Westpac 2025 Full Year Result Media Release

ASX RELEASE


Westpac Banking Corporation
Level 18, 275 Kent Street
Sydney, NSW, 2000



3 November 2025

Westpac 2025 Full Year Result – Media Release

Westpac Banking Corporation (“Westpac”) today provides the attached Media Release –
Westpac 2025 Full Year Result.









For further information:

Hayden Cooper Justin McCarthy
Group Head of Media Relations General Manager, Investor Relations
0402 393 619 0422 800 321


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

3 NOVEMBER 2025
$6.9bn
Net profit after tax
▼ 1% on FY24

11.0%
Return on tangible equity
(ex Notable Items)
▼ 24bps on FY24

204c
Earnings per ordinary share
(ex Notable Items)
Flat on FY24

$7.0bn
Net profit after tax
(ex Notable Items)
▼ 2% on FY24

12.5%
CET1 level 2 capital ratio
▲ 4bps on FY24
77c
Final ordinary dividend per share
153c total ordinary dividend per
share, ▲ 1% on FY24
Ready to move at pace
Anthony Miller, Chief Executive Officer
This has been a solid year at Westpac and I’m pleased with the result we are delivering today. With
a very strong balance sheet and momentum in our target segments, the opportunity to deliver more
for our customers, people and shareholders is exciting. We’re focused on relentless execution of our
strategy and delivering every day for our customers.
We’ve managed margins in a competitive environment and our capital position is strong, providing us
with plenty of flexibility as we execute our strategy. It was pleasing to see APRA recognise the work
we’ve done to improve risk culture, lifting its enforceable undertaking and removing the additional
capital overlay. Strong risk management is not a destination, it’s a discipline. We are focused on making
it our differentiator.
I’m pleased with the growth we’ve achieved in deposits and loans, up 7% and 6% respectively. In
our Consumer and Institutional divisions, deposits increased 10%. Institutional lending is up 17% and
business lending rose 15%. Notably, we saw 22% growth in our agribusiness portfolio, with the majority
from existing customers.
This reflects our focus and investment in regional Australia. We’ve opened a new service centre in
Moree, with additional locations to come. We run the best banking app in Australia
1
. Our challenge and
goal is to deliver a superb customer experience seamlessly across our branch, virtual bank and digital
offering every day.

Transformation: Foundations in place
Westpac has undergone significant change in the past year. Our executive team is now in place,
our people are our competitive advantage and we're focused on delivering outstanding results for
our customers.
UNITE is critical for simplifying our products, processes and systems, making it easier for customers
and our people while reducing operating costs. It’s a significant project. We’ve completed discovery and
planning and are now executing. We have set our goals and will share progress regularly.
At the same time, we’re investing in market-leading capabilities. Our business lending origination
platform, BizEdge has reduced the average time to decision by 45%. We’ve also begun trialling Westpac
One, our cloud-based digital platform that will transform how institutional customers manage their
liquidity, payments and FX. These capabilities are backed by a continued investment in people, including
hiring new customer-facing bankers.
Further simplifying the bank, we have entered into an agreement for the sale of the RAMS mortgage
portfolio. This comes after it was closed to new business in August last year. This transaction will
significantly streamline Westpac’s mortgage operations, reduce run costs across the business and
provide further strategic flexibility.
Managing costs effectively is essential. This year’s increase in expenses reflects our focused investment
in UNITE, our people and our brand. We’ve also been working to ensure we have the right investment
in the right places and the right people in the right seats. This has meant we’ve made some changes to
teams to better serve our customers and deliver outcomes. We remain focused on reducing our cost to
income ratio over time.
Looking ahead
Australia remains well positioned in light of ongoing global disruption and economic uncertainty.
The majority of our customers have welcomed interest rate relief over the past year and this is helping
fuel a modest recovery in private demand. For businesses, we’ve seen improving conditions but continue
to observe challenges for small business across materials, labour and energy costs.
Notwithstanding the relief from interest rates, challenges remain with inflation and unemployment
increasing in recent months. This will be a delicate balance for the RBA to manage.
Globally, uncertainty remains but this is an opportunity for Australia and we are in a good position to
work through any impacts from events such as the ongoing geopolitical and trade tensions. Our stability
and reliability remain differentiators in the current environment.
I’m optimistic about the outlook for the Australian economy. Many of our customers have overcome
significant challenges in recent years and we remain ready to help those who need support. Going
forward we have a clear strategy and priorities, we are well positioned in the market and have the right
team in place who are focused on relentless execution for our customers.
Sound credit quality
Stressed exposures as a % of TCE
1.45
1.36
1.28
Sep-24Mar-25Sep-25
Impairment provisions ($m)
5,0965,072
4,987
Sep-24Mar-25Sep-25

Key shareholder metrics
Earnings per ordinary share (cents)
(ex Notable Items)
104.2
100.8
102.8
2H241H252H25
Dividends per ordinary share (cents)
7676
77
2H241H252H25
Operating performance
(ex Notable Items, compared to FY24)
2

•Net profit was down 2% to $6,972 million.
•Net interest income increased 3% to $19,473 million. Average
interest-earning assets increased 3%.
•NIM declined 1 basis point to 1.94% with persistent competition
in lending and deposits. 2H25 NIM rose 3 basis points on 1H25.
•Non-interest income increased 5% to $2,991 million. This
includes an increase in income from wealth management and
Markets and higher fee income.
•Loans increased 6% to $851.9 billion. This included growth in
Australian housing loans of 5% or at 0.8x system
3
, business
lending up 15% and Institutional lending up 17%.
•Customer deposits grew 7% to $723.0 billion. This included 10%
in Consumer deposits.
•Operating expenses increased 9% to $11,916 million. This
includes restructuring costs of $273 million. Excluding this,
expenses rose 6% reflecting technology and UNITE program
costs, increased software amortisation and salary and wage
growth, including an investment in more bankers.
•The credit impairment charge was 5 basis points of average
loans, down from 7 basis points. Cost of living pressure on
households continues to ease and levels of business stress
remain low.
1.94
%
NIM
▼ 1bps on FY24
$851.9bn
Total loans
▲ 6% on FY24
$723.0bn
Total customer deposits
▲ 7% on FY24

Financial summary
(ex Notable Items)
% Mov't% Mov't
Full YearFull YearSept 25Half YearHalf YearSept 25
$m20252024- Sept 24Sept 2025Mar 2025- Mar 25
Net interest income19,47318,91639,9049,5694
Non-interest income
2,9912,84751,5671,42410
Net operating income
22,46421,763311,47110,9934
Operating expenses
(11,916)(10,944)9(6,218)(5,698)9
Pre-provision profit
10,54810,819(3)5,2535,295(1)
Impairment (charges)/benefits
(424)(537)(21)(174)(250)(30)
Profit before income tax expense
10,12410,282(2)5,0795,0451
Income tax expense
(3,135)(3,169)(1)(1,555)(1,580)(2)
Profit after income tax expense
6,9897,113(2)3,5243,4652
Profit attributable to non-controlling
interests (NCI)(17)--(9)(8)13
Net profit excluding Notable Items6,9727,113(2)3,5153,4572
Fully franked ordinary dividends per
share (cents)153151
1
7776
1
Fully franked special dividend per share (cents)-15
(100)
--
-
Return on average ordinary equity (ROE)9.74%9.94%(20 bps)9.66%9.81%(15 bps)
Return on average tangible equity (ROTE)10.97%11.21%(24 bps)10.87%11.08%(21 bps)
Group NIM1.94%1.95%(1 bps)1.95%1.92%3 bps
Core NIM1.81%1.82%(1 bps)1.82%1.80%2 bps
Expense to income ratio (ex Notable Items)53.04%50.29%275 bps54.21%51.83%238 bps
CET1 capital ratio (Level 2)12.53%12.49%4 bps12.53%12.24%29 bps
Deposit to loan ratio84.87%83.50%137 bps84.87%84.48%39 bps
Liquidity coverage ratio (LCR)137%133%large137%135%173 bps
Net stable funding ratio (NSFR)113%112%100 bps113%115%(168 bps)
Collectively assessed provisions to credit RWA125 bps130 bps(5 bps)125 bps126 bps(1 bps)
Total stressed exposures as a % of TCE1.28%1.45%(17 bps)1.28%1.36%(8 bps)
Net Profit after tax by segment
Consumer2,2822,18441,1851,0978
Business & Wealth2,1862,356(7)1,0961,0901
Institutional1,5751,367158007753
Westpac New Zealand (AUD)1,0909791161347729
Group Businesses(161)227large(179)18large
Divisional contribution to net profit
(ex Notable Items)
33%
Consumer
31%
Business & Wealth
23%
Institutional
16%
New Zealand

Market share

Australia
4

New Zealand
5
Household
deposits
21%
Consumer
lending
18%
Mortgages
21%
Deposits
17%
Business
lending
16%
Business
lending
16%
Further information
Hayden CooperJustin McCarthy
Group Head of Media RelationsGeneral Manager, Investor Relations
+61 402 393 619+61 422 800 321
All amounts are in Australian dollars. Certain amounts and ratios, including amounts and ratios excluding Notable Items, are
used for internal management reporting as they better reflect underlying performance, and are not defined by nor audited or
reviewed in accordance with Australian Accounting Standards (AAS). These non-AAS measures are identified and described in the
‘Introduction – Non-AAS financial measures’ section in the 2025 Annual Report.
This announcement contains ‘forward-looking statements’ and statements of expectation reflecting Westpac’s current views
on future events. They are subject to change without notice and certain risks, uncertainties and assumptions which are, in
many instances, beyond its control. They have been based upon management's expectations and beliefs concerning future
developments and their potential effect on Westpac. Should one or more of the risks or uncertainties materialise, or should
underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied in such statements.
Investors should not place undue reliance on forward-looking statements and statements of expectation. Except as required by
law, Westpac is not responsible for updating, or obliged to update, any matter arising after the date of this announcement. The
information in this announcement is subject to the information in Westpac’s ASX filings, including the 2025 Annual Report and the
2025 Full Year Results Announcement. 
Footnotes:
1.The Forrester Digital Experience Review™: Australian Mobile Banking Apps, Q3 2025, which evaluated four major banking apps.
2.Operating performance figures including Notable Items are set out in the FY25 Financial Results.
3.Excluding RAMS.
4.APRA Banking Statistics, September 2025.
5.RBNZ, September 2025.