issuance of Additional Tier 1
instruments, $1.2 billion net issuance of Tier 2 instruments, and $1.0 billion foreign currency translation and fair
value hedging impacts; and
• Liabilities held for sale as at 30 September 2021 comprised of businesses announced to be sold in Second
Half 2021 (refer to Note 17). Liabilities held for sale as at 31 March 2021 comprised of businesses that already
settled in Second Half 2021 (refer to Note 16 for the details of assets and liabilities that were deconsolidated on
settlement and Note 17) and Westpac Pacific businesses that were reclassified out of liabilities held for sale in
Second Half 2021 following the decision of Westpac and Kina Securities to terminate the sale agreement.
Equity attributable to owners of Westpac Banking Corporation was flat during the period.
Full Year 2021 – Full Year 2020
During Full Year 2021, the level of liquid assets was higher due to inflows from deposits outpacing loan growth,
further utilisation of the Term Funding Facility (TFF), partly offset by net maturities of debt issuances.
Key movements included:
Assets
• Cash and balances with central banks increased $41.2 billion or 137% reflecting higher liquid assets held in this form;
• Trading securities and financial assets measured at FVIS and investment securities decreased $27.7 billion or
21% reflecting lower balances held in this form;
• Derivative assets decreased $4.0 billion or 17% mainly driven by movements in interest rate swaps;
• Loans increased $16.7 billion or 2%. Refer to Section 2.2.2 Loans for further information;
• Life insurance assets decreased $3.6 billion or 100% due to the reclassification to assets held for sale;
• Assets held for sale as at 30 September 2021 comprised of businesses announced to be sold in Second Half 2021
(refer to Note 17). There were no businesses classified as assets held for sale as at 30 September 2020;
• All other assets decreased $2.4 billion or 10% mainly due impairment of intangible assets, and depreciation
and impairment of property and equipment.
Liabilities
• Deposits and other borrowings increased $35.8 billion or 6%. Refer to Section 2.2.3 Deposits and other
borrowings for further information;
• Other financial liabilities increased $9.4 billion or 23% mainly driven by higher securities sold under
agreements to repurchase as the Group accessed the Term Funding Facility;
• Derivative liabilities decreased $5.0 billion or 22% driven by movements in interest rate and cross currency
swaps;
• Debt issues decreased $21.5 billion or 14% Excluding foreign currency and other non-cash impacts, debt issues
decreased $18.5 billion or 12%, representing net maturities. Refer to Section 2.4.2 Funding and liquidity risk
management for further information;
• Life insurance liabilities decreased $1.4 billion or 100% due to the reclassification to liabilities held for sale;
• Loan capital increased $5.1 billion or 21% mainly due to $1.0 billion net issuance of Additional Tier 1 instruments,
and $5.1 billion net issuance of Tier 2 instruments, partly offset by $1.0 billion foreign currency translation and
fair value hedging impacts;
• Liabilities held for sale as at 30 September 2021 comprised of businesses announced to be sold in Second Half 2021
(refer to Note 17). There were no businesses classified as liabiliies held for sale as at 30 September 2020; and
• All other liabilities decreased $3.4 billion or 32% due to reduction in provisions to settle the AUSTRAC civil
proceedings and lower insurance related liabilities which formed part of businesses disposed and settled in
Second Half 2021.
Equity attributable to owners of Westpac Banking Corporation increased $4.0 billion or 6% reflecting retained
profits from First Half 2021.

44WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
2.4.2 Funding and liquidity risk management
Liquidity risk is the risk that the Group will be unable to fund assets and meet obligations as they become due.
This risk is inherent for all banks as intermediaries between depositors and borrowers. The Group has a liquidity
risk management framework which seeks to meet our cash flow obligations under a wide range of market
conditions and scenarios, as well as meeting the requirements of the LCR and NSFR.
The Group maintained funding and liquidity metrics comfortably above regulatory minimums throughout Second
Half 2021. The Group’s September 2021 quarterly average LCR was 129% and its NSFR at 30 September 2021 was
125%, both above the 100% regulatory minimums.
In Second Half 2021, market liquidity remained high as measures introduced by the Reserve Bank of Australia
(RBA) remained in place. These measures include a historically low cash rate and the purchase of Australian
Government and Semi-Government bonds in the secondary market.
A further measure, the Term Funding Facility (TFF), introduced in March 2020, closed to new drawdowns on
30 June 2021. The TFF provided fixed rate funding to eligible Authorised Deposit-taking Institutions (ADIs) for a
maximum of three years. By 30 June 2021, we had fully drawn our total available TFF allowance of $30 billion.
Liquidity
The Group has a number of sources of liquidity that provide a buffer against periods of liquidity stress. These
include High Quality Liquid Assets (HQLA) and the Committed Liquidity Facility (CLF), both of which are used to
meet the Group’s LCR requirements.
• In September 2021, APRA announced it expects ADIs subject to the LCR to reduce their CLF usage to zero
by the end of Calender 2022, subject to financial market conditions. APRA and the RBA expect there will be
sufficient HQLA for ADIs to meet their LCR requirements without the need to utilise the CLF. The reduction
is expected to occur in stages, with the first reduction scheduled for 1 January 2022. Westpac’s current CLF
allocation of $37 billion is expected to be replaced by additional HQLA.
• At 30 September 2021, Westpac held $148.6 billion in HQLA (31 March 2021: $113.4 billion). HQLA include cash,
deposits with central banks, government securities and other high quality securities that are repo-eligible with
the RBA. HQLA increased over the Second Half in line with balance sheet growth and in preparation for the
phased reductions to the CLF over 2022.
The Group also has access to non-HQLA and other assets that are eligible for re-purchase with a central bank
under certain conditions. These include private securities and self-originated AAA-rated mortgage-backed
securities.
LCR
The LCR is designed to enhance banks’ short-term resilience, by measuring the level of HQLA, as defined, held
against its liquidity needs for a 30 calendar day period under a regulator-defined stress scenario. In addition to
HQLA, Australian ADIs including Westpac also have access to the CLF, as set out above, to meet the requirements
of the LCR.
Westpac’s average LCR for the quarter ended 30 September 2021 was 129% (Westpac’s average LCR for the
quarter ended 31 March 2021 was: 124%). The lift in the LCR compared to the quarterly average for March 2021 was
mainly due to an $8 billion increase in total liquid assets.
Westpac’s LCR also includes a 10% overlay to net cash outflows. The overlay, effective since 1 January 2021, has
been required by APRA in response to breaches of the prudential standards on liquidity. The overlay reduces the
average LCR for the quarter ended 30 September 2021 by 13 percentage points. Further details are set out in the
Significant Developments section of the 2021 Full Year Financial Results.
NSFR
The NSFR is designed to encourage banks’ longer-term funding resilience. To comply, banks are required to
maintain an NSFR of at least 100% at all times. Westpac’s NSFR was 125% at September 2021 (30 March 2021:
123%). The increase in the ratio over the half reflects a $26.0 billion increase in available stable funding, mainly
due to deposits (up $11.3 billion) and wholesale funding (up $13.9 billion). This was partly offset by an increase in
required stable funding of $11.2 billion, mainly due to an increase in lending, as well as higher liquid assets.
Funding
The Group monitors the composition and stability of its funding so that it remains within the Group’s funding risk
appetite. This includes compliance with both the LCR and NSFR.
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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
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Customer deposits
Customer deposits accounted for 65.0% of the Group’s total funding (including equity) at 30 September 2021, a
decrease of 70 basis points since March 2021. During the half, customer deposits increased by $30 billion and fully
funded the bank’s new lending growth. This saw an increase in our customer deposit to loan ratio to 82% from
80% at 31 March 2021.
Long term wholesale funding
Long term funding with a residual maturity greater than 12 months made up 16.2% of the Group’s total funding at
30 September 2021, an increase of 60 basis points or $13 billion.
The Group raised $22.3 billion of long term wholesale funding in Second Half 2021, including $8 billion drawn
down from the TFF prior to 30 June 2021. In line with the closure of the TFF in June, the Group also began
returning to its more usual funding activities, accessing senior unsecured and covered bond markets for the first
time in over 12 months.
New long term funding in Second Half 2021 also included $1.8 billion in Additional Tier 1 and $1.6 billion in Tier 2
capital securities, the latter contributing to the Group’s Total Loss Absorbing Capital (TLAC) requirements that
become effective on 1 January 2024.
At 30 September 2021, funding from securitisation accounted for 0.6% of total funding.
Short term wholesale funding
Wholesale funding with a residual maturity less than 12 months accounted for 10.8% of the Group’s total funding at
30 September 2021 (31 March 2021: 10.1%). This portfolio, including long term to short term scroll, had a weighted
average maturity of 138 days.
Equity
Funding from equity decreased by $263 million or 60 basis points in the second half to 8.0% of total funding.
Liquidity coverage ratio
QuarterQuarterQuarter% Mov’t
SeptMarchSeptSept 21 - Sept 21 -
$m202120212020Mar 21Sept 20
High Quality Liquid Assets (HQLA)
1,3
136,525 117,759 118,944 16 15
Committed Liquidity Facility (CLF)
3
37,000 37,000 52,000 - (29)
Term Funding Facility (TFF)
2,3
- 10,321 10,830 (100)(100)
Total LCR liquid assets 173,525 165,080 181,774 5 (5)
Cash outflows in a modelled 30-day APRA defined stressed scenario
Customer deposits
1
89,628 85,282 87,925 5 2
Wholesale funding 10,003 13,024 10,182 (23)(2)
Other flows
4
34,447 35,281 22,223 (2) 55
Total 134,078 133,587 120,330 - 11
LCR
1,5
129% 124% 151%largelarge
Net stable funding ratio
As atAs atAs at% Mov’t
30 Sept31 March30 SeptSept 21 - Sept 21 -
$m202120212020Mar 21Sept 20
Available stable funding
1
651,216 625,185 624,097 4 4
Required stable funding 521,499 510,287 512,656 2 2
Net stable funding ratio 125% 123% 122% 235bps 313bps
1. Includes balances presented as held for sale.
2. Represents the Group’s average undrawn TFF allowance as per APRA guidance.
3. Refer to Glossary for definition.
4. Other flows include credit and liquidity facilities, collateral outflows and inflows from customers.
5. Calculated on a quarterly average basis.

46WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Funding by residual maturity
As at 30 Sept 2021As at 31 March 2021As at 30 Sept 2020
$mRatio %$mRatio %$mRatio %
Wholesale funding
Less than 6 months 54,512 6.1 45,415 5.4 43,543 5.1
6 to 12 months 15,232 1.7 11,951 1.4 5,445 0.7
Long term to short term scroll
1
26,760 3.0 27,631 3.3 39,489 4.6
Wholesale funding - residual maturity less than 12 months 96,504 10.8 84,997 10.1 88,477 10.4
Securitisation 5,000 0.6 6,687 0.8 8,000 0.9
Greater than 12 months 138,817 15.6 124,050 14.8 133,732 15.7
Wholesale funding - residual maturity greater than 12 months 143,817 16.2 130,737 15.6 141,732 16.6
Customer deposits
2
580,317 65.0 550,337 65.7 555,453 65.0
Equity
3
71,614 8.0 71,877 8.6 68,199 8.0
Total funding 892,252 100.0 837,948 100.0 853,861 100.0
Deposits to net loans ratios
As at 30 Sept 2021As at 31 March 2021As at 30 Sept 2020
$mRatio %$mRatio %$mRatio %
Customer deposits
2
580,317 550,337 555,453
Net customer loans
2
710,799 81.6 690,037 79.8 693,059 80.1
Funding view of the balance sheet²
Total liquidCustomerWholesaleCustomerMarket
$massetsdepositsfundingfranchiseInventoryTotal
As at 30 September 2021
Total assets 227,553 - - 658,123 50,201 935,877
Total liabilities- (580,316)(240,321)- (43,148)(863,785)
Total equity- - - (71,614)(478)(72,092)
Total 227,553 (580,316)(240,321) 586,509 6,575 -
Net loans
4
66,610 - - 644,189 - 710,799
As at 31 March 2021
Total assets 195,177 - - 643,492 50,790 889,459
Total liabilities- (550,337)(215,734)- (51,287)(817,358)
Total equity- - - (71,877)(224)(72,101)
Total 195,177 (550,337)(215,734) 571,615 (721)-
Net loans
4
60,894 - - 629,143 - 690,037
As at 30 September 2020
Total assets 221,176 - - 637,880 52,890 911,946
Total liabilities- (555,453)(230,210)- (58,209)(843,872)
Total equity- - - (68,199) 125 (68,074)
Total 221,176 (555,453)(230,210) 569,681 (5,194)-
Net loans
4
71,616 - - 621,443 - 693,059
1. Scroll represents wholesale funding with an original maturity greater than 12 months that now has a residual maturity less than
12 months.
2. Includes balances presented as held for sale.
3. Includes total share capital, share-based payment reserve and retained profits.
4. Liquid assets in net loans include internally securitised assets that are eligible for repurchase agreements with the RBA/RBNZ.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
2.5 Capital and dividends
As AtAs AtAs At% Mov’t
30 Sept31 March30 SeptSept 21 - Sept 21 -
202120212020Mar 21Sept 20
Level 2 regulatory capital structure
Common equity Tier 1 (CET 1) capital after deductions ($m) 53,808 52,932 48,733 2 10
Risk weighted assets (RWA) ($m) 436,650 428,899 437,905 2 -
CET 1 capital ratio 12.32% 12.34% 11.13%(2 bps) 119 bps
Additional Tier 1 capital ratio 2.33% 2.21% 2.10% 12 bps 23 bps
Tier 1 capital ratio 14.65% 14.55% 13.23% 10 bps 142 bps
Tier 2 capital ratio 4.21% 3.88% 3.15% 33 bps 106 bps
Total regulatory capital ratio 18.86% 18.43% 16.38% 43 bps 248 bps
APRA leverage ratio
1
5.99% 6.27% 5.78%(28 bps) 21 bps
Level 1 regulatory capital structure
CET 1 capital after deductions ($m) 54,314 53,313 49,453 2 10
Risk weighted assets ($m) 431,422 424,656 433,727 2 (1)
Level 1 CET 1 capital ratio 12.59% 12.55% 11.40% 4 bps 119 bps
APRA announcements on capital
In Second Half 2021 APRA made the following announcements relevant to their capital framework:
• On 19 July 2021 APRA announced regulatory support for banks offering temporary financial assistance to
borrowers impacted by COVID-19
2
. APRA has outlined that for eligible borrowers, ADIs do not need to treat
the period of deferral as a period of arrears or loan restructuring. This applied to loans granted a repayment
deferral of up to three months before the end of September 2021
3
. ADIs must continue to provision for these
loans under accounting standards.
• APRA has released the final revised standard for APS 111 Capital Adequacy: Measurement of Capital, effective
from 1 January 2022
4
. The final standard includes changes to the parent ADI’s (Level 1) treatment of equity
investments in banking and insurance subsidiaries including:
–Equity investments in subsidiaries (including any Additional Tier 1 and Tier 2 capital investments in
subsidiaries) will be risk weighted at 250%, up to a limit of 10% of Level 1 CET1 capital per investment; and
–Any equity investments in excess of the 10% limit will be fully deducted from Level 1 CET1 capital in
determining Level 1 capital ratios.
The impact to the Group’s Level 1 ratio on a pro-forma basis at 30 September 2021 is an approximate reduction
of 18 basis points. There is no impact from this proposal on the calculation of the Group’s reported regulatory
capital ratios on a Level 2 basis.
• APRA is proposing changes to embed the ‘unquestionably strong’ level of capital in the capital framework,
including implementation of Basel III reforms
5
. On 21 July 2021 APRA released further guidance on capital
buffers and the calculation of RWA including for specific asset classes. As part of the proposal, APRA intend
to increase the capital conservation buffer from 2.5% to 4.0% and introduce a base level for the countercyclical
capital buffer of 1.0%. As a result, the CET1 capital ratio requirement for D-SIBs is proposed to increase from
8% to 10.5% from 1 January 2023. We expect further clarity on the changes ahead of 1 January 2023.
• On 10 September 2021, APRA announced it expects ADIs to reduce their Committed Liquidity Facility (CLF)
usage to zero by 31 December 2022
6
. Westpac’s current CLF allocation is $37 billion. Westpac expects to
reduce its allocation in line with APRA’s announcement, and to meet its liquidity requirements by increasing its
holdings of High Quality Liquid Assets.
Further details of regulatory changes are in the Significant Developments section of the 2021 Full Year Financial
Results.
Review of Group
operations
1. Refer to Glossary for definition.
2. APRA announcement – “APRA announces further regulatory support for loans impacted by COVID-19” dated 19 July 2021.
3. Letter to all authorised deposit taking institutions – “Regulatory support for loans impacted by COVID-19” dated 25 August 2021.
4. Letter to all authorised deposit taking institutions – “Final revised Prudential Standard: APS 111 Capital Adequacy - Measurement of
Capital” dated 5 August 2021.
5. Letter to all authorised deposit taking institutions – “Bank Capital Reforms: Update” dated 21 July 2021.
6. Letter to locally incorporated LCR authorised deposit taking institutions – “Committed Liquidity Facility update” dated
10 September 2021.

48WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Capital management strategy
Westpac’s approach to capital management seeks to ensure that it is adequately capitalised as an ADI. Westpac
evaluates its approach to capital management through an Internal Capital Adequacy Assessment Process
(ICAAP), the key features of which include:
• the development of a capital management strategy, including consideration of regulatory minimums, capital
buffers and contingency plans. The current regulatory capital minimums together with the capital conservation
buffer (CCB) are the Total CET1 Requirement. The Total CET1 Requirement for Westpac is at least 8.0%, based
on an industry minimum CET1 requirement of 4.5% plus a capital buffer of at least 3.5% applicable to D-SIBs
1,2
;
• consideration of both regulatory and economic capital requirements;
• a stress testing framework that challenges the capital measures, coverage and requirements including the
impact of adverse economic scenarios; and
• consideration of the perspectives of external stakeholders including rating agencies as well as equity and debt
investors.
Given the above and in light of proposed changes to APRA’s capital management framework under which the
CET1 capital ratio requirement for D-SIBs is to increase from 8% to 10.5% (including the capital conservation
buffer and the countercyclical capital buffer), Westpac will seek to operate with a CET1 capital ratio above 10.5%
as measured under the existing capital framework
3
. Capital settings may be reviewed if more challenging or
uncertain conditions emerge, or if APRA’s proposals change significantly.
1. Noting that APRA may apply higher CET1 requirements for an individual ADI.
2. If an ADI’s CET1 ratio falls below the Total CET1 Requirement (at least 8%), they face restrictions on the distribution of earnings, such
as dividends, distribution payments on AT1 capital instruments and discretionary staff bonuses.
3. Allowing for quarterly volatility of capital ratios due to the half yearly cycle of ordinary dividend payments.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
CET 1 capital ratio movement for Second Half 2021
Mar-21
Cash earnings
ex notable items
Notable
items
1H21
dividend
Capital
deductions
and other items
RWA
movement
Sep-21
12.34%
72
(49)
26
(16)
(15)
(19)
(1)
12.32%
FX
translation
impact
Divestments
Westpac’s CET capital ratio was 12.32% at 30 September 2021, 2 basis points lower than 31 March 2021. Key
movements in the CET1 capital ratio over the half were:
• Second Half 2021 cash earnings of $3,134 million, excluding notable items (72 basis point increase);
• Notable items (15 basis point decrease) from:
–$1,319 million reduction in cash earnings; and
–An increase in the deduction for deferred tax assets; partly offset by
–Lower deductions for goodwill and capitalised software;
• Payment of the 2021 interim dividend (49 basis point decrease);
• An increase in risk weighted assets (RWA) (16 basis point decrease) mostly related to the application of a
mortgage risk weight floor of 25%; and
• Capital deductions and other capital movements (19 basis point decrease) from:
–capital invested in entities not consolidated for regulatory purposes;
–a higher deduction for capitalised expenditure;
–an increase in regulatory expected losses in excess of provisions; and
–a revaluation of the defined benefit superannuation obligation;
• Foreign currency impacts from the depreciation of the A$ against the US$ and NZ$ (1 basis point decrease)
1
.
• A 26 basis point increase from divestments comprising:
–7 basis point increase from the sale of Coinbase Inc. shares;
–12 basis point increase from the sale of Westpac’s General Insurance business; and
–7 basis point increase from the sale of Westpac’s Lender’s Mortgage Insurance business.
1. Reflecting the net impact of movements in the foreign currency translation reserve and RWA.

50WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
CET 1 capital ratio movement for Full Year 2021
Sep-20
Cash earnings
ex notable items
Notable
items
1H21
dividend
Capital
deductions
and other items
RWA
movement
Sep-21
11.13%
159
(22)
(49)
34
5
(6)(2)
12.32%
FX
translation
impact
Divestments
Westpac’s Common Equity Tier 1 (CET1) capital ratio was 12.32% at 31 September 2021, 119 basis points higher
than 30 September 2020. This reflects earnings for the Full Year and divestments, partly offset by payment of the
2021 interim dividend and notable items.
Additional Tier 1 and Tier 2 Capital movements for Second Half 2021
On 15 September 2021, Westpac issued $1.75 billion of Additional Tier 1 capital (Westpac Capital Notes 8), of
which approximately $1.15 billion comprised reinvestment by the holders of Westpac Capital Notes 4 (WCN 4)
1
.
The net impact was an increase in Tier 1 capital of approximately 14 basis points.
During the half, Westpac issued EUR 1.0 billion (approximately A$1.6 billion) Tier 2 capital instruments. Westpac
also redeemed NZ$0.4 billion of Tier 2 capital instruments. The net impact was an increase in the total regulatory
capital ratio of approximately 28 basis points. These issues will assist to meet APRA’s increased total capital
requirements that must be achieved by 1 January 2024.
Leverage ratio
The leverage ratio represents the amount of Tier 1 capital relative to exposure
2
. At 30 September 2021, Westpac’s
leverage ratio was 5.99%, down 28 basis points since 31 March 2021.
Internationally comparable capital ratios
The APRA Basel III capital adequacy requirements are more conservative than those of the Basel Committee on
Banking Supervision (BCBS), leading to lower reported capital ratios when compared to international peers. APRA
conducted a study in July 2015 outlining its methodology for measuring international comparable capital ratios.
For details on the adjustments refer to Westpac’s 2021 Interim Investor Discussion Pack.
The table below calculates the Group’s reported capital ratios consistent with this methodology.
As AtAs AtAs At% Mov’t
30 Sept31 March30 SeptSept 21 - Sept 21 -
%202120212020Mar 21Sept 20
Internationally comparable capital ratios
CET 1 capital ratio 18.17% 18.08% 16.50% 9 bps 167 bps
Tier 1 capital ratio 21.23% 20.98% 19.25% 25 bps 198 bps
Total regulatory capital ratio 26.61% 25.94% 23.19% 67 bps 342 bps
Leverage ratio 6.59% 6.87% 6.46%(28 bps) 13 bps
1. At 30 September 2021, approximately $0.6 billion of WCN 4 were outstanding. On 15 October 2021, Westpac issued a redemption
notice that all outstanding WCN 4 will be redeemed on the optional redemption date, being 20 December 2021.
2. As defined under Attachment D of APS110: Capital Adequacy.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Risk Weighted Assets (RWA)
As AtAs AtAs At% Mov’t
30 Sept31 March30 SeptSept 21 - Sept 21 -
$m202120212020Mar 21Sept 20
Credit risk:
Corporate
1
68,715 66,086 73,666 4 (7)
Business lending
2
32,559 34,061 36,777 (4)(11)
Sovereign
3
2,508 2,355 2,376 6 6
Bank
4
5,104 5,708 5,640 (11)(10)
Residential mortgages 145,534 133,938 130,787 9 11
Australian credit cards 4,001 4,279 4,405 (6)(9)
Other retail 8,272 9,266 10,174 (11)(19)
Small business
5
15,187 16,097 16,977 (6)(11)
Specialised lending: Property and project finance
6
55,372 55,314 57,019 - (3)
Securitisation
7
5,881 5,513 5,413 7 9
Standardised 7,884 8,091 8,853 (3)(11)
Mark-to-market related credit risk 6,278 6,419 7,302 (2)(14)
Total credit risk 357,295 347,127 359,389 3 (1)
Market risk 6,662 9,490 8,761 (30)(24)
Operational risk
8
55,875 54,090 54,090 3 3
Interest rate in the banking book (IRRBB) 11,446 11,998 9,124 (5) 25
Other 5,372 6,194 6,541 (13)(18)
Total risk weighted assets 436,650 428,899 437,905 2 -
Second Half 2021 – First Half 2021
Total RWA increased $7.8 billion or 1.8% this half from higher credit RWA partly offset by a decrease in non-credit
RWA. The $10.2 billion increase in credit RWA included:
• $5.6 billion from higher lending in mortgages and corporate;
• $5.1 billion increase from mortgage credit RWA from the decision to apply a mortgage risk weight floor of
25% (RWA to EAD). This mostly reflects our expectation that mortgage risk weights will rise from APRA’s
capital changes, and because some rise in mortgage stress may emerge as COVID-19 stimulus unwinds;
• Foreign currency translation impacts increased RWA by $2.4 billion, mostly from the depreciation of the
A$ against the US$ and NZ$, partially offset by;
• $2.3 billion decrease from improved credit quality metrics with lower stressed assets across specialised lending
and business lending; and
• A decrease in credit RWA associated with derivative exposures (counterparty credit risk and mark-to-market
related credit risk) of $0.6 billion.
Non-credit RWA was $2.4 billion lower, mainly due to a $2.8 billion decrease in market RWA as the volatile period
around March 2020 (related to COVID-19) rolled out of the one-year Value at Risk (VaR) lookback window.
1. Corporate – typically includes exposure where the borrower has annual turnover greater than $50 million and other business
exposures not captured under the definitions of either Business lending or Small business.
2. Business lending – includes exposures not captured elsewhere where the borrower has annual turnover less than or equal to
$50 million.
3. Sovereign – includes exposures to governments themselves and other non-commercial enterprises that are owned or controlled by
them.
4. Bank – includes exposures to licensed banks and their owned or controlled subsidiaries, and overseas central banks.
5. Small business – program managed business lending exposures.
6. Specialised lending – property and project finance – includes exposures to entities created to finance and / or operate specific assets
where, apart from the income received from the assets being financed, the borrower has little or no independent capacity to repay
from other activities or assets.
7. Securitisation – exposures reflect Westpac’s involvement in activities ranging from originator to investor and include the provision of
securitisation services for clients wishing to access capital markets.
8. Operational risk – the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events,
including legal risk but excluding strategic or reputational risk.

52WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Full Year 2021 - Full Year 2020
Total RWA decreased $1.3 billion or 0.3% this year mainly driven by a decrease in credit RWA of ($2.1 billion),
partially offset by an increase in non-credit RWA of $0.8 billion.
The $2.1 billion decrease in credit RWA included:
• Decrease in credit RWA associated with derivative exposures (counterparty credit risk and mark-to-market
related credit risk) of $2.9 billion;
• $4.2 billion decrease from improved credit quality metrics driven by lower stressed assets, mainly across
corporate lending, specialised lending and business lending; partially offset by;
• $4.0 billion increase from higher lending, mostly from residential mortgage exposures partially offset
by reduction in Trade Finance in Asia, as we consolidated our international operations along with lower
business lending; and
• Foreign currency translation impacts increased RWA by $1.0 billion mostly from the depreciation of the
A$ against the US$ and NZ$.
At 30 June 2021 Westpac has chosen to apply an overlay to our modelled outcomes to increase the mortgage
risk weight floor to 25% (previously 23.8% at March 2021). This mostly reflects our expectation that mortgage
risk weights will rise from APRA’s capital changes, and because some rise in mortgage stress may emerge once
COVID-19 stimulus unwinds. This resulted in a $8.8 billion increase in mortgage RWA.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Capital adequacy
As AtAs AtAs At
30 Sept31 March30 Sept
$m202120212020
Tier 1 capital
CET 1 capital
Paid up ordinary capital 41,601 41,604 40,509
Treasury shares(663)(660)(620)
Equity based remuneration 1,753 1,731 1,661
Foreign currency translation reserve(266)(519)(309)
Accumulated other comprehensive income 402 507 126
Non-controlling interests - other 57 49 57
Retained earnings 28,813 29,097 26,533
Less retained earnings in life and general insurance, funds management and securitisation
entities(1,118)(1,680)(1,132)
Deferred fees 238 230 214
Total CET 1 capital 70,817 70,359 67,0 3 9
Deductions from CET 1 capital
Goodwill (excluding funds management entities)(8,060)(8,529)(8,532)
Deferred tax assets(2,429)(2,260)(2,963)
Goodwill in life and general insurance, funds management and securitisation entities(209)(451)(535)
Capitalised expenditure(1,951)(1,749)(1,576)
Capitalised software(1,840)(2,049)(2,137)
Investments in subsidiaries not consolidated for regulatory purposes(2,044)(2,063)(1,941)
Regulatory expected loss in excess of eligible provisions(225)(93)(40)
Defined benefit superannuation fund surplus(64)(69)(71)
Equity investments(163)(162)(492)
Regulatory adjustments to fair value positions(24)(1)(18)
Other Tier 1 deductions- (1)(1)
Total deductions from CET 1 capital(17,009)(17,427)(18,306)
Total CET 1 capital after deductions 53,808 52,932 48,733

Additional Tier 1 capital
Basel III complying instruments 10,180 9,493 9,206
Total Additional Tier 1 capital 10,180 9,493 9,206
Deductions from additional Tier 1 capital
Holdings of own and other financial institutions Additional Tier 1 capital instruments(25)(25)-
Total deductions from Additional Tier 1 capital(25)(25)-
Net Additional Tier 1 regulatory capital 10,155 9,468 9,206
Net Tier 1 regulatory capital 63,963 62,400 57,939

Tier 2 capital
Basel III complying instruments 18,228 16,373 13,161
Basel III transitional instruments 487 462 494
Eligible general reserve for credit loss 51 161 397
Total Tier 2 capital 18,766 16,996 14,052
Deductions from Tier 2 capital
Investments in subsidiaries not consolidated for regulatory purposes(140)(140)(140)
Holdings of own and other financial institutions Tier 2 capital instruments(221)(199)(121)
Total deductions from Tier 2 capital(361)(339)(261)
Net Tier 2 regulatory capital 18,405 16,657 13,791
Total regulatory capital 82,368 79,057 71,730
Risk weighted assets 436,650 428,899 437,905
CET 1 capital ratio 12.32% 12.34% 11.13%
Additional Tier 1 capital 2.33% 2.21% 2.10%
Tier 1 capital ratio 14.65% 14.55% 13.23%
Tier 2 capital 4.21% 3.88% 3.15%
Total regulatory capital ratio 18.86% 18.43% 16.38%

54WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Dividends
Half Year Half Year % Mov’t Full YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
Ordinary dividend (cents per share)20212021Mar 2120212020Sept 20
Interim (fully franked)- 58 (100) 58 - -
Final (fully franked) 60 - - 60 31 94
Total ordinary dividend 60 58 3 118 31 large
Payout ratio (reported)109.16% 61.75%large79.25% 48.87%large
Payout ratio (cash earnings)121.28% 60.16%large80.88% 42.93%large
Adjusted franking credit balance ($m) 3,857 3,560 8 3,857 3,448 12
Imputation credit (cents per share - NZ) 7.0 7.0 - 7.0 7.0 -
The Board has determined a final fully franked dividend of 60 cents per share, to be paid on 21 December 2021 to
shareholders on the register at the record date of 8 November 2021. The 2021 final dividend represents a payout
ratio on a cash earnings basis of 121.28%. In addition to being fully franked, the dividend will also carry NZ$0.07 in
New Zealand imputation credits that may be used by New Zealand tax residents.
The Board has determined to satisfy the DRP for the 2021 final dividend by arranging for the purchase of shares in
the market by a third party. The market price used to determine the number of shares allocated to DRP participants
will be set over the 10 trading days commencing 11 November 2021 and will not include a discount.
Off-market buy-back
Westpac has announced an off-market buy-back of up to $3.5 billion worth of Westpac shares. Westpac’s
operating performance and progress on strategic priorities, including the completion of a number of divestments,
have contributed to a strong capital position, allowing Westpac to return capital to shareholders.
Capital deduction for regulatory expected credit loss
For capital adequacy purposes APRA requires the amount of regulatory expected credit losses in excess of
eligible provisions to be deducted from CET 1 capital. The table below shows the calculation of this capital
deduction.
As atAs atAs at
30 Sept31 March30 Sept
$m202120212020
Provisions associated with eligible portfolios
Total provisions for expected credit losses 5,007 5,508 6,163
plus provisions associated with partial write-offs 40 20 26
less ineligible provisions
2
(104)(106)(118)
Total eligible provisions 4,943 5,422 6,071
Regulatory expected downturn loss 5,168 5,419 5,801
(Excess)/shortfall in eligible provisions compared to regulatory expected downturn loss 225 (3)(270)
CET 1 capital deduction for regulatory expected downturn loss in excess of eligible provisions
3
(225)(93)(40)
1. Record date in New York is 9 November 2021.
2. Provisions associated with portfolios subject to the Basel standardised approach to credit risk are not eligible.
3. Regulatory expected loss is calculated for portfolios subject to the Basel advanced capital IRB approach to credit risk. The comparison
between regulatory expected loss and eligible provisions is performed separately for defaulted and non-defaulted exposures.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Review of Group
operations
2.6 Sustainability performance summary
Westpac’s approach to sustainability
As one of Australia’s largest financial institutions, we recognise our role in helping to create positive social,
economic and environmental impact.
In December 2020, we released our refreshed Sustainability Strategy outlining our sustainability priorities for the
next three years. These priorities are centred around how we can best serve our customers, communities and
nation, and contribute to solving global challenges.
Westpac is:
• a founding signatory to the United Nations Environment Programme Finance Initiative’s Principles for
Responsible Banking;
• a supporter of the United Nations Sustainable Development Goals (SDGs) and its agenda for action on
improving the wellbeing of present and future generations; and
• guided by the United Nations Guiding Principles on Business and Human Rights.
Key developments against our 2023 Sustainability Strategy
Helping when it matters most – helping individuals and businesses build strong financial futures and navigate
times of change, providing extra support for customers experiencing hardship.
• 709 customers supported with natural disaster relief packages;
• Over 33,400 cases escalated through our specialist vulnerability teams;
• introduced new measures to stop abusive transactions and help address problem gambling;
• improved banking accessibility for over 8,200 Aboriginal and Torres Strait Islander and remote Australians
through Yuri Ingkarninthi, our Indigenous Connection Team; and
• launched our new app for iOS and Android, with
–Smart Search to help customers more easily navigate the app and initiate payments;
–Look Who’s Charging to more easily identify transactions; and
–Drag & Drop Transfers to support fast and easy transfers between eligible accounts.
Backing a stronger Australia: helping support the social, economic and environmental wellbeing of our nation to
build a stronger Australia.
• $11.6 million spent with diverse suppliers, including $1.6 million with Indigenous-owned businesses;
• Westpac Scholars Trust1 has awarded 100 new scholarships;
• Westpac Foundation2 awarded $1.95 million in job creation grants and $1 million in community grants to
100 organisations helping Australians become job-ready through education, training and employment
opportunities within their communities;
• $1.9 billion of new lending to climate change solutions; and
• reduced our Scope 1 & 2 emissions by 58% against a 2016 base year and 43% against 20203.
1. Westpac Scholars Trust (ABN 35 600 251 071) is administered by Westpac Scholars Limited (ABN 72 168 847 041) as trustee for the
Westpac Scholars Trust. Westpac Scholars Trust is a private charitable trust and neither the Trust nor the Trustee are part of Westpac
Group. Westpac provides administrative support, skilled volunteering, and funding for operational costs of the Westpac Scholars Trust.
2. Westpac Foundation is administered by Westpac Community Limited (ABN 34 086 862 795) as trustee for Westpac Community
Trust (ABN 53 265 036 982). The Westpac Community Trust is a Public Ancillary Fund, endorsed by the ATO as a Deductible Gift
Recipient. None of Westpac Foundation, Westpac Community Trust Limited nor the Westpac Community Trust are part of Westpac
Group. Westpac provides administrative support, skilled volunteering, donations and funding for operational costs of the Westpac
Foundation.
3. 2021 is the first year Westpac is reporting market-based emissions to account for renewable energy investment. The base year of our
Scope 1 & 2 and Scope 3 Supply Chain GHG reduction targets is calculated applying the location-based accounting method. Historic
location-based data is used as a proxy for a market-based method as electricity supplier emission factors or residual emission factors
for some international operations are not available.

56WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Review of Group operations
Collaborating for impact: finance has a central role to play in addressing the biggest challenges facing our world.
We want to play our part – by learning from our partners, sharing our experiences and collaborating to find
solutions.
• we continued to focus on our opportunities to positively impact human rights, including modern slavery,
across our value chain:
– launched our Access and Inclusion Plan 2021-2024;
– published our 2020 Modern Slavery Statement in response to the Australian Modern Slavery Act 2018 (Cth)
and the United Kingdom’s Modern Slavery Act 2015 (UK);
– refreshed our Inclusion and Diversity plan, including a focus on women in leadership, cultural diversity and
Indigenous representation;
• invested $12.1 million, to raise awareness of child exploitation and support child protection initiatives as part of
our commitment to invest up to $10 million per year for three years in child protection initiatives;
• launched our new Serving our Indigenous customers with respect and empathy training to enhance cultural
competency and greater understanding; and
• continued work to execute our Climate Action Plan, recognising the rapidly increasing importance of climate
change to our business and stakeholders. Key developments include:
–elevated climate change response to a strategic company-wide priority;
– continued to build our understanding of physical risk in our Australian and New Zealand agribusiness and
residential mortgages portfolios;
– progressed our work to develop our Paris-aligned financing strategies and portfolio targets, particularly
for sectors representing the majority of our financed emissions, with a focus in the oil and gas, metals and
mining sectors;
– completed analysis of our financed emissions across our Australian institutional, business and residential
mortgages lending portfolios; and
– continued participation across a range of industry forums including the United Nations Environment
Programme Finance Initiative Principles for Responsible Banking and the Australian Sustainable Finance
Initiative .
Further information
More information including more detailed disclosures relating to climate change and human rights can be found in
the Group’s 2021 Sustainability Supplement.

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57
WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Divisional results
3.0 Divisional results
Notable items
The table below shows the impact of notable items on the divisions by the relevant period. Notable items are
discussed in Section 1.3.2.
Westpac
WestpacNew
InstitutionalZealandSpecialistGroup
$mConsumerBusinessBank(A$)BusinessesBusinessesGroup
Half Year Sept 2021
Net interest income 3 103 - (32)(18)- 56
Net fee income- - - (7)- (26)(33)
Net wealth management and insurance
income- - - - (4)(14)(18)
Trading income- - - - - - -
Other income- - - 1 202 (7) 196
Non-interest income- - - (6) 198 (47) 145
Operating expenses(30)(19)(1,156)(17)(304)(76)(1,602)
Core earnings(27) 84 (1,156)(55)(124)(123)(1,401)
Income tax (expense)/benefit and NCI 3 (29) 191 13 (119) 23 82
Cash earnings(24) 55 (965)(42)(243)(100)(1,319)
Half Year March 2021
Net interest income- 74 - (3)- - 71
Net fee income(3) 1 - (5) 8 (105)(104)
Net wealth management and insurance
income- - - - - (88)(88)
Trading income- - - - - - -
Other income- - - - (7) 571 564
Non-interest income(3) 1 - (5) 1 378 372
Operating expenses(106)(40)(37)(6)(336)(220)(745)
Core earnings(109) 35 (37)(14)(335) 158 (302)
Income tax (expense)/benefit and NCI 33 (10) 11 4 38 (56) 20
Cash earnings(76) 25 (26)(10)(297) 102 (282)
Full Year 2021
Net interest income 3 177 - (35)(18)- 127
Net fee income(3) 1 - (12) 8 (131)(137)
Net wealth management and insurance
income- - - - (4)(102)(106)
Trading income- - - - - - -
Other income- - - 1 195 564 760
Non-interest income(3) 1 - (11) 199 331 517
Operating expenses(136)(59)(1,193)(23)(640)(296)(2,347)
Core earnings(136) 119 (1,193)(69)(459) 35 (1,703)
Income tax (expense)/benefit and NCI 36 (39) 202 17 (81)(33) 102
Cash earnings(100) 80 (991)(52)(540) 2 (1,601)
Full Year 2020
Net interest income 5 (141)- (7)- - (143)
Net fee income 4 2 - (7)(7)(80)(88)
Net wealth management and insurance
income- - - - (402)(76)(478)
Trading income-
Other income- - - - - 303 303
Non-interest income 4 2 - (7)(409) 147 (263)
Operating expenses(64)(130)- 1 (694)(1,652)(2,539)
Core earnings(55)(269)- (13)(1,103)(1,505)(2,945)
Income tax (expense)/benefit and NCI 16 81 - 4 181 44 326
Cash earnings(39)(188)- (9)(922)(1,461)(2,619)
Divisional results

58WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Divisional results
3.1 Consumer
Consumer provides banking products, including mortgages, credit cards, personal loans, and savings and deposit
products to consumers in Australia. Products are provided under the Westpac, St.George, BankSA, Bank of
Melbourne, and RAMS brands. Consumer works with the other operating divisions in Australia in the sales, service,
and referral of certain specialist financial services such as auto lending and foreign exchange.
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
$m20212021Mar 2120212020Sept 20
Net interest income 4,189 4,216 (1) 8,405 8,547 (2)
Non-interest income 247 241 2 488 573 (15)
Net operating income 4,436 4,457 - 8,893 9,120 (2)
Operating expenses(2,352)(2,270) 4 (4,622)(4,176) 11
Core earnings 2,084 2,187 (5) 4,271 4,944 (14)
Impairment (charges)/benefits 45 80 (44) 125 (1,015)large
Profit before income tax expense 2,129 2,267 (6) 4,396 3,929 12
Income tax expense and NCI(640)(675)(5)(1,315)(1,183) 11
Cash earnings 1,489 1,592 (6) 3,081 2,746 12
Add back notable items 24 76 (68) 100 39 156
Cash earnings excluding notable items 1,513 1,668 (9) 3,181 2,785 14
Expense to income ratio 53.02% 50.93% 209 bps 51.97% 45.79%large
Net interest margin 2.29% 2.39%(10 bps) 2.34% 2.37%(3 bps)
As atAs at% Mov’tAs atAs at% Mov’t
30 Sept31 MarchSept 21 - 30 Sept30 SeptSept 21 -
$bn20212021Mar 2120212020Sept 20
Customer deposits
Term deposits 38.7 42.3 (9) 38.7 47.5 (19)
Other 196.9 180.8 9 196.9 171.8 15
Total customer deposits 235.6 223.1 6 235.6 219.3 7
Net loans
Mortgages 401.5 387.9 4 401.5 382.4 5
Other 7.9 8.9 (11) 7.9 9.3 (15)
Provisions(1.6)(1.7)(6)(1.6)(1.9)(16)
Total net loans 407.8 395.1 3 407.8 389.8 5
Deposit to loan ratio 57.77% 56.47% 130 bps 57.77% 56.26% 151 bps
Total assets 415.7 403.3 3 415.7 398.3 4
TCE 479.9 466.5 3 479.9 460.4 4
Average interest earning assets
1
364.4 354.4 3 359.4 360.9 -
Average allocated capital 21.4 21.1 1 21.2 20.8 2
Credit quality
As atAs atAs atAs at
30 Sept31 March30 Sept31 March
%2021202120202020
Impairment charges/(benefits) to average loans annualised
2
(0.02%)(0.04%) 0.30% 0.21%
Mortgage 90+ day delinquencies 1.06% 1.18% 1.60% 0.94%
Other consumer loans 90+ day delinquencies 1.68% 1.65% 1.69% 1.96%
Total stressed exposures to TCE 0.95% 1.02% 1.38% 0.83%
1. Averages are based on a six month period for the halves and a twelve month period for the full year.
2. The presented ratios are based on a six month period.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Divisional results
Financial performance
Second Half 2021 – First Half 2021
Cash earnings of $1,489 million were $103 million or 6% lower than First Half 2021. Excluding notable items, cash
earnings were $155 million or 9% lower, mostly due to higher expenses and a reduction in the credit impairment
benefit in Second Half 2021 compared to First Half 2021.
Net interest
income down
$27m, 1%
• Net loans increased 3% (or $12.7 billion) over the half. The increase was mostly in
mortgage lending (up $13.6 billion) due to competitive offers and simplifying processes
for customers and brokers, and a buoyant housing market also supporting growth. Other
personal lending declined $1.0 billion (or 11%) from customers paying down this form of
debt;
• Deposits increased 6% (or $12.5 billion), driven by lower spending due to COVID-19
restrictions and government stimulus measures supporting customers saving more. Growth
was in at call balances as customers continue to hold less of their funds in term deposits;
and
• Net interest margin was 10 basis points lower. Mortgage spreads were down due to
competitive pricing to attract and retain customers, and changes in the loan portfolio mix
reflecting borrower preference for fixed rate mortgages. This was partly offset by lower
funding costs along with higher deposit spreads from repricing and changes in the deposit
portfolio mix.
Non-interest
income up $6m,
2%
• Most of the increase was due to higher cards income and higher mortgage fees from
increased volumes; and
• Partly offset by lower fee income from the removal of certain fees as part of our
simplification strategy and lower activity due to COVID-19 restrictions.
Expenses up
$82m, 4%
• Notable items declined $76 million over the half;
• Excluding notable items, expenses were $158 million (or 7%) higher from:
–Higher spend on risk and compliance programs, including financial crime and fraud
prevention;
–Costs related to the CORE program. These costs were previously recognised in Group
Businesses. In Second Half 2021 these costs were allocated to the division;
–Additional resources to support customers, in particular those experiencing hardship or
on deferral support; and partly offset by
–Benefits from greater use of digital channels, and a reduction in the branch network
(a net 40 branches were closed in Second Half 2021, bringing the total to 80 fewer
branches over Full Year 2021).
Impairment
benefit down
$35m, 44%
• The $45 million credit impairment benefit was due to improved credit quality metrics, a
reduction in unsecured consumer loans and a partial release in overlays. This was partly
offset by more moderate economic forecasts than at March 2021 following the lockdowns
in NSW and Victoria in Second Half 2021; and
• Mortgage 90+ day delinquencies were down 12 basis points to 1.06%, from lower hardship
and higher growth of new lending. Other consumer 90+ day delinquencies were up 3 basis
points to 1.68% mostly due to the 11% decline in personal lending.

60WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Divisional results
Financial performance
Full Year 2021 – Full Year 2020
Cash earnings of $3,081 million were $335 million or 12% higher than Full Year 2020. Excluding notable items, cash
earnings were $396 million, or 14% higher mostly due to a credit impairment benefit in Full Year 2021 compared to
a credit impairment charge in Full Year 2020, partly offset by lower operating income and higher expenses.
Net interest
income down
$142m, 2%
• Net loans were 5% (or $18.0 billion) higher over the year, with a 5% (or $19.1 billion)
increase in mortgages partly offset by a $1.4 billion decline in other personal lending;
• Deposits increased 7% (or $16.3 billion), with growth in at call and offset accounts; and
• Net interest margin was 3 basis points lower from competitive pricing to attract and
retain customers, portfolio mix effects in mortgages, as well as lower other personal
lending. These declines were partly offset by mix benefits in deposits (switching from term
deposits to at call) and repricing.
Non-interest
income down
$85m, 15%
• Removal of certain fees as part of our simplification strategy; and
• COVID-19 restrictions have reduced activity contributing to lower foreign currency
transaction fees and lower net ATM fees.
Expenses up
$446m, 11%
• Excluding notable items, expenses were up $374 million (or 9%) due to higher spend on
risk and compliance programs, including financial crime, fraud prevention and the CORE
program. Additional resources to support customers in particular those experiencing
hardship and increased mortgage processing costs from higher volumes as well as from
bringing jobs onshore also contributed to the increase; and
• Rationalisation of a further 80 branches and 129 ATMs, and the increased use of digital
channels partly offset the increase in expenses. FTE was 3% lower over the year.
Impairment
benefit of
$125m versus
impairment
charge of
$1,015m
• Credit impairment benefit was due to large collectively assessed provisions booked in
2020 that were no longer required, including from better credit quality metrics and an
improved economic outlook; and
• Mortgage 90+ day delinquencies were down 54 basis points to 1.06%, predominantly from
lower hardship. Other consumer 90+ day delinquencies were relatively flat (down 1 basis point)
with improving credit quality metrics partly offset by a decline in lending.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Divisional results
3.2 Business
Business provides banking products for Australian SME and Commercial businesses (including Agribusiness)
generally up to $200 million in exposure. The division also includes Private Wealth, meeting the personal
banking needs of high net worth individuals. The division offers a wide range of banking products and services
to support customers’ borrowing, savings and transaction needs. Specialist services including cash flow finance,
trade finance, equipment finance and property finance are also provided. Business operates under the Westpac,
St.George, BankSA, and Bank of Melbourne brands. Business works with the other operating divisions for select
products and services including financial risk management products, corporate superannuation and mortgages.
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
$m20212021Mar 2120212020Sept 20
Net interest income 1,982 2,083 (5) 4,065 4,163 (2)
Non-interest income 276 273 1 549 560 (2)
Net operating income 2,258 2,356 (4) 4,614 4,723 (2)
Operating expenses(1,360)(1,170) 16 (2,530)(2,298) 10
Core earnings 898 1,186 (24) 2,084 2,425 (14)
Impairment (charges)/benefits 355 129 175 484 (1,371)large
Profit before income tax expense 1,253 1,315 (5) 2,568 1,054 144
Income tax expense and NCI(384)(395)(3)(779)(320) 143
Cash earnings 869 920 (6) 1,789 734 144
Add back notable items(55)(25) 120 (80) 188 large
Cash earnings excluding notable items 814 895 (9) 1,709 922 85
Expense to income ratio 60.23% 49.66%large 54.83% 48.66%large
Net interest margin 3.07% 3.17%(10 bps) 3.12% 2.99% 13 bps
As atAs at% Mov’tAs atAs at% Mov’t
30 Sept31 MarchSept 21 - 30 Sept30 SeptSept 21 -
$bn20212021Mar 2120212020Sept 20
Customer deposits
Term deposits 39.3 44.9 (12) 39.3 51.7 (24)
Other 119.4 109.6 9 119.4 100.2 19
Total customer deposits 158.7 154.5 3 158.7 151.9 4
Net loans
Mortgages 54.2 55.7 (3) 54.2 58.5 (7)
Business 80.9 80.6 - 80.9 83.9 (4)
Other 0.5 0.6 (17) 0.5 0.5 -
Provisions(1.6)(2.1)(24)(1.6)(2.2)(27)
Total net loans 134.0 134.8 (1) 134.0 140.7 (5)
Deposit to loan ratio 118.43% 114.61% 382 bps 118.43% 107.96%large
Total assets 138.5 139.5 (1) 138.5 145.8 (5)
TCE 174.7 176.2 (1) 174.7 182.6 (4)
Average interest earning assets
1
128.7 132.0 (2) 130.3 139.1 (6)
Average allocated capital 11.6 11.9 (3) 11.8 11.6 2
Credit quality
As atAs atAs atAs at
30 Sept31 March30 Sept31 March
%2021202120202020
Impairment charges/(benefits) to average loans annualised
2
(0.52%)(0.19%) 0.93% 0.95%
Mortgage 90+ day delinquencies 1.15% 1.30% 1.72% 0.93%
Other consumer loans 90+ day delinquencies 1.00% 1.24% 1.46% 1.29%
Business: impaired exposures to TCE 0.70% 0.85% 1.08% 0.71%
Total stressed exposures to TCE 3.92% 4.60% 4.70% 3.07%
1. Averages are based on a six month period for the halves and a twelve month period for the full year.
2. The presented ratios are based on a six month period.

62WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Divisional results
Financial performance
Second Half 2021 - First Half 2021
Cash earnings of $869 million were $51 million or 6% lower than First Half 2021. Excluding notable items, cash
earnings were $81 million or 9% lower than First Half 2021. The decline in cash earnings was due to a reduction in
net interest income and a 16% increase in expenses, partly offset by a $226 million increase in credit impairment
benefits.
Net interest
income down
$101m, 5%
• Excluding notable items, net interest income was down $130 million (or 6%);
• Net loans were 1% (or $0.8 billion) lower over the half with a $1.5 billion decline in
mortgages partly offset by a $0.3 billion increase in business lending. The increase in
business lending was mostly in Agriculture and Property sectors;
• Deposits were up 3% (or $4.2 billion) supported by government stimulus measures. At call
deposits increased 9% (or $9.8 billion) reflecting a shift in customer preference to at call
accounts which was partly offset by a 12% decline (or $5.6 billion) in term deposits; and
• Net interest margin was down 10 basis points (14 basis points excluding notable items)
mostly from lower loan spreads reflecting competitive pricing to attract and retain
customers and changes in the loan portfolio mix. These reductions were partly offset by
deposit repricing and changes in the deposit portfolio mix.
Non-interest
income up $3m,
1%
• Non-interest income was little changed over the half with higher lending fees partly offset
by lower merchant fees from reduced activity due to COVID-19 restrictions.
Expenses up
$190m, 16%
• Notable items were $21 million lower than First Half 2021. Excluding this impact, expenses
were up $211 million (or 19%) compared to First Half 2021 from:
–Investment in front line risk capability; and
–Higher spend on risk and compliance programs, including financial crime, fraud
prevention, and our CORE program.
• Expenses for the CORE program related to Business were previously recognised in Group
Businesses. In Second Half 2021 these costs were allocated to the division.
Impairment
benefit up
$226m, 175%
• The credit impairment benefit was higher due to improvements in credit quality metrics
and a release of overlays established in 2020 no longer required; and
• Stressed assets to TCE decreased 68 basis points to 3.92% predominantly from lower
watchlist exposures. The improved metrics were recorded across most sectors.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Divisional results
Full Year 2021 – Full Year 2020
Cash earnings of $1,789 million were $1,055 million higher than Full Year 2020. Excluding the notable items cash
earnings were $787 million higher. Most of the improvement was due to a turnaround in credit impairment charges
with a benefit of $484 million compared to a credit impairment charge of $1,371 million in Full Year 2020. This was
partly offset by lower operating income and an increase in expenses mostly to support an uplift in the division’s
risk capability.
Net interest
income down
$98m, 2%
• Excluding notable items, net interest income was down $416 million (or 10%);
• Net loans declined by 5% (or $6.7 billion) due mostly to lower mortgages and a 4% decline
in business lending. Business lending was lower across most sectors with the largest
decline in professional services;
• Deposits were up 4% (or $6.8 billion) over the year with a 19% (or $19.2 billion) rise in at
call balances supported by government stimulus packages while term deposit balances
declined by 24% (or $12.4 billion) reflecting a shift in customer preference; and
• Net interest margin improved 13 basis points but was 11 basis points lower excluding
notable items. The decline (excluding notable items) was mostly from lower loan spreads
due to competitive pricing and special low interest rates on certain products as part of
our COVID-19 support. This was partly offset by higher deposit spreads from repricing and
portfolio mix benefit.
Non-interest
income down
$11m, 2%
• Most of the decline reflected lower activity due to COVID-19 restrictions. Lending fees
were also down from lower new lending.
Expenses up
$232m, 10%
• Notable items were $71 million lower than Full Year 2020, excluding this impact, expenses
were up $303 million compared to Full Year 2020; and
• The increase was due to higher spend on risk and compliance programs including financial
crime, fraud prevention, and our CORE program. Costs were also higher from an increase
in front line risk capability including additional bankers.
Impairment
benefit of
$484m
compared to
an impairment
charge of
$1,371m
• Credit impairment benefit was due to additional collectively assessed provisions booked
in 2020 that were no longer required, including from better credit quality metrics and an
improved economic outlook; and
• Stressed exposures to TCE decreased 78 basis points to 3.92% mostly from lower watchlist
exposures.

64WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Divisional results
3.3 Westpac Institutional Bank
Westpac Institutional Bank (WIB) delivers a broad range of financial products and services to corporate,
institutional and government customers operating in, or with connections to, Australia and New Zealand. WIB
operates through dedicated industry relationship and specialist product teams, with expert knowledge in
financing, transactional banking, and financial and debt capital markets. Customers are supported throughout
Australia and via branches and subsidiaries located in New Zealand, the US, UK and Asia. WIB works with all the
Group’s operating divisions in the provision of markets’ related financial needs including foreign exchange and
fixed interest solutions.
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
$m20212021Mar 2120212020Sept 20
Net interest income 455 464 (2) 919 1,111 (17)
Non-interest income 520 582 (11) 1,102 1,182 (7)
Net operating income 975 1,046 (7) 2,021 2,293 (12)
Operating expenses(1,876)(698) 169 (2,574)(1,316) 96
Core earnings(901) 348 large(553) 977 large
Impairment charges(154)(8)large(162)(404)(60)
Profit before income tax expense(1,055) 340 large(715) 573 large
Income tax expense and NCI 155 (110)large 45 (241)large
Cash earnings(900) 230 large(670) 332 large
Add back notable items 965 26 large 991 - -
Cash earnings excluding notable items 65 256 (75) 321 332 (3)
Expense to income ratio 192.41% 66.73%large 127.36% 57.39%large
Net interest margin 1.24% 1.27%(3 bps) 1.26% 1.35%(9 bps)
As atAs at% Mov’tAs atAs at% Mov’t
30 Sept31 MarchSept 21 - 30 Sept30 SeptSept 21 -
$bn20212021Mar 2120212020Sept 20
Customer deposits 97.8 91.0 7 97.8 102.9(5)
Net loans
Loans 67.6 62.7 8 67.6 66.6 2
Provisions(0.6)(0.3) 100 (0.6)(0.4) 50
Total net loans 67.0 62.4 7 67.0 66.2 1
Deposit to loan ratio 145.97% 145.83% 14 bps 145.97% 155.44%large
Total assets 82.1 74.8 10 82.1 75.5 9
TCE 178.9 174.0 3 178.9 168.7 6
Average interest earning assets
1
73.0 73.4 (1) 73.2 82.5 (11)
Average allocated capital 7.5 8.1 (7) 7.8 8.6 (9)
Impairment charges to average loans annualised 0.48% 0.03% 45 bps 0.25% 0.56%(31 bps)
Impaired exposures to TCE 0.30% 0.14% 16 bps 0.30% 0.27% 3 bps
Total stressed exposures to TCE 0.64% 0.56% 8 bps 0.64% 1.03%(39 bps)
Revenue contribution
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
$m20212021Mar 2120212020Sept 20
Lending and deposit revenue 660 629 5 1,289 1,351 (5)
Markets, sales and fee income 304 328 (7) 632 745 (15)
Total customer revenue 964 957 1 1,921 2,096 (8)
Derivative valuation adjustments 44 53 (17) 97 (77)large
Trading revenue 25 75 (67) 100 322 (69)
Other
2
(58)(39) 49 (97)(48) 102
Total WIB revenue 975 1,046 (7) 2,021 2,293 (12)
1. Averages are based on a six month period for the halves and a twelve month period for the full year.
2. Includes capital benefit and the Bank Levy.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Divisional results
Financial performance
Second Half 2021 – First Half 2021
Cash earnings were a loss of $900 million compared to a profit of $230 million in First Half 2021, primarily due to
higher notable items (notable items, after tax, were $965 million in Second Half 2021 compared to $26 million in
First Half 2021). Excluding notable items, cash earnings in Second Half 2021 were $65 million, 75% or $191 million
lower than First Half 2021 from higher credit impairment charges, lower markets income and higher expenses.
Notable items incurred in Second Half 2021 reflect the write-down of assets (goodwill, capitalised software and
other assets) following their annual impairment test.
Net interest
income down
$9m, 2%
• Net loans increased 7%, or $4.6 billion, mainly from growth in the Consumer and Industrials
sectors. Lending to support mergers and acquisitions activity and higher structured
finance facilities also contributed to the increase. Offshore lending was $1.2 billion lower as
we continued the consolidation of our Asian operations;
• Deposits increased $6.8 billion, or 7%, largely due to higher government balances and an
increase in corporate term deposits. Gains were partly offset by a $0.5 billion decline in
offshore deposits from our Asian consolidation; and
• Net interest margin declined 3 basis points mostly due to lower capital returns from low
rates and a decline in loan spreads from competition. This was partly offset by higher term
deposit spreads, mix benefits from lower offshore balances, lower funding costs and a
higher markets’ contribution.
Non-interest
income down
$62m, 11%
• Markets revenue was down $55 million mostly from lower non-customer Markets income,
particularly fixed income, partly offset by higher customer Markets income from increased
activity;
• Lower contribution from derivative valuation adjustments ($9 million);
• Lower payments revenue from the reduction of correspondent banking relationships and a
decline in volumes; and
• Declines were partly offset by higher lending fees from an increase in originations and
higher undrawn line fees.
Expenses up
$1,178m, large
• Excluding notable items, expenses increased $59 million, or 9%. Most of this increase
was due to higher spend on risk and compliance programs, including meeting regulatory
requirements, enhancing our financial crime program and higher legal costs;
• This was partly offset by productivity from the consolidation of international operations,
product and process simplification and operating model changes. FTE reduced 1% over the
half; and
• Expenses for the CORE program related to WIB were previously recognised in Group
Businesses. In Second Half 2021 these costs were allocated to the division.
Impairment
charges up
$146m, large
• The charge was predominantly due to one large individually assessed provision relating
to a fraud partly offset by a collectively assessed provision benefit from improvements in
underling credit quality metrics; and
• Stressed exposures to TCE of 0.64% were up 8 basis points compared to March 2021,
mostly due to the large individually assessed provision which increased stressed exposures
to TCE by 14 basis points.

66WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Divisional results
Full Year 2021 – Full Year 2020
Cash earnings were a loss of $670 million for Full Year 2021 compared to a profit of $332 million in Full Year 2020.
Notable items of $991 million (net of tax) were incurred in Full Year 2021. Excluding notable items, cash earnings
for Full Year 2021 were $321 million, 3% or $11 million lower than Full Year 2020. A 9 basis point decline in net
interest margin, lower income from exiting certain businesses and fee and product simplification was largely offset
by a reduction in credit impairment charges.
Notable items incurred in Full Year 2021 reflect the write-down of assets (goodwill, capitalised software and other
assets) following their annual impairment test.
Net interest
income down
$192m, 17%
• Net loans increased $0.8 billion, or 1%. Higher onshore balances (up $4.8 billion) from an
increase in new lending and higher utilisation of structured finance facilities, were partly
offset by a $4.0 billion decrease in offshore lending, primarily in Asia, as the division began
consolidating its operations;
• Deposits reduced $5.1 billion, or 5%. Offshore deposits were $3.9 billion lower, mostly
from the decision to consolidate our operations in Asia. Disciplined pricing and customers
seeking higher yield in the low interest rate environment contributed to the decline in
onshore deposits; and
• Net interest margin declined 9 basis points to 1.26% with lower interest rates reducing
deposit spreads and earnings on capital. This was partly offset by more disciplined lending
and deposit pricing, and benefits from changes in the lending and deposit mix.
Non-interest
income down
$80m, 7%
• Excluding the impact of derivative valuation adjustments (a $174 million positive
movement), non-interest income was down $254 million over the year;
• Lower non-customer Markets income ($219 million) across foreign exchange and
commodities including from the closure of the energy desk along with lower customer
Markets income ($64 million) from reduced foreign exchange sales and a decline in income
in Asia; and
• Payments revenue declined from the impact of exiting certain correspondent banking
relationships. This was partly offset by higher loan fees from an increase in undrawn
balances.
Expenses up
$1,258m, 96%
• Excluding notable items, expenses increased $65 million (or 5%) with most of the increase
due to higher risk and compliance costs, and higher software amortisation expenses; and
• Partly offset by productivity benefits from the consolidation of international operations,
product and process simplification, and operating model changes. FTE was 6% lower over
the year.
Impairment
charges down
$242m, 60%
• Lower credit impairment charge was due to a higher collectively assessed provision
benefit from better credit quality metrics and the improved economic outlook partly offset
by a large individually assessed provision related to a fraud; and
• Stressed exposures to TCE of 0.64%, down 39 basis points compared to September 2020,
mainly due to upgrades in watchlist facilities.

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WESTPAC GROUP 2021 FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT
Divisional results
3.4 Westpac New Zealand
Westpac New Zealand provides banking, wealth and insurance products and services for consumer, business and
institutional customers in New Zealand. Westpac New Zealand operates through a network of branches and ATMs.
Business and institutional customers are also served through relationship and specialist product teams. Banking
products and services are provided under the Westpac brand while insurance and wealth products are provided
under Westpac Life and BT brands, respectively.
All figures are in NZ$ unless noted otherwise.
Half YearHalf Year% Mov’tFull YearFull Year% Mov’t
SeptMarchSept 21 - SeptSeptSept 21 -
NZ$m20212021Mar 2120212020Sept 20
Net interest income 1,052 1,066 (1) 2,118 1,943 9
Non-interest income 166 179 (7) 345 339 2
Net operating income 1,218 1,245 (2) 2,463 2,282 8
Operating expenses(596)(536) 11 (1,132)(1,059) 7
Core earnings 622 709 (12) 1,331 1,223 9
Impairment (charges)/benefits(15) 99 large 84 (320)large
Profit before income tax expense 607 808 (25) 1,415 903 57
Income tax expense and NCI(177)(225)(21)(402)(254) 58
Cash earnings 430 583 (26) 1,013 649 56
Add back notable items 44 10 large 54 9 large
Cash earnings excluding notable items 474 593 (20) 1,067 658 62
Expense to income ratio 48.93% 43.05%large 45.96% 46.41%(45 bps)
Net interest margin 1.94% 2.06%(12 bps) 2.00% 1.97% 3 bps
As atAs at% Mov’tAs atAs at% Mov’t
30 Sept31 MarchSept 21 - 30 Sept30 SeptSept 21 -
NZ$bn20212021Mar 2120212020Sept 20
Customer deposits
Term deposits 28.3 28.7 (1) 28.3 31.0 (9)
Other 47.6 45.4 5 47.6 40.0 19
Total customer deposits 75.9 74.1 2 75.9 71.0 7
Net loans
Mortgages 60.9 58.4 4 60.9 55.2 10
Business 31.0 31.3 (1) 31.0 31.9 (3)
Other 1.2 1.4 (14) 1.2 1.5 (20)
Provisions(0.5)(0.5)- (0.5)(0.6)(17)
Total net loans 92.6 90.6 2 92.6 88.0 5
Deposit to loan ratio 81.97% 81.79% 18 bps 81.97% 80.68% 129 bps
Total assets 112.4 107.6 4 112.4 104.2 8
TCE 136.7 131.1 4 136.7 127.6 7
Third party liquid assets 15.8 14.1 12 15.8 12.8 23
Average interest earning assets
1
108.0 103.8 4 105.9 98.5 8
Average allocated capital 7.0 6.9 1 6.9 6.8 1
Total funds 12.0 11.9 1 12.0 12.2 (2)
Credit quality
As atAs atAs atAs at
30 Sept31 March30 Sept31 March
%2021202120202020
Impairment charges/(benefits) to average loans annualised
2
0.03%(0.22%) 0.25% 0.49%
Mortgage 90+ day delinquencies 0.30% 0.33% 0.52% 0.27%
Other consumer loans 90+ day delinquencies 1.65% 1.91% 2.09% 1.59%
Impaired exposures to TCE 0.11% 0.13% 0.16% 0.17%
Total stressed exposures to TCE 1.19% 1.56% 1.59%
1.64%
1. Averages are based on a six month period for the halves and a twelve month period for the full year.
2. The presented ratios are based on a six month period.