Westpac 2026 Interim Financial Results Announcement

ASX RELEASE


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



5 May 2026

Westpac 2026 Interim Financial Results Announcement (incorporating the
requirements of Appendix 4D)


Westpac Banking Corporation (“Westpac”) today provides the attached Westpac 2026
Interim Financial Results Announcement (incorporating the requirements of Appendix 4D).









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.

INTERIM
FINANCIAL
WESTPAC
FOR THE SIX MONTHS
ENDED 31 MARCH 2026
INCORPORATING THE
REQUIREMENTS OF APPENDIX 4D
WESTPAC BANKING CORPORATION
ABN 33 007 457 141
RESULTS

WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
Acknowledgement of Indigenous Peoples
Westpac acknowledges the First Peoples of Australia. We recognise
their ongoing role as Traditional Owners of the land and waters of
this country and pay our respects to Elders, past and present. We
extend our respect to Westpac’s Aboriginal and Torres Strait Islander
employees, partners and stakeholders and to the Indigenous Peoples
in the other locations where we operate.
In Aotearoa (New Zealand) we also acknowledge tāngata whenua and
the unique relationship that Indigenous Peoples share with all New
Zealanders under Te Tiriti o Waitangi.
Westpac’s 2026 Interim Financial Results
The information in this report relates to our First Half 2026 reporting period unless stated otherwise.
Additional information on our First Half 2026 financial, non-financial, risk and sustainability performance is included
in our:
•First Half 2026 Financial Results Presentation and Investor Discussion Pack;
•March 2026 Pillar 3 Report; and
•First Half 2026 Risk Factors.
These documents are available online at westpac.com.au/about-westpac/investor-centre/events-and-
presentations/.

In this 2026 Interim Financial Results Announcement, a reference to ‘Westpac’, 'WBC', ‘Westpac Group’, ‘the Group’, ‘we’, ‘us’ and ‘our’ are to
Westpac Banking Corporation ABN 33 007 457 141 and its subsidiaries unless it clearly means just Westpac Banking Corporation.
For certain information about the basis of preparing the financial and non-financial information see Additional Information (page 89).
In addition, this Results Announcement contains statements that constitute ‘forward-looking statements’ within the meaning of Section 21E of
the US Securities Exchange Act of 1934. For an explanation of forward-looking statements and the risks, uncertainties and assumptions to which
they are subject, see Disclosure regarding forward-looking statements (page 90). Please consider those important disclaimers when reading the
forward-looking statements in this Results Announcement.
Information contained in or accessible through the websites mentioned in this Results Announcement does not form part of this Results
Announcement unless we specifically state that it is incorporated by reference and forms part of this Results Announcement. Information on
those websites owned by Westpac is current as at the date of this Results Announcement. Except as required by law, we assume no obligation to
revise or update those websites after the date of this Results Announcement. We are not in a position to verify information on websites owned
and/or operated by third parties.
This Results Announcement is unaudited
KPMG has reviewed the financial statements and accompanying notes contained within the
2026 Interim Financial Report (pages 50-88) in this
Results Announcement and has issued an unmodified review report. All other sections in this Results Announcement including the
Directors’ Report (pages 43-49), have not been subject to review by KPMG. The financial information contained in this Results Announcement
includes information extracted from the reviewed financial statements together with information that has not been reviewed.
Westpac Banking Corporation ABN 33 007 457 141

iii
RESULTS ANNOUNCEMENT TO THE MARKET
Results Announcement to the market
ASX Appendix 4D
Results for announcement to the market
1
Report for the half year ended 31 March 2026
2
Revenue from ordinary activities
a,b
($m)up5%to$11,293
Profit from ordinary activities after tax attributable to equity holders
b
($m)up3%to$3,414
Net profit for the period attributable to equity holders
b
($m)up3%to$3,414
a.Comprises reported interest income, interest expense and non-interest income.
b.Above comparisons are to the reported results for the six months ended 31 March 2025.
Dividend distributions (cents per ordinary share)Amount per securityFranked amount per security
Interim dividend7777
Record date for determining entitlements to the interim dividend11 May 2026
As at
31 March 2026
As at
30 September 2025
Net tangible assets
Net tangible assets per ordinary share ($)17.7318.25
1.This document comprises the Westpac Group 2026 Interim Financial Results Announcement, including the 2026 Interim Financial Report
(pages 50-88) and is provided to the Australian Securities Exchange under Listing Rule 4.2A.
2.This Interim Financial Results Announcement should be read in conjunction with the 2025 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.

ASX ANNOUNCEMENT I WESTPAC 1H26 RESULT
ASX ANNOUNCEMENT
1H26 RESULT
ivWESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS

5 MAY 2026
HIGHLIGHTS
$3.4bn
Statutory net profit
down 5% on 2H25
up 3% on 1H25
$3.5bn
Net profit ex
Notable Items
down 1% on 2H25
up 1% on 1H25

12.4%
CET1 capital ratio
above target ratio
of 11.25% in normal
operating conditions
77cents
Interim ordinary dividend
per share, fully franked
Disciplined execution through global unrest
Anthony Miller, Chief Executive Officer
This half, we’ve delivered solid operating momentum while investing for the future. Our strong balance sheet and
disciplined focus will allow us to support customers through global uncertainty.
Westpac is well positioned to deal with the impacts of ongoing conflict. Our role is to stay close to customers, back them
through current challenges and make sure help is there when it’s needed. While our customers are resilient and stress
levels have declined, we've taken a prudent approach and increased our provisions.
Across the company, we’ve started to execute with real momentum. We’ve got the team in place, we’re clear on what
needs to be done and the focus now is very simply on delivery. There’s a strong sense of ownership and you can see that
coming through in how we’re performing and serving customers.
Growth is solid across lending and deposits, with several highlights. We grew Australian mortgages, excluding RAMS,
in the half at 1.2x system, with the proportion of new first party lending increasing. We are supporting Australian
businesses with lending up across both business and institutional over the past year. At the same time we are managing
costs, which are down from the prior half.
Westpac believes in the growth potential of regional Australia. We’ve opened three regional service centres with
another to come. We've also launched our Community Banking Service in several regional locations. Our agribusiness
book has grown 15% during the year and we remain the only bank with a moratorium on regional branch closures
through to 2030.
We know we must execute well across the board and nowhere is this more true than in our UNITE program. We’re now
solidly in implement phase. In March we completed our first large-scale migration, creating a single wealth platform for
advisers on BT Panorama, and work is progressing well on creating one commercial bank.
Getting UNITE done will help unlock the potential of this organisation and ensure we do things one way. I’m confident in
the plan and I’m encouraged by the progress we’re making as a team.
Outlook
The war in the Middle East is presenting challenges for some customers and the economic impact of the conflict will
continue through the year. The disruption to energy supply chains has driven a rise in prices and we're seeing this flow
through to businesses and households, with some sectors more affected than others.
We're ready to work with the Government to ensure Australia is better prepared for future events, including through
ongoing investment in a reliable, sustainable energy system. As a country, we must embrace the opportunity for genuine
reform to ensure the nation remains competitive. Our stability sets us apart, but only when combined with more efficient
and effective regulation. Boosting productivity must be the country's priority, particularly through an uplift in skills and
training alongside a committed and inclusive adoption of AI and other emerging technologies.

ASX ANNOUNCEMENT I WESTPAC 1H26 RESULT
Growth in our core markets
1
Balance sheet momentum was solid with both lending and deposit growth
of 7% over the year.
Australian household deposit growth reflects strong transaction account
growth and improved brand consideration.
Business & Wealth deposits increased 5% driven by growth in transactional
and savings balances. Focus remains on growing transactional accounts
with the number of new accounts up 33%.
Growth in Australian housing loans, excluding RAMS, was 7% with the
proportion of new loans originated through the proprietary channel rising
during the year.
Australian business lending increased 16%. Growth in the Business &
Wealth segment was diversified with solid growth in our target sectors of
agriculture, health and professional services. There was strong loan growth
in Institutional driven by strengthening relationships with existing clients.
CUSTOMER DEPOSITS ($BN)
696.8
723.0
745.2
Mar-25Sep-25Mar-26
LOANS ($BN)
829.4
856.4
890.3
Mar-25Sep-25Mar-26
Strong balance sheet
Capital
The CET1 capital ratio of 12.4% is above our target ratio of 11.25%. This equates to
$2.7 billion of capital above the target after payment of the First Half 2026 dividend.
The CET1 capital ratio decreased 11 basis points in the half as net profit was more than
offset by payment of the 2025 final dividend and higher Risk Weighted Assets (RWA).

12.4%
Level 2 CET1 capital ratio
down 11bps on Sep-25
up 18bps on Mar-25

Funding and liquidity
The deposit to loan ratio was 84.2%. Notwithstanding similar lending and deposit growth,
higher lending balances drove a modest decline in the ratio.
The March 2026 quarterly average liquidity coverage ratio of 132% and the net stable
funding ratio of 112% were both well above regulatory minimums.
The Group raised $24 billion of new long term wholesale funding in the financial year
to date
2
.
 
84.2%
Deposit to loan ratio
down 72bps on Sep-25
down 33bps on Mar-25

Credit quality
Credit quality metrics continued to improve as reflected in a decline in stressed exposure
to TCE to 1.16%.
The revised economic outlook has been reflected in our base case provision scenario and
a new portfolio overlay has been added for energy intensive sectors. Credit impairment
provisions increased to $5.2 billion and the ratio of collectively assessed provisions to
credit RWA were higher at 1.29%.
1.16%
Stressed exposures
as a % of TCE
down 12bps on Sep-25
down 20bps on Mar-25
Shareholder returns
Our solid financial performance and strong financial
position supported the interim dividend of 77 cents
per share. This equates to a payout ratio of 77.1%
on a statutory net profit basis and 75.6% excluding
Notable Items.
9.6%
ROE
down 31bps on 2H25
up 16bps on 1H25
11.0%
ROTE excluding
Notable Items
up 14bps on 2H25
down 7bps on 1H25

ASX ANNOUNCEMENT I WESTPAC 1H26 RESULT
Priorities
Five strategic priorities help us to deliver on our ambition to be our customers' number one bank and partner
through life.
1H26 HIGHLIGHTS
CUSTOMER
Improving service
for deeper
relationships
•Provided an additional $68 billion in new home lending, helping more Australians into
their homes;
•Strengthened our commitment to regional Australia through branch investment, regional
graduate roles and extending the regional branch moratorium to 2030;
•Introduced digital ID verification for customers emigrating from India, NZ and China to
drive new account conversions; and
•Offered new digital solutions to institutional clients, making foreign exchange and
international payments faster and more transparent.
PEOPLE
Creating the
best workplace

•The Amplify platform is capturing more dynamic employee insights to drive further
improvement in employee engagement;
•Microsoft Copilot licenses and training available to all eligible employees; and
•Provided all employees access to a personalised learning platform and more than 20,000
courses through LinkedIn Learning.
RISK
Excellence
in execution
•Continued to invest in defences against scams, fraud and financial crime, while continuing
to raise consumer awareness; and
•Expanded our use of AI to support our scams and fraud teams to detect threats
and support customers in real-time, contributed to preventing $181 million in
customer losses.
TRANSFORMATION
Investing for
the future
•UNITE is simplifying our operating environment with completion of the first large-scale
migration to Panorama and commencement of the migration of commercial business
banking customers to One Commercial Bank;
•The BizEdge lending platform is supporting faster business lending decisions and we
commenced the trial of Westpac One, a cloud-based digital platform for institutional
customers; and
•We are moving to a new operating model that is aligned to our priorities, with twenty
end‑to‑end delivery units that bring teams closer to customers with clear accountability
for multi-year outcomes.
PERFORMANCE
Balancing growth
with returns
•Total shareholder return of 31% for the year to 31 March 2026, highest of major
bank peers;
•A strong financial position during a time of increasing global uncertainty allows us to
support customers while accelerating execution of our strategic priorities; and
•We continue to target a cost to income ratio lower than the peer average and return on
tangible equity above the peer average by the end of FY29.
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 ‘Non-AAS financial measures’ section in the
2026 Interim Financial 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 2026 Interim
Financial Report. 
Footnotes
1. Compared to 31 March 2025.
2. As at 30 April 2026.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
1
Contents
PERFORMANCE REVIEW2
Group performance3
Segment reporting28
DIRECTORS’ REPORT43
Directors’ Report44
2026 INTERIM FINANCIAL REPORT50
Notes to the consolidated financial statements56
Statutory statements86
ADDITIONAL INFORMATION89
Additional information90
Glossary of Abbreviations and Defined Terms104

2WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
PERFORMANCE
REVIEW
GROUP PERFORMANCE
Statutory results
Notable Items
Performance summary
Financial information
Review of earnings
Credit quality
Balance sheet and funding
Capital and dividends
Sustainability performance
SEGMENT REPORTING
Consumer
Business & Wealth
Institutional
New Zealand
Group Businesses

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
3
GROUP PERFORMANCE
Statutory results
Group performanceStatutory results
Half YearHalf YearHalf Year% Mov't
$mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Net interest income9,77110,0299,351(3)4
Non-interest income1,5221,5621,442(3)6
Net operating income11,29311,59110,793(3)5
Operating expenses(5,937)(6,218)(5,698)(5)4
Pre-provision profit
a
5,3565,3735,095-5
Impairment (charges)/benefits(443)(174)(250)15577
Profit before income tax expense4,9135,1994,845(6)1
Income tax expense(1,491)(1,591)(1,520)(6)(2)
Profit after income tax expense3,4223,6083,325(5)3
Profit attributable to non-controlling interests (NCI)(8)(9)(8)(11)-
Net profit attributable to owners of WBC3,4143,5993,317(5)3
Effective tax rate30.35%30.60%31.37%(25 bps)(102 bps)
a.Pre-provision profit is a subtotal and is defined in Non-AAS financial measures on page 92.
Discussion of statutory net profit attributable to owners of the Company is included in the Directors' Report on page
44.
Notable Items
Notable Items
Notable Items reduced net profit after tax by $69 million with impacts in prior periods of a $84 million benefit in Second
Half 2025 and a $140 million reduction in First Half 2025.
Details of Notable Items after tax impacting on the First Half 2026 result are:
Category
Net profit impact
First Half 2026Detail
Hedging items$6 million benefitThe impact of unrealised fair value gain on hedges of accrual accounted term funding and
hedge ineffectiveness was a benefit of $6 million after tax (2H25: $84 million benefit; 1H25:
$140 million reduction).
Large items$75 million reductionSeparation and transaction costs associated with the sale of RAMS mortgage portfolio were
$75 million.
Total Notable Items$69 million reduction
For detailed explanations of Notable Items for Full Year 2025, refer to the 2025 Full Year Financial Results.

4WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Performance summary
Performance summary
Net profit excluding Notable Items and line items impacted by Notable Items are non-AAS financial performance
measures used by Westpac for management reporting as they better reflect the underlying performance of the Group.
Net profit excluding Notable Items is not a statutory financial measure, is not presented in accordance with AAS, and is
not audited or reviewed in accordance with Australian Auditing Standards. The definition and details of Notable Items
and a full reconciliation of statutory net profit attributable to owners of the Company to net profit excluding Notable
Items are provided on pages 3, 94 and 95.
Half YearHalf YearHalf Year% Mov't
Excluding Notable Items, $mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Net interest income9,7639,9049,569(1)2
Non-interest income1,5211,5671,424(3)7
Net operating income11,28411,47110,993(2)3
Operating expenses(5,830)(6,218)(5,698)(6)2
Pre-provision profit5,4545,2535,29543
Impairment (charges)/benefits(443)(174)(250)15577
Profit before income tax expense5,0115,0795,045(1)(1)
Income tax expense(1,520)(1,555)(1,580)(2)(4)
Profit after income tax expense3,4913,5243,465(1)1
Profit attributable to non-controlling interests (NCI)(8)(9)(8)(11)-
Net profit excluding Notable Items3,4833,5153,457(1)1
Notable Items (post tax)
Hedging items684(140)(93)large
Large items(75)----
Net profit attributable to owners of WBC3,4143,5993,317(5)3
First Half 2026 - Second Half 2025
Net profit attributable to owners of Westpac decreased
by 5%.
Net profit excluding Notable Items declined by 1%, with
lower operating income and higher credit impairment
charges more than offsetting lower operating expenses.
Net interest income decreased by 1% with a 6 basis
point decline in net interest margin more than offsetting
the increase in average interest earning assets. Lending
competition, the impact of timing differences related to
interest rate changes and weaker Treasury performance
contributed to the contraction in net interest margin.
Non-interest income was down 3% due to lower fee
income and a decrease in Markets revenue.
Operating expenses were 6% lower. Excluding the Second
Half 2025 restructuring charge, operating expenses
were 2% lower reflecting benefits of productivity
initiatives along with seasonality of staff expenses and
technology costs.
Credit impairment charges represented 10 basis points
of average gross loans compared to 4 basis points of
average gross loans in the prior period. The increase
reflected the revised economic outlook, new portfolio
overlays and an increase in new IAPs. The improvement
in overall credit quality provided a partial offset.
The effective tax rate of 30.3% was slightly higher than
the Australian corporate tax rate of 30%, due to certain
non tax deductible expenses.
First Half 2026 - First Half 2025
Net profit attributable to owners of Westpac increased
by 3%.
Net profit excluding Notable Items increased by 1% with
higher operating income more than offsetting higher
operating expenses and credit impairment charges.
Net interest income increased by 2%, driven by growth
in average interest earning assets more than offsetting
a 3 basis point decline in net interest margin. Lending
competition, the impact of timing differences related to
interest rate changes and weaker Treasury performance
contributed to the contraction in net interest margin.
Non-interest income was up 7% due to a rise in Markets
revenue and higher fee income.
Operating expenses were 2% higher due to higher staff
costs and the step up in UNITE investment spend.
Productivity initiatives provided a partial offset.
Credit impairment charges represented 10 basis points
of average gross loans compared to 6 basis points of
average gross loans in the prior corresponding period.
The increase reflected the revised economic outlook,
new portfolio overlays and an increase in new IAPs.
The improvement in overall credit quality provided a
partial offset.
The effective tax rate of 30.3% was slightly higher than
the Australian corporate tax rate of 30%, due to certain
non tax deductible expenses.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
5
Financial information
Financial information
Half YearHalf YearHalf Year% Mov't
March 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Shareholder value
Fully franked ordinary dividends per share (cents)777776-1
Net tangible assets per ordinary share ($)17.7318.2517.97(3)(1)
Book value per ordinary share ($)20.6921.2721.03(3)(2)
Dividend payout ratio77.09%73.14%78.38%395 bps(129 bps)
Basic earnings per ordinary share (cents)99.9105.296.7(5)3
Diluted earnings per ordinary share (cents)99.5103.196.0(3)4
Return on average ordinary equity (ROE)9.58%9.89%9.42%(31 bps)16 bps
Return on average tangible equity (ROTE)10.79%11.13%10.63%(34 bps)16 bps
Shareholder value - excluding Notable Items
Adjusted dividend payout ratio75.56%74.89%75.20%67 bps36 bps
Basic earnings per ordinary share (cents)101.9102.8100.8(1)1
Diluted earnings per ordinary share (cents)101.4100.899.812
ROE9.77%9.66%9.81%11 bps(4 bps)
ROTE11.01%10.87%11.08%14 bps(7 bps)
Business performance - excluding Notable Items
NIM1.89%1.95%1.92%(6 bps)(3 bps)
Core NIM1.78%1.82%1.80%(4 bps)(2 bps)
Treasury & markets impact on NIM0.11%0.13%0.12%(2 bps)(1 bps)
Expense to income ratio51.67%54.21%51.83%(254 bps)(16 bps)
Full time equivalent employees (FTE)34,93735,23635,969(1)(3)
Capital, funding and liquidity
Australian Prudential Regulation Authority (APRA) Level
2 common equity Tier 1 capital ratio12.42%12.53%12.24%(11 bps)18 bps
Liquidity coverage ratio (LCR)132%137%135%large(325 bps)
Net stable funding ratio (NSFR)112%113%115%(113 bps)(281 bps)
Deposit to loan ratio84.15%84.87%84.48%(72 bps)(33 bps)
Credit quality and impairment charges
Impairment charges/(benefits) to average loans10 bps4 bps6 bps6 bps4 bps
Collectively assessed provisions to credit RWA129 bps125 bps126 bps4 bps3 bps
Mortgages 90+ day delinquencies0.64%0.70%0.83%(6 bps)(19 bps)
Impaired exposures to gross loans0.23%0.24%0.25%(1 bps)(2 bps)
Total stressed exposures as a % of TCE1.16%1.28%1.36%(12 bps)(20 bps)
Balance sheet ($m)
Gross loans890,259856,362829,38647
Average interest-earning assets ($m)1,035,2261,008,977996,70134
Total assets1,172,5831,125,3561,098,89347
Customer deposits745,239722,971696,76237
Average ordinary equity ($m)71,43072,49970,584(1)1
Average tangible ordinary equity ($m)63,38864,42962,519(2)1
Weighted average ordinary shares (millions)3,4153,4163,428--

6WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Review of earnings
Review of earnings
Net interest income
Excluding Notable Items
Half YearHalf YearHalf Year% Mov't
March 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Net interest Income (Excluding Notable
Items, $m)
Net interest income9,7639,9049,569(1)2
Core net interest income9,1859,2318,960-3
Treasury455544495(16)(8)
Markets123129114(5)8
Average interest earning assets ($m)
Loans798,692773,142755,53036
Housing
a
516,928510,657505,74812
Personal10,02510,13810,900(1)(8)
Business271,739252,347238,882814
Liquid assets211,630210,142209,40811
Other interest-earning assets24,90425,69331,763(3)(22)
Average interest earning assets1,035,2261,008,977996,70134
NIM (Excluding Notable Items, %)
NIM1.89%1.95%1.92%(6 bps)(3 bps)
Core NIM1.78%1.82%1.80%(4 bps)(2 bps)
Treasury & Markets impact on NIM0.11%0.13%0.12%(2 bps)(1 bps)
a.Net of average mortgage offset balances.
First Half 2026 – Second Half 2025
Net interest income decreased by 1%. Key
drivers included: 
•Lower core net interest income with balance sheet
growth more than offset by lower net interest
margin; and
•Treasury and Markets income down 14% due to
stronger Treasury performance in prior period.
Growth in average interest-earning assets of 3% was
supported by 8% growth in business loans. The modest
1% growth in housing loans included the runoff of RAMS.
Average liquid assets increased by 1% while other
interest-earning assets decreased by 3% due to the
decrease in holdings of trading securities.
First Half 2026 – First Half 2025
Net interest income increased by 2%. Key drivers included: 
•Higher core net interest income with balance sheet
growth more than offsetting lower net interest
margin; and
•Treasury and Markets income down 5% reflecting a
slightly larger contribution from Treasury in the prior
corresponding period.
Average interest-earning assets increased by 4%,
including growth of 14% in business loans. The modest
2% growth in housing loans included the runoff of RAMS.
The reduction in personal loans included the runoff
and subsequent sale of the auto finance portfolio in
March 2025. 
Average liquid assets increased by 1% while other
interest-earning assets decreased by 22% due to the
reduction in holdings of trading securities. 

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
7
Review of earnings (Continued)
Net interest margin movement
Excluding Notable Items
First Half 2026 – Second Half 2025
1.95%
(3bps)
-(2bps)
2bps
-(1bp)
(2bps)
1.89%
2H25LoansDepositsTiming
difference
Liquid
assets
a
WSF
b
Capital
& other
T&M
c
1H26
a.Includes other interest-earning assets
b.Wholesale funding costs
c.Treasury & Markets contribution
NIM decreased by 6 basis points to 1.89%. NIM comprised: 
•Core NIM of 1.78%, down 4 basis points, with key
drivers described below; and
•Treasury and Markets contribution of 11 basis points
which was down 2 basis points due to lower
Treasury income.
The 4 basis points decrease in Core NIM was driven by:
•Loan interest spread: 3 basis point narrower driven by
tighter spreads in Australia due to competition;
•Deposit interest spread: flat. Higher earnings on
hedged deposits and favourable deposit mix were
offset by impacts from prior period interest rate cuts
and a higher proportion of customers qualifying for the
savings bonus rate;
•Timing difference
1
: 2 basis point decrease due to the
timing differences of interest rate changes;
•Liquid assets: 2 basis point increase as trading assets
reduced and average liquid assets rose by less than
average lending assets; and
•Capital and other: 1 basis point decrease due
to a remediation provision and lower income on
capital balances.
First Half 2026 – First Half 2025
1.92%
(2bps)
(1bp)
(1bp)
5bps
-(3bps)
(1bp)
1.89%
1H25LoansDepositsTiming
difference
Liquid
assets
a
WSF
b
Capital
& other
T&M
c
1H26
a.Includes other interest-earning assets
b.Wholesale funding costs
c.Treasury & Markets contribution
NIM decreased by 3 basis points to 1.89%. NIM comprised: 
•Core NIM of 1.78%, down 2 basis points, with key
drivers described below; and
•Treasury and Markets contribution of 11 basis
points, which was down 1 basis point due to lower
Treasury income.
The 2 basis points decrease in Core NIM was driven by:
•Loan interest spread: 2 basis point decrease. Higher
spreads in New Zealand were more than offset by
tighter spreads in Australia due to competition;
•Deposit interest spread: 1 basis point decrease driven
by a higher proportion of customers qualifying for
the savings bonus rate and narrower spreads on
term deposits. Favourable deposit mix and repricing
the base rate of the consumer behavioural product
provided a benefit;
•Timing difference
1
: 1 basis point decrease due to the
timing differences of interest rate changes;
•Liquid assets: 5 basis point increase as trading assets
reduced, average liquid assets rose by less than
average lending assets and spreads narrowed; and
•Capital and other: 3 basis point decrease due to a
remediation provision in the current period and the non
repeat of items in the prior corresponding period.
1.
The delay between the change in the RBA cash rate and when customers receive or pay their new interest rate.

8WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Review of earnings (Continued)
Loans
As atAs atAs at% Mov't
$m31 March 202630 Sept 202531 March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Australia783,341749,537724,18958
Housing517,719497,037484,58247
RAMS
a
18,51721,61725,600(14)(28)
Personal9,0779,0439,365-(3)
Business238,028221,840204,642716
New Zealand (A$)91,61594,26994,672(3)(3)
New Zealand (NZ$)109,883107,250104,14726
Housing73,33571,30269,51535
Personal1,2121,1871,17523
Business35,33634,76133,45726
Other overseas (A$)15,30312,55610,5252245
Gross loans890,259856,362829,38647
Provision for expected credit losses(4,677)(4,509)(4,578)42
Total loans885,582851,853824,80847
a.The Group entered into an agreement to sell the RAMS portfolio which is scheduled to complete in Second Half 2026.
First Half 2026 – Second Half 2025
Loans grew by 4% and comprised the
following movements:
•Growth in Australian housing loans, excluding RAMS,
of 4%, mainly in variable rate mortgages. Proprietary
lending increasing from 33% to 34% of new lending;
•RAMS housing loans contracted by 14% with the
portfolio in runoff;
•Australian personal loans were stable;
•Growth in Australian business lending of 7%.
Institutional lending growth was broad based.
Business & Wealth segment growth was diversified,
with proprietary lending increasing from 53% to 59% of
new lending;
•Growth in New Zealand lending of 2% in NZ$ terms,
was weighted towards owner occupied mortgages; and
•Strong growth in other overseas loan balances.
Execution of our strategy in Institutional has led to
offshore financing where there is a strong nexus
to Australia.
First Half 2026 – First Half 2025
Loans grew by 7% and comprised the
following movements:
•Growth in Australia housing loans, excluding RAMS,
of 7%, mainly in variable rate mortgages. Proprietary
lending increasing from 32% to 34% of new lending;
•RAMS housing loans contracted 28% with the portfolio
in runoff;
•Australian personal loans were down 3% reflecting
subdued new lending;
•Growth in Australian business lending of 16%.
Growth in Institutional lending was in the property,
infrastructure and industrial sectors. Business &
Wealth segment growth was diversified, with
proprietary lending increasing from 52% to 59% of
new lending;
•Growth in New Zealand lending of 6% in NZ$ terms,
was largely in owner occupied mortgages; and
•Strong growth in other overseas loan balances.
Execution of our strategy in Institutional has led to
offshore financing where there is a strong nexus
to Australia.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
9
Review of earnings (Continued)
Deposits and other borrowings
As atAs atAs at% Mov't
$m31 March 202630 Sept 202531 March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Customer deposits
Australia665,247642,563614,45848
Transactions123,187120,830113,43329
Savings228,200223,216209,03529
Term164,959157,675158,94454
Non-interest bearing148,901140,842133,046612
New Zealand (A$)69,82271,21473,586(2)(5)
New Zealand (NZ$)83,74481,02080,95033
Transactions9,6678,9699,41283
Savings20,60521,05020,674(2)-
Term40,06338,82738,83633
Non-interest bearing13,40912,17412,0281011
Other overseas (A$)10,1709,1948,7181117
Total customer deposits745,239722,971696,76237
Certificates of deposit48,57147,48642,488214
Australia33,18433,94027,777(2)19
New Zealand (A$)1,4411,5931,887(10)(24)
Other overseas (A$)13,94611,95312,824179
Total deposits and other borrowings793,810770,457739,25037
First Half 2026– Second Half 2025
Customer deposits grew by 3% and comprised the
following movements:
•Australian deposits increased by 4%, supported by
strong growth in household deposits, an increase
in business transactional balances driven by new
account openings, and the Institutional strategy to
maintain strength in the public sector. Institutional
term deposits increased towards the end of the period
to provide balance sheet flexibility;
•New Zealand deposits increased by 3% in NZ$
terms, reflecting growth in business and household
deposits; and
•Other overseas deposits increased by 11%, primarily
from growth in Institutional offshore term deposits.
The customer deposit to loan ratio of 84.2% was 72 basis
points lower than 30 September 2025, with loan growth
higher than deposit growth.
First Half 2026 – First Half 2025
Customer deposits grew by 7% and comprised the
following movements:
•Australian deposits increased by 8%, supported by
strong growth in household deposits, an increase in
business transaction balances driven by new account
openings, and the Institutional strategy to maintain
strength in the public sector;
•New Zealand deposits increased by 3% in NZ$ terms,
driven by growth in household deposits; and
•Other overseas deposits increased by 17%, primarily
from growth in Institutional offshore term deposits.
The customer deposit to loan ratio of 84.2% was 33 basis
points lower than 31 March 2025, with loan growth higher
than deposit growth.

10WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Review of earnings (Continued)
Loan and deposit market share and system multiple metrics
As atAs atAs at
31 March 202630 Sept 202531 March 2025
Market Share
a
Australia
ADI System (APRA)
Housing credit
b
20%20%20%
Personal credit cards21%21%22%
Business credit
c
17%16%16%
Household deposits21%21%21%
Business deposits
d
18%18%18%
New Zealand (Reserve Bank of New Zealand (RBNZ))
e
Consumer lending18%18%18%
Business lending16%16%16%
Deposits17%17%17%
Half YearHalf YearHalf Year
March 2026Sept 2025March 2025
System multiples
a
Australia
ADI System (APRA)
Housing credit
b
1.20.80.9
Personal credit cards
f
largen/an/a
Business credit
c
1.31.91.4
Household deposits1.01.01.0
Business deposits
d
1.00.70.8
New Zealand (RBNZ)
e
Consumer lending1.00.90.9
Business lending
f
0.91.6n/a
Deposits1.10.10.5
a.Comparatives may differ from previously reported values to reflect revisions in published system statistics.
b.Westpac Group's housing credit excluding RAMS. In November 2025, Westpac entered into an agreement to sell the RAMS mortgage portfolio,
scheduled to complete in Second Half 2026.
c.Business credit includes loans with Non-Financial businesses, and Community service organisations.
d.Business deposits include deposits from Non-Financial businesses and Community service organisations.
e.New Zealand comprises New Zealand banking operations.
f.n/a indicates that system growth and/or Westpac growth was negative.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
11
Review of earnings (Continued)
Non-interest income
Excluding Notable Items
Half YearHalf YearHalf Year% Mov't
Excluding Notable Items, $mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Net fee income864887845(3)2
Net wealth management income24824223426
Trading and other income409438345(7)19
Total non-interest income1,5211,5671,424(3)7
First Half 2026 – Second Half 2025
Non-interest income decreased by 3%.
Net fee income decreased by 3%, primarily from lower
cards income.
Net wealth management income increased by 2%,
supported by higher funds under administration on the
Global Investments Services (GIS) platform and higher
online share trading activity.
Trading and other income decreased by 7%, primarily from
a lower Markets derivative valuation adjustments (DVA)
from the tightening of funding spreads.
First Half 2026 – First Half 2025
Non-interest income increased 7%.
Net fee income increased 2%, reflecting higher credit card
fees and lower reward program costs.
Net wealth management income increased 6%, supported
by higher funds under administration on the GIS platform
and higher online share trading activity.
Trading and other income increased 19%, reflecting higher
Markets rates and FX income.
Treasury and markets income
1
Excluding Notable Items
Treasury income is derived from activities related to management of Westpac's balance sheet including wholesale
funding, capital, liquidity along with management of interest rate risk and foreign exchange risk associated with
wholesale funding.
Markets income comprises sales and risk management revenue derived from the creation, pricing and distribution of risk
management products and debt capital markets solutions to Westpac's customers. Dedicated relationship specialists
provide product solutions to these customers to help manage their interest rate, foreign exchange, commodity, credit
and structured products exposures.
Half YearHalf YearHalf Year% Mov't
Excluding Notable Items, $mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Net interest income578673609(14)(5)
Non-interest income376420342(10)10
Treasury and markets income9541,093951(13)-
Treasury458553501(17)(9)
Markets sales and risk management515521469(1)10
Markets derivative valuation adjustment
a
(19)19(19)large-
Treasury and markets income9541,093951(13)-
a.Includes the impact of credit valuation adjustment and funding valuation adjustment.
First Half 2026 – Second Half 2025
Treasury and markets income decreased by 13%.
Treasury income decreased by 17% due to the impact of
interest rate volatility in the Second Quarter 2026 and
stronger performance in the prior period.
Markets sales and risk management income decreased by
1% due to stronger performance in the prior period.
DVA had a negative impact of $19 million compared to a
contribution of $19 million in the prior period.
First Half 2026 – First Half 2025
Treasury and markets income was flat.
Treasury income decreased by 9% due to the impact of
interest rate volatility in the Second Quarter 2026.
Markets sales and risk management income increased by
10% driven by fixed income and FX revenue underpinned
by higher client activity and effective risk management in
volatile markets.
DVA had a negative impact of $19 million in both periods.
1.Treasury income includes income from Treasury activities in Australia and New Zealand which is derived by the Group Businesses and New
Zealand segments. Markets income includes financial markets income derived by Institutional, Business & Wealth and New Zealand.

12WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Review of earnings (Continued)
Operating expenses
Excluding Notable Items
Half YearHalf YearHalf Year% Mov't
Excluding Notable Items, $mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Staff expenses
a
(3,177)(3,211)(3,115)(1)2
Occupancy expenses(348)(334)(318)49
Technology expenses(1,587)(1,656)(1,480)(4)7
Other expenses
a
(718)(744)(785)(3)(9)
Fit for Growth restructuring expenses-(273)-(100)-
Total operating expenses(5,830)(6,218)(5,698)(6)2
a.Excludes Fit for Growth restructuring expenses.
Full Time Equivalent (FTE) employees
As atAs atAs at% Mov't
Number of FTE31 March 202630 Sept 202531 March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Permanent employees33,30533,46934,168-(3)
Temporary employees1,6321,7671,801(8)(9)
FTE34,93735,23635,969(1)(3)
Average FTE34,75135,83535,522(3)(2)
First Half 2026 – Second Half 2025
Total operating expenses decreased by 6%. Excluding
the Second Half 2025 restructuring charge, operating
expenses were 2% lower reflecting benefits of
productivity initiatives along with seasonality of staff
expenses and technology costs. The expense to
income ratio of 51.7% was broadly flat excluding the
restructuring charge.
Staff expenses decreased by 1%, with productivity
benefits and seasonal impacts more than offsetting wage
growth and the investment in new bankers. Productivity
initiatives contributed to a reduction in average FTE of 3%.
Occupancy expenses increased by 4% due to the non-
recurrence of benefits related to corporate property in
the prior period. Excluding these benefits, occupancy
expenses were little changed.
Technology expenses decreased by 4% reflecting
productivity benefits, seasonally lower investment spend
and supplier rebates.
Other expenses decreased by 3% which was supported by
productivity initiatives and timing of advertising spend.
Fit for Growth restructuring expenses were $273 million
in the Second Half 2025 to support targeted
productivity initiatives. 
First Half 2026 – First Half 2025
Total operating expenses increased by 2% reflecting
higher staff costs and the step up in UNITE investment
spend. Productivity initiatives provided a partial offset.
The expense to income ratio of 51.7% was broadly flat.
Staff expenses increased by 2% mainly driven by wage
growth, UNITE and the investment in new bankers.
Productivity initiatives contributed to a reduction in
average FTE of 2%.
Occupancy expenses increased by 9% due to the non-
recurrence of benefits related to corporate property in the
prior corresponding period.
Technology expenses increased by 7%, reflecting higher
costs related to UNITE and higher software amortisation.
Other expenses decreased by 9%, reflecting lower
litigation and remediation costs.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
13
Review of earnings (Continued)
Investment spend
Half YearHalf YearHalf Year% Mov't
$mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Expensed630638521(1)21
Capitalised software, fixed assets and prepayments289432327(33)(12)
Total9191,070848(14)8
UNITE401409251(2)60
Growth and productivity231319244(28)(5)
Risk and regulatory287342353(16)(19)
Total9191,070848(14)8
First Half 2026 – Second Half 2025
Total investment spend was down 14% due to seasonality of investment activity. The proportion of investment spend
expensed increased to 69%, up from 60% in the prior period. UNITE accounted for 44% of total investment spend,
growth and productivity initiatives accounted for 25%, and 31% was directed to risk and regulatory activities.
Key UNITE achievements include:
•Completion of the program's first large scale customer migration to our wealth management platform Panorama;
•Launch of Controlled Monies which digitises processes for business customers who hold client funds on trust; and
•Development of AI tools to support data impact assessments and testing.
UNITE spend in the period focused on progressing prioritised initiatives, including:
•Mortgage simplification to a single suite of products, processes and applications;
•Scaling services available on Digital Banker;
•Consolidating seven collections systems to one system;
•Consolidating debit cards products from 34 to two; and
•Migration of commercial customers to One Commercial bank.
Growth & Productivity investments included:
•Commenced the customer trial of Westpac One, a cloud-based digital platform for Institutional customers and
completed development of the foundational Treasury features;
•Enhancements to the business lending originations platform, BizEdge, including automated credit
decisioning pathways;
•Westpac App enhancements including the launch of Cardless Cash which incorporates ATM location validation to
help ensure customers can only access cash while physically present near the ATM and improved international
payments capabilities;
•Launched Book a Banker, allowing Westpac customers to book appointments directly with a lender at a time, and
through a channel, that suits them; and
•Microsoft 365 Copilot is now available to all employees to help streamline workflow, reduce manual effort and
enhance quality of work.
Risk and Regulatory spend included:
•Ongoing improvement of scam prevention capabilities to enhance customer protection;
•Digital self‑service for Business customers which enables faster fraud response and stronger access controls;
•Automated fraudulent income document detection capabilities in the mortgage and consumer finance
origination processes;
•Compliance with AFCA’s expanded jurisdiction for scam related complaints, including matters involving receiving
banks where the complainant is not a customer;
•ISO 20022 compliance for international and high‑value domestic payments; and
•Progressing compliance in accordance with Australia’s Anti-Money Laundering and Counter-Terrorism Financing
Amended Act 2024 and associated Rules 2025-26.
First Half 2026 – First Half 2025
Total investment spend was 8% higher driven by the step up in investment in UNITE. Total investment spend expensed
was 69% compared to 61% in the prior corresponding period.

14WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Review of earnings (Continued)
Capitalised software
Half YearHalf YearHalf Year% Mov't
$mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Balance as at beginning of the period2,4142,5322,675(5)(10)
Total additions312429347(27)(10)
Amortisation expense(527)(510)(485)39
Impairment expense-(23)-(100)-
Foreign exchange movements(22)(14)(5)57large
Balance as at end of the period2,1772,4142,532(10)(14)
Average amortisation period (years)2.32.52.8(0.2) years(0.5) years
First Half 2026 – Second Half 2025
Capitalised software decreased by 10%, reflecting
continued amortisation across the existing software
portfolio including One Banking Platform and payment
systems. Additions included continued investment in
payment systems and UNITE. The average amortisation
period decreased by 0.2 years to 2.3 years.
First Half 2026 – First Half 2025
Capitalised software decreased by 14%, reflecting
continued amortisation across the existing software
portfolio including One Banking Platform and payment
systems. Additions included continued investment in
payment systems and UNITE. The average amortisation
period decreased by 0.5 years to 2.3 years.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
15
Review of earnings (Continued)
Credit impairment charges
Half YearHalf YearHalf Year% Mov't
$mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
New individually assessed provisions (IAPs)(299)(157)(251)9019
Write-backs126106891942
Net IAP charges(173)(51)(162)large7
Net collectively assessed provision
(CAP) charges
(388)(255)(203)5291
Of which: portfolio overlays(44)(108)49(59)large
Recoveries118132115(11)3
Total impairment (charges)/benefits(443)(174)(250)15577
Impairment charges/(benefits) to average loans10 bps4 bps6 bps6 bps4 bps
Net write-offs to average gross loans5 bps6 bps6 bps(1 bps)(1 bps)
First Half 2026 – Second Half 2025
The credit impairment charge represented 10 basis points of average loans, up from 4 basis points in the prior period.
The higher impairment charge reflects a higher CAP charge and increase in new IAPs.
The IAP charge of $173 million comprised:
•New IAPs of $299 million, reflecting single name downgrades across sectors including transport & storage and
utilities; and
•Write-backs of $126 million, mostly in the trade, manufacturing and services sectors.
The CAP charge of $388 million was driven by:
•An increase from revision of the base case economic outlook including lower GDP and higher interest rates;
•An increase to portfolio overlays;
•An increase in the severity of the downside scenario; and
•A reduction in mortgage 90+ day delinquencies from 0.70% to 0.64%.
Recoveries of $118 million were mostly within the credit card and personal lending portfolios.
First Half 2026 – First Half 2025
The credit impairment charge represented 10 basis points of average loans, up from 6 basis points in the prior
corresponding period. The higher impairment charge was mainly due to a higher CAP charge.
Income tax expense
First Half 2026 – Second Half 2025
The reduction in the effective tax rate to 30.3%, from
30.6%, was mainly due to lower non-deductible hybrid
distributions in First Half 2026.
First Half 2026 – First Half 2025
The reduction in the effective tax rate to 30.3%, from
31.4%, was mainly due to lower non-deductible hybrid
distributions in First Half 2026 and adjustments in First
Half 2025 for prior year taxes.

16WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Credit quality
Credit quality
Credit quality key metrics
As atAs atAs at% Mov't
31 March 202630 Sept 202531 March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Stressed exposures by credit grade as a % of TCE:
Impaired0.15%0.15%0.16%-(1 bps)
Non performing, 90 days past due0.29%0.32%0.37%(3 bps)(8 bps)
Non performing, less than 90 days past due0.28%0.30%0.28%(2 bps)-
Watchlist and substandard0.44%0.51%0.55%(7 bps)(11 bps)
Total stressed exposures1.16%1.28%1.36%(12 bps)(20 bps)
Impaired exposures to TCE:
Business & Wealth0.57%0.50%0.56%7 bps1 bps
Institutional0.09%0.09%0.12%-(3 bps)
New Zealand0.16%0.19%0.17%(3 bps)(1 bps)
Mortgage 90+ day delinquencies:
Group0.64%0.70%0.83%(6 bps)(19 bps)
Australia0.65%0.73%0.86%(8 bps)(21 bps)
New Zealand0.50%0.46%0.54%4 bps(4 bps)
Other consumer loans 90+ day delinquencies:
Group1.07%1.08%1.26%(1 bps)(19 bps)
Australia1.09%1.13%1.30%(4 bps)(21 bps)
New Zealand0.87%0.70%0.95%17 bps(8 bps)
Other:
Impaired exposures to gross loans0.23%0.24%0.25%(1 bps)(2 bps)
Impaired exposure provisions to impaired exposures41.55%39.53%40.88%202 bps67 bps
Total provisions to gross loans58 bps58 bps61 bps-(3 bps)
Collectively assessed provisions to credit risk
weighted assets129 bps125 bps126 bps4 bps3 bps
Total provisions to credit risk weighted assets146 bps141 bps144 bps5 bps2 bps
Total committed exposure (TCE) ($bn)1,3551,3061,288largelarge
Movement in gross impaired exposures
Half YearHalf YearHalf Year% Mov't
$mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Balance as at beginning of the period2,0132,0981,955(4)3
New and increased - individually managed4954134182018
Write-offs(349)(399)(364)(13)(4)
Returned to performing or repaid(317)(307)(128)3148
Portfolio managed - new/increased/returned/repaid23521921778
Exchange rate and other adjustments(14)(11)-27-
Balance as at end of the period2,0632,0132,0982(2)

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
17
Credit quality (Continued)
First Half 2026 – Second Half 2025
Stressed exposures as a percentage of total committed exposures declined by 12 basis points to 1.16%. The composition
and drivers of stressed exposures were:
•Impaired exposures of 15 basis points: flat;
•Non-performing, 90+ days past due and not impaired exposures of 29 basis points: a 3 basis point decrease reflecting
lower mortgage 90+ day delinquencies;
•Non-performing, less than 90 days past due and not impaired exposures of 28 basis points: a 2 basis point decrease
driven by the mortgages portfolio; and
•Watchlist and substandard exposures of 44 basis points: a 7 basis point decrease reflecting lower stress in the
property, services and manufacturing sectors.
Impaired exposures to gross loans were 1 basis point lower at 0.23%. The provision coverage of the impaired portfolio
was 42%, up from 40% at 30 September 2025.
Portfolio
Stressed exposures in the Institutional segment reduced by 13 basis points to 0.57%, driven by lower stress in the
property sector. Impaired exposures to TCE remained flat at 0.09%.
Business & Wealth segment stressed exposure decreased by 43 basis points to 4.58%, due to improvement in the
property and trade sectors. Impaired exposures to TCE increased by 7 basis points to 0.57%, across sectors including
transport & storage.
Australian mortgage 90+ day delinquencies decreased 8 basis points to 0.65% reflecting continued customer resilience
and the proactive customer assistance program. Properties in possession were 168, an increase of 14 primarily driven by
an increase in the final two months of the First Half 2026.
Australian other consumer 90+ day delinquencies reduced 4 basis points to 1.09%, driven by a focus on reducing
accounts more than 180 day delinquent.
In New Zealand, stressed exposure to TCE decreased by 7 basis points to 1.40%. This was driven by a reduction in
watchlist exposures in the services sector and lower impaired exposures in the manufacturing sector.
New Zealand mortgage 90+ day delinquencies were 4 basis points higher at 0.50% and other consumer 90+ day
delinquencies were 17 basis points higher at 0.87%. The increase reflects seasonality and progression of early-stage
arrears as households adjust to ongoing cost of living pressures. 
First Half 2026 – First Half 2025
Stressed exposures as a percentage of total committed exposures declined by 20 basis points to 1.16% reflecting
reductions across: impaired exposures; non-performing, 90+ days past due and not impaired exposures; and watchlist
and substandard exposures.

18WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Credit quality (Continued)
Provisioning
As atAs atAs at% Mov't
$m31 March 202630 Sept 202531 March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Provision for expected credit losses (ECL) on
loans and credit commitments
Collectively assessed provisions
Modelled provision4,2984,2014,3212(1)
Overlays28223813018117
Total collectively assessed provisions4,5804,4394,45133
Individually assessed provisions61053961113-
Total provision for ECL on loans and
credit commitments
5,1904,9785,06243
Provision for ECL on debt securities at
amortised cost
334-(25)
Provision for ECL on debt securities at FVOCI
a
666--
Total provision for ECL5,1994,9875,07243
a.FVOCI represents fair value through other comprehensive income.
First Half 2026 – Second Half 2025
Total provisions increased by 4% driven by increases in CAPs and IAPs of 3% and 13% respectively.
Modelled CAPs increased by 2% due to:
•An increase for revision of the economic outlook including lower GDP and higher interest rates;
•An increase for update to the downside scenario severity; and
•A reduction for lower mortgage 90+ day delinquencies.
Overlays were $44 million higher. Key movements included:
•New overlays for elevated credit risk in energy intensive sectors and emerging stress not included in modelled
outcomes; and
•Partial release of the overlays related to portfolio seasoning and geographical areas experiencing higher stress as
the expected risks did not materialise.
IAPs increased 13% over the period reflecting new IAPs across sectors including transport & storage and utilities.
First Half 2026 – First Half 2025
Total provisions increased by 3% driven by an increase in CAPs.
As atAs atAs at
Scenario weightings (%)31 March 202630 Sept 202531 March 2025
Upside2.52.55.0
Base50.050.050.0
Downside47.547.545.0

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
19
Balance sheet and funding
Balance sheet and funding
Balance sheet
The detailed components of the balance sheet are set out in the notes to the financial statements.
As atAs atAs at% Mov't
$m31 March 202630 Sept 202531 March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Assets
Loans885,582851,853824,80847
Housing597,722581,666573,71134
Personal10,09810,09410,440-(3)
Business282,439264,602245,235715
Provision for expected credit losses(4,677)(4,509)(4,578)42
Liquid assets210,141208,381204,24913
All other assets76,86065,12269,8361810
Total assets1,172,5831,125,3561,098,89347
Liabilities
Customer deposits745,239722,971696,76237
Transactions132,475129,624123,09628
Savings246,282242,972228,92918
Term205,235197,686199,61243
Non-interest bearing161,247152,689145,125611
Certificates of deposit48,57147,48642,488214
Debt issues185,491171,404171,86488
Term funding from central banks139972,740(99)(100)
Loan capital40,21839,97040,7031(1)
All other liabilities81,98069,43571,9831814
Total liabilities1,101,5121,052,2631,026,54057
Equity
Total equity attributable to owners of WBC70,76172,76672,015(3)(2)
Non-controlling interests310327338(5)(8)
Total equity71,07173,09372,353(3)(2)

20WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Balance sheet and funding (Continued)
Funding and liquidity risk management
The Group retained its strong liquidity position and conservative funding profile during the half, delivering growth in
deposits and maintaining key ratios well above regulatory requirements.
LCR
QuarterQuarterQuarter% Mov't
$mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
High Quality Liquid Assets (HQLA)183,143189,346182,824(3)-
Total LCR liquid assets183,143189,346182,824(3)-
Cash outflows in a modelled 30-day APRA
defined stressed scenario
Customer deposits100,859100,47097,841-3
Wholesale funding10,3329,68612,2647(16)
Other flows
a
27,29227,81924,825(2)10
Total138,483137,975134,930-3
LCR132%137%135%large(325 bps)
a.Other flows include credit and liquidity facilities, collateral outflows, inflows from customers and TFF maturities.
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.
The average LCR for the quarter ended 31 March 2026 was 132%, a decrease of five percentage points compared to
the quarter ended 30 September 2025. This mainly reflects a $6.2 billion decrease in average LCR liquid assets in the
First Quarter of 2026 due to a higher average funding gap between customer loans and deposits. The ratio remains well
above the regulatory minimum of 100% and continues to provide flexibility during periods of market disruption. 
The average HQLA held in the March 2026 quarter was $183 billion, which provides approximately $45 billion in HQLA
above the 100% LCR minimum. The portfolio of HQLA provides a buffer against periods of liquidity stress, as well as
meeting regulatory requirements. HQLA include cash, deposits with central banks, government and semi-government
securities, and are recognised in the LCR calculation at market value.
Derivatives are used to hedge the interest rate risk of the liquid asset portfolio and reduce exposure to changes in fair
value. Changes in the fair value of liquid assets are recognised in Other Comprehensive Income through the relevant
equity reserve.
Westpac also has access to non-HQLA and other assets that are eligible for re-purchase with a central bank under
certain conditions and provide a source of additional liquidity. These assets include private securities and self-originated
AAA-rated mortgage-backed securities.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
21
Balance sheet and funding (Continued)
NSFR
As atAs atAs at% Mov't
$m31 March 202630 Sept 202531 March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Available stable funding802,951780,361767,46335
Required stable funding714,991687,987666,72647
Net stable funding ratio112%113%115%(113 bps)(281 bps)
The NSFR is designed to support funding resilience. To comply, banks are required to maintain an NSFR of at least 100%
at all times. Westpac's NSFR was 112% at 31 March 2026, well above the 100% minimum and above the Group's normal
operating range. The ratio was one percentage point lower compared to 30 September 2025. Available stable funding
increased by $23 billion due mainly to growth in customer deposits, and required stable funding increased by $27 billion
from growth in customer lending. There has been little change to our liquidity risk or structural term profile.
Funding
The bank maintained a conservative funding profile during First Half 2026, with growth in customer deposits providing
the majority of funding for new lending. Short term funding increased in the half in anticipation of the settlement of the
RAMS mortgage portfolio sale and to provide additional liquidity in response to the increase in geopolitical uncertainty
since late February 2026 and the risk of market dislocation.
Funding by residual maturity
As at 31 March 2026As at 30 Sept 2025As at 31 March 2025
$mRatio %$mRatio %$mRatio %
Customer deposits745,23967.7722,97168.1696,76267.5
Wholesale funding
Short term102,8019.387,7538.382,0667.9
Long term - less than
or equal to one year
residual maturity37,1653.435,5373.329,3902.8
Long term - more than one
year residual maturity134,88112.3137,32712.9145,48014.2
Securitisation6,6150.65,5790.56,5020.6
Total wholesale funding281,46225.6266,19625.0263,43825.5
Equity
a
73,8236.773,0596.972,1317.0
Total funding1,100,524100.01,062,226100.01,032,331100.0
a.Includes total share capital, share-based payment reserve and retained profits.

22WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Balance sheet and funding (Continued)
Long term wholesale funding
Long term funding with a residual maturity greater than 12 months made up 12.3% of total funding at 31 March 2026,
down from 12.9% at 30 September 2025, with outstanding balances decreasing by $2.4 billion. Funding from
securitisation accounted for a further 0.6% of total funding.
In total, $21.4 billion of long term wholesale funding was raised in the First Half 2026. This included Westpac New
Zealand issuance of $3.1 billion. The Australian dollar market continued to offer strong depth and diversity, providing
60% of issuance in the First Half 2026.
Short term wholesale funding
Short term wholesale funding accounted for 9.3% of total funding at 31 March 2026, up from 8.3% in 30 September
2025, reflecting growth in certificates of deposits. The Group increased its issuance of short term wholesale funding in
anticipation of the settlement of the RAMS mortgage portfolio sale which is scheduled to occur in Second Half 2026 and
to provide additional liquidity in response to the heightened geopolitical uncertainty.
Long term wholesale funding where the residual maturity is less than one year also increased marginally, to 3.4% at
31 March 2026 from 3.3% at 30 September 2025. The weighted average maturity of the short term wholesale funding
portfolio, including long-term funding with a residual maturity of less than one year, was 167 days at 31 March 2026, up
from 153 days at 30 September 2025.
Deposit to loan ratio
As at 31 March 2026As at 30 Sept 2025As at 31 March 2025
$mRatio %$mRatio %$mRatio %
Customer deposits745,239722,971696,762
Loans885,58284.15851,85384.87824,80884.48
Customer deposits
Customer deposits accounted for 67.7% of total funding at 31 March 2026, compared to 68.1% at 30 September 2025.
Over the First Half 2026, customer deposits increased by $22.3 billion or 3%, providing the primary funding source for
new lending. Loans grew by $33.7 billion or 4% and this resulted in the deposit to loan ratio decreasing by 72 basis
points to 84.2%.
Equity
Funding from equity made up 6.7% of total funding at 31 March 2026, compared to 6.9% at 30 September 2025, with the
lower contribution reflecting growth in other funding sources.
Other reserves, included in total equity, decreased by $2.8 billion compared to 30 September 2025 mainly due to a
reduction of the cash flow hedge reserve. This reduction was driven by increases in forward interest rates over recent
months impacting the valuation of the derivatives in hedging relationships.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
23
Capital and dividends
Capital and dividends
As atAs atAs at% Mov't
31 March 202630 Sept 202531 March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Level 2 regulatory capital structure
Common Equity Tier 1 (CET1) capital after
deductions ($m)
56,93656,38055,00714
Additional Tier 1 capital (AT1) ($m)8,5228,59810,387(1)(18)
Tier 1 Capital ($m)65,45864,97865,3941-
Tier 2 Capital ($m)33,08532,51331,74224
Total Capital ($m)98,54397,49197,13611
Risk weighted assets (RWA) ($m)458,343450,048449,49522
CET1 capital ratio12.42%12.53%12.24%(11 bps)18 bps
Additional Tier 1 capital ratio1.86%1.91%2.31%(5 bps)(45 bps)
Tier 1 capital ratio14.28%14.44%14.55%(16 bps)(27 bps)
Tier 2 capital ratio7.22%7.22%7.06%-16 bps
Total capital ratio21.50%21.66%21.61%(16 bps)(11 bps)
APRA leverage ratio4.98%5.07%5.20%(9 bps)(22 bps)
Level 1 regulatory capital structure
CET1 capital after deductions ($m)53,72252,58251,08725
Risk weighted assets ($m)421,385412,599408,79223
CET1 capital ratio12.75%12.74%12.50%1 bps25 bps
Capital management strategy
Westpac's capital management strategy is reviewed on an ongoing basis, including through an annual Internal Capital
Adequacy Assessment Process (ICAAP). Key considerations include:
•Regulatory capital minimums together with the capital conservation buffer and countercyclical capital buffer
comprise the total CET1 requirement. The total CET1 requirement is currently at least 10.25% and 10.50% effective
1 January 2027
1
;
•Strategy, business mix and operations and contingency plans;
•Perspectives of external stakeholders including rating agencies as well as equity and debt investors; and
•A stress testing framework that tests our resilience under a range of adverse economic scenarios.
The Board has determined a target post dividend CET1 capital ratio of above 11.25% in normal operating conditions.
APRA's phase out of AT1 capital as eligible bank capital
On 4 December 2025, APRA published the final changes to the relevant prudential and reporting standards resulting
from the phase out of AT1 with an effective date of 1 January 2027. Under the revisions, large internationally active
banks such as Westpac will replace 1.5% of AT1 capital with 1.25% of Tier 2 capital and 0.25% of CET1 capital. The total
CET1 requirement, including regulatory buffers, will increase from 10.25% to 10.50%. There is no overall increase in total
capital requirements for banks.
On implementation of these revised prudential and reporting standards, existing AT1 capital instruments would be
included in the calculation of the amount of total capital, until their first scheduled call date. Existing Westpac AT1
capital instruments would reach their first scheduled optional redemption dates by 2031 at the latest.
In addition, effective 1 January 2027 the minimum leverage ratio requirement will be 3.25% based on CET1 capital
replacing the current requirement of 3.50% based on Tier 1 capital. APS 221 Large Exposures and APS 222
Associations with Related Entities exposure limits remain unchanged, however will be based on CET1 capital rather
than Tier 1 capital.
RBNZ capital review
The RBNZ has announced decisions on key capital settings for deposit takers, including changes to minimum capital
requirements, removal of AT1 capital instruments, introduction of additional loss-absorbing capacity (LAC) requirements
for large deposit takers, and changes to standardised risk weights for certain asset classes as detailed in the Significant
developments section on page 45. 
1.
Noting that APRA may apply higher CET1 requirements for an individual ADI.

24WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Capital and dividends (Continued)
Level 2 CET1 capital ratio movement First Half 2026 - Second Half 2025
12.53%
74bps
(57bps)
(31bps)
3bps
12.42%
Sep-25Net profitDividendsRWA movementCapital
deductions and
other items
Mar-26
The Level 2 CET1 capital ratio was down 11 basis points to 12.4%. Key movements included:
•First Half 2026 net profit added 74 basis points;
•Payment of the 2025 final ordinary dividend detracted 57 basis points;
•RWA movement reduction of 31 basis points with higher IRRBB and credit RWA partly offset by lower operational
RWA; and
•Capital deductions and other items added 3 basis points mainly due to lower capitalised software and deferred tax
asset deductions.
Tier 2 capital First Half 2026 – Second Half 2025
The Group issued $2.5 billion of Tier 2 capital instruments and redeemed $1.25 billion. The net impact of these
transactions was an increase in the total capital ratio of approximately 27 basis points. In addition, foreign currency
revaluations reduced Tier 2 capital mainly due to the appreciation of the AUD against the USD.
Leverage ratio First Half 2026 – Second Half 2025
The leverage ratio represents the percentage of Tier 1 capital relative to the Exposure Measure
1
. The leverage ratio
remained at 5.0% well above APRA's regulatory minimum requirement of 3.5%.
1.
As defined under Attachment D of APS 110: Capital Adequacy.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
25
Capital and dividends (Continued)
Risk Weighted Assets (RWA)
As atAs atAs at% Mov't
$m31 March 202630 Sept 202531 March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Credit risk:
Corporate95,08692,81388,12228
Residential Mortgages117,059116,433116,9541-
SME Retail15,96616,39316,531(3)(3)
Qualifying Revolving Retail3,7113,8733,523(4)5
Other Retail2,3312,4073,395(3)(31)
Large Corporate22,70922,15820,471211
Sovereign2,0422,3742,173(14)(6)
Financial Institutions15,29615,18915,3441-
Specialised Lending5,4564,4184,5912319
Standardised20,39721,32322,544(4)(10)
RBNZ Regulated Entities45,54246,12848,345(1)(6)
Securitisation8,7978,4467,840412
Settlement risk13117418(82)
Credit valuation adjustment2,6452,5103,3265(20)
Total credit risk357,050354,476353,23311
Market risk10,5049,8738,478624
Interest rate risk in the banking book (IRRBB)47,08837,29039,2632620
Operational risk43,70148,40948,521(10)(10)
Total risk weighted assets458,343450,048449,49522
Total RWA increased by 2% over the half due to increases in both credit and non-credit RWA.
Credit RWA increased by $2.6 billion. Key movements included:
•A $14.7 billion increase from higher lending primarily in Corporate and Residential Mortgages;
•A $5.8 billion decrease due to improvements in Residential Mortgages delinquency rates and Corporate credit
quality metrics;
•A $3.6 billion decrease from data refinements mainly in Corporate; and
•A $2.7 billion decrease from foreign currency translation impacts, predominantly the appreciation of the AUD against
the NZD and USD.
Non-credit RWA increased by $5.7 billion. Key movements included:
•IRRBB RWA: A $9.8 billion increase due to a larger embedded loss component from higher long-term interest rates
and additional capital required for increased core deposit hedging partly offset by reductions resulting from the
revised APS 117 standard changes; and
•Operational RWA: A $4.7 billion decrease from:
–A $6.25 billion reduction following the removal of the remaining APRA-imposed operational risk capital
overlay; and
–A $1.6 billion increase due to the annual Standardised Measurement Approach (SMA) operational risk review
based on the latest annual audited financial statements.

26WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Capital and dividends (Continued)
Dividends
Half YearHalf YearHalf Year% Mov't
March 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Ordinary dividend - Interim (cents per share)77-76-1
Ordinary dividend - Final (cents per share)-77-(100)-
Total ordinary dividend (cents per share)777776-1
Ordinary dividend payout ratio77.09%73.14%78.38%395 bps(129 bps)
Adjusted ordinary dividend payout ratio (ex
Notable Items)
75.56%74.89%75.20%67 bps36 bps
Adjusted franking credit balance ($m)3,7233,7143,522-6
The Board has determined to pay a fully franked 2026 interim ordinary dividend of 77 cents per share, to be paid on
26 June 2026 to shareholders on the register at the record date of 11 May 2026. The 2026 interim ordinary dividend
represents a payout ratio of 77.1%.
In addition to being fully franked, the 2026 interim ordinary dividend will carry NZ$0.06 in New Zealand imputation
credits that may be used by New Zealand tax residents.
Reflecting the fully franked ordinary dividend, the franking credit balance is $3,723 million.
The Board has determined to satisfy the DRP for the 2026 interim ordinary 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 to be provided to DRP
participants will be set over the 15 trading days commencing 14 May 2026 and will not include a discount.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
27
Sustainability performance
Sustainability performance
Westpac’s Sustainability Strategy
Westpac’s Sustainability Strategy aligns with our corporate strategy and purpose of taking action now to create a better
future. It outlines our approach to embedding sustainability across five strategic priorities and the focus areas guiding
our efforts.
The Strategy focuses on three key societal issues and growth opportunities: climate transition; housing affordability;
and regional prosperity. Supporting our Strategy is a broad range of policies, positions and plans including on Westpac’s
material sustainability topics which are detailed on our website.
First Half 2026 highlights
•Sustainable finance lending
1
increased by 10% to $43.3 billion, supporting customer transition and
sustainable investment;
•Cumulative sustainable bond facilitation
2
grew by 17% to $26.0 billion, including transactions supporting energy
transition, infrastructure and social outcomes;
•Green Tailored
3
and Social Tailored Deposit
4
balances rose by 5% to $2.5 billion, reflecting growth in Green Tailored
Deposits from public sector customers;
•The scope of our Greater Choices home loan product was expanded to make energy‑efficient and climate‑resilient
upgrades more accessible for New Zealand customers, helping to protect against physical risks;
•A new partnership with Origin Energy and its subsidiary SolarQuotes makes sustainable home upgrades easier
for customers, providing access to a network of local approved installers that meet Clean Energy Finance
Corporation requirements;
•We tailored 77 financial relief packages to help customers impacted by natural disasters;
•We further operationalised the actions of our Climate Transition Plan, embedding them into our engagement with
customers, decision making and risk assessments;
•A Human Rights Grievance Mechanism was developed as part of our broader approach to managing lending-related
human rights risks for larger business customers in Australia;
•The 2025 Modern Slavery Statement was released, setting out our approach to identifying, assessing and addressing
modern slavery risks across our operations and supply chain;
•We made progress on the 2026–2028 Reconciliation Action Plan across priority pillars of Indigenous Banking,
Supporting Suppliers, Home Ownership, Careers and Free Prior Informed Consent; and
•We continued the development of an enterprise-wide approach to support housing affordability, alongside
participation in the Australian Government’s 5% Deposit Scheme to improve home ownership.
Managing deforestation risk
We continue to focus on nature‑related risks and opportunities, including our approach to supporting customers in
managing deforestation risk.
We are supporting agriculture customers by combining practical insights with risk-based due diligence through:
•Conducting ESG risk assessments with larger commercial and business agriculture customers;
•Sharing insights to manage evolving market requirements; and
•Supporting industry efforts that help farmers assess and manage nature risks, such as deforestation.
Lending due diligence is governed by the Group’s ESG Credit Risk Policy and the WNZL ESG Credit Policy. For large
commercial and business agriculture customers, we perform ESG risk assessments to understand our customers
approach to managing deforestation risk.
If risk is identified through the assessment process, due diligence is undertaken to assess mitigants and confirm
whether the residual risk is acceptable. This may require additional conditions, reporting or actions to support our
lending decision, such as ongoing monitoring, contractual commitments or support to rehabilitate affected areas.
1.
Total Committed Exposure (TCE) or balances for mortgages, assessed as sustainable finance, both labelled and unlabelled, in accordance with
our Sustainable Finance Framework as at 31 March 2026. % change in the TCE (or balance) from 1 October 2025 to 31 March 2026.
2.Bond facilitation target and progress is measured as the cumulative sum of our proportionate share of qualifying bonds facilitated from
1 October 2021. % change in the total value of bond facilitation ($bn) cumulative from 1 October 2025 to 31 March 2026.
3.A type of term deposit where funds are allocated to a defined pool of eligible assets and/or projects that contribute to addressing climate
change. These deposits are certified under the Climate Bonds Standard. Examples of eligible assets and projects include loans linked to
renewable energy, low carbon transport, green buildings and water infrastructure.
4.A type of term deposit where funds are allocated to a defined pool of eligible assets that align with the International Capital Market
Association (ICMA) Social Bond Principles and Westpac’s Sustainable Finance Framework. Examples of eligible assets include those that
promote access to essential services, support affordable housing, and/or accelerate socioeconomic advancement and empowerment.

28WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
Segment reporting
The impact of Notable Items on net profit, income and expenses have been excluded from the Segment reporting
section. Refer to Note 2 of the 2026 Interim Financial Report for the reconciliation to the Financial Statements.
The Group entered into an agreement to sell the RAMS portfolio which is scheduled to complete in Second Half 2026.
As it no longer represents an on-going business, its profit and loss, and balance sheet contribution were transferred
from Consumer to Group Businesses in the First Half 2026. Comparative information has been restated to align with
internally reported information.
In the First Half 2026, the composition of our segments was revised to improve operational alignment. This involved
centralising the Data, Digital and AI team as well as additional parts of the Human Resources and Finance functions
from Consumer, Business & Wealth and Institutional to Group Businesses.
ConsumerBusiness & WealthInstitutional
New Zealand
(A$)
a
Group BusinessesGroupExcluding Notable Items, $m
Half Year March 2026
Net interest income3,8662,8131,2701,2265889,763
Non-interest income286399690113331,521
Net operating income4,1523,2121,9601,33962111,284
Operating expenses(2,372)(1,370)(814)(655)(619)(5,830)
Pre-provision profit1,7801,8421,14668425,454
Impairment (charges)/benefits(86)(216)(134)(32)25(443)
Profit before income tax
(expense)/benefit1,6941,6261,012652275,011
Income tax (expense)/benefit(510)(489)(277)(184)(60)(1,520)
Net profit attributable to NCI----(8)(8)
Net profit/(loss)1,1841,137735468(41)3,483
Half Year Sept 2025
Net interest income3,9432,7291,2321,3326689,904
Non-interest income299383741125191,567
Net operating income4,2423,1121,9731,45768711,471
Operating expenses(2,526)(1,422)(836)(677)(757)(6,218)
Pre-provision profit1,7161,6901,137780(70)5,253
Impairment (charges)/benefits(104)(119)(38)7116(174)
Profit before income tax
(expense)/benefit1,6121,5711,099851(54)5,079
Income tax (expense)/benefit(486)(475)(299)(238)(57)(1,555)
Net profit attributable to NCI----(9)(9)
Net profit/(loss)1,1261,096800613(120)3,515
Half Year March 2025
Net interest income3,7802,6171,1811,2367559,569
Non-interest income26338165412151,424
Net operating income4,0432,9981,8351,35776010,993
Operating expenses(2,322)(1,305)(811)(665)(595)(5,698)
Pre-provision profit1,7211,6931,0246921655,295
Impairment (charges)/benefits(169)(126)39(30)36(250)
Profit before income tax
(expense)/benefit1,5521,5671,0636622015,045
Income tax (expense)/benefit(467)(477)(288)(185)(163)(1,580)
Net profit attributable to NCI----(8)(8)
Net profit/(loss)1,0851,090775477303,457
a.Refer to New Zealand NZ$ segment reporting for further details.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
29
Consumer
Consumer
The Consumer segment provides banking products and services to customers in Australia. Products and services are
provided through a portfolio of brands comprising Westpac, St.George, BankSA and Bank of Melbourne using digital
channels, call centres, mobile bankers, branches and third-party brokers.
Half YearHalf YearHalf Year% Mov't
Excluding Notable Items, $mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Net interest income3,8663,9433,780(2)2
Non-interest income286299263(4)9
Net operating income4,1524,2424,043(2)3
Operating expenses(2,372)(2,526)(2,322)(6)2
Pre-provision profit1,7801,7161,72143
Impairment (charges)/benefits(86)(104)(169)(17)(49)
Profit before income tax (expense)/benefit1,6941,6121,55259
Income tax (expense)/benefit(510)(486)(467)59
Net profit/(loss)1,1841,1261,08559
Expense to income ratio57.13%59.55%57.43%(242 bps)(30 bps)
Net interest margin1.74%1.81%1.78%(7 bps)(4 bps)
As atAs atAs at% Mov't
$bn31 March 202630 Sept 202531 March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Customer deposits
Transactions48.447.946.315
Savings189.3179.9170.5511
Term64.065.866.2(3)(3)
Mortgage offsets77.371.766.9816
Total customer deposits379.0365.3349.948
Loans
Housing517.7497.0484.647
Other8.48.58.8(1)(5)
Provisions(1.4)(1.4)(1.6)-(13)
Total loans524.7504.1491.847
Deposit to loan ratio72.23%72.48%71.14%(25 bps)109 bps
Total assets534.0513.4501.546
TCE603.8583.2572.445
Risk weighted assets148.6151.8154.1(2)(4)
Average interest earning assets445.0433.3426.834
Average allocated capital20.621.421.6(4)(5)
Credit quality
Impairment charges/(benefits) to average loans0.03%0.04%0.07%(1 bps)(4 bps)
Mortgage 90+ day delinquencies0.57%0.63%0.74%(6 bps)(17 bps)
Other consumer loans 90+ day delinquencies1.09%1.13%1.28%(4 bps)(19 bps)
Total stressed exposures to TCE0.74%0.81%0.87%(7 bps)(13 bps)

30WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
Consumer (Continued)
First Half 2026 – Second Half 2025
Net profit increased 5% to $1,184 million.
Pre-provision profit increased 4%, with a reduction in operating expenses more than offsetting a decline in operating
income. The decline in operating income reflected a lower net interest margin, which was partly offset by balance sheet
growth. Operating expenses declined due to a simpler operating model, including Fit for Growth initiatives.
Net interest income down 2%•The net interest margin decreased 7 basis points to 1.74%. Excluding timing
differences related to interest rate changes, net interest margin decreased by
1 basis point. Key drivers included:
–Lending competition to retain existing, and attract new,
mortgage customers;
–Stable deposit spreads reflecting proactive repricing was offset by a
higher proportion of customers qualifying for the savings bonus rate; and
–Favourable portfolio mix as the averaging impact of a higher deposit to
loan ratio in the prior half flows through.
•Loans increased by 4% to $524.7 billion. Mortgage growth of 4% represents
1.2x APRA housing system growth, with almost all new flows in variable
rate mortgages. Initiatives to improve service, including additional bankers,
supported a further recovery in the proportion of new loans originated
through the proprietary channel; and
•Deposits increased by 4% to $379.0 billion, representing 1.0x APRA household
deposits system growth. Savings balances grew by 5% to $189.3 billion, driven
by a continued shift in customer preference towards higher yielding flexible
products. Mortgage offset balances increased by 8%, supported by mortgage
portfolio growth and continued customer recognition of the benefits of
offset accounts.
Non-interest income down 4%
•Non-interest income decreased due to lower discharge fees and seasonally
lower currency conversion fees.
Expenses down 6%•Excluding compositional changes, operating expenses decreased 5%
reflecting benefits from a simpler operating model, including Fit for Growth
initiatives and reduced third party vendor costs. This was partly offset by
higher staff costs, including additional bankers to drive proprietary growth
and salary increases.
Impairment charge of $86 million•Impairment charges to average loans were 3 basis points, down 1 basis point.
The charge reflects write-offs in cards and personal lending, which was partly
offset by a reduction in non-performing mortgages.
•Stressed exposure to TCE improved by 7 basis points to 0.74% reflecting the
continued resilience of customers. Mortgage 90+ day delinquencies decreased
6 basis points to 0.57%. Other consumer loan 90+ day delinquencies
decreased 4 basis points to 1.09%.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
31
Consumer (Continued)
First Half 2026 – First Half 2025
Net profit increased 9% to $1,184 million.
Pre‑provision profit increased 3%, supported by operating income growth, which was partly offset by higher operating
expenses. Operating income increased due to balance sheet growth more than offsetting a lower net interest margin.
Operating expenses increased due to higher technology costs, including a step‑up in UNITE investment spend, and
higher staff costs associated with additional bankers and inflationary pressures, which was partly offset by Fit for
Growth initiatives.
Net interest income up 2%•The net interest margin decreased 4 basis points to 1.74%. Excluding timing
differences related to interest rate changes, net interest margin increased by
2 basis points. Key drivers included:
–Favourable portfolio mix as deposit growth outpaced lending growth,
resulting in a higher deposit to loan ratio;
–Lending competition to retain existing, and attract new, mortgage
customers; and
–Lower deposit spreads reflecting a mix shift towards higher interest
accounts and higher bonus uptake on savings accounts. These
impacts were partly offset by higher returns on hedged deposits and
proactive repricing.
•Loans increased by 7% to $524.7 billion. Mortgage growth of 7% was almost
entirely in variable rate mortgages. Initiatives to improve service, including
additional bankers, supported a further recovery in the proportion of new
loans originated through the proprietary channel; and
•Deposits were up 8% to $379.0 billion. Savings balances increased by 11%
to $189.3 billion, reflecting a shift in customer preference towards higher
yielding flexible products. Mortgage offset balances rose 16% to $77.3 billion,
as fixed rate mortgage customers shifted onto variable rate mortgages with
deposit offset features. Transaction balances grew 5% reflecting a targeted
strategy to grow the youth, migrant and affluent segments and deepen
customer relationships.
Non-interest income up 9%
•Non-interest income increased due to higher credit card fees and lower
reward program costs.
Expenses up 2%•Excluding compositional changes, operating expenses increased 4%. Key
drivers included:
–A step up in UNITE spend and higher expensing rates across
other investments;
–Additional bankers to support proprietary lending growth; and
–Inflationary pressures from higher salaries and wages and
technology costs.
•These increases were partly offset by benefits from a simpler operating
model, including Fit for Growth initiatives and reduced vendor costs.
Impairment charge of $86 million•Impairment charges to average loans were 3 basis points, down 4 basis
points. The charge reflects write-offs in cards and personal lending, which
was partly offset by a reduction in non-performing mortgages.
•Stressed exposure to TCE improved by 13 basis points to 0.74% reflecting the
continued resilience of customers. Mortgage 90+ day delinquencies decreased
17 basis points to 0.57% due to a reduction in hardship and a change
to serviceability treatment. Other consumer loan 90+ day delinquencies
decreased 19 basis points to 1.09%.

32WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
Business & Wealth
Business & Wealth
The Business & Wealth segment provides banking and financial services to customers in Business Banking, Wealth
Management, Private Wealth and Westpac Pacific. Business Banking offers lending and transaction banking services.
Customers are categorised by commercial, small to medium enterprise and small business. The segment includes
Private Wealth, supporting the needs of high-net-worth individuals, as well as BT Financial Group, which provides
wealth management platform services. The segment operates under the Westpac, St.George, BankSA, Bank of
Melbourne and BT brands.
Half YearHalf YearHalf Year% Mov't
Excluding Notable Items, $mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Net interest income2,8132,7292,61737
Non-interest income39938338145
Net operating income3,2123,1122,99837
Operating expenses(1,370)(1,422)(1,305)(4)5
Pre-provision profit1,8421,6901,69399
Impairment (charges)/benefits(216)(119)(126)8271
Profit before income tax (expense)/benefit1,6261,5711,56744
Income tax (expense)/benefit(489)(475)(477)33
Net profit/(loss)1,1371,0961,09044
Expense to income ratio42.65%45.69%43.53%(304 bps)(88 bps)
Net interest margin4.66%4.76%4.94%(10 bps)(28 bps)
As atAs atAs at% Mov't
$bn31 March 202630 Sept 202531 March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Customer deposits
Transactions72.270.666.628
Savings31.432.029.6(2)6
Term52.749.752.161
Total customer deposits156.3152.3148.335
Loans
Commercial/SME119.4114.2105.8513
Pacific1.61.61.5-7
Business lending121.0115.8107.3413
Other1.41.41.4--
Provisions(2.1)(2.0)(1.9)511
Total loans120.3115.2106.8413
Deposit to loan ratio129.87%132.21%138.78%(234 bps)large
Total assets127.7122.5114.1412
TCE156.2149.7141.9410
Risk weighted assets91.992.191.3-1
Average interest earning assets121.1114.4106.3614
Average allocated capital12.011.811.524
Total funds under management162.4166.7154.5(3)5
Credit quality
Impairment charges/(benefits) to average loans0.36%0.21%0.24%15 bps12 bps
Impaired exposures to TCE0.57%0.50%0.56%7 bps1 bps
Total stressed exposures to TCE4.58%5.01%5.26%(43 bps)(68 bps)

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
33
Business & Wealth (Continued)
First Half 2026 – Second Half 2025
Net profit increased 4% to $1,137 million.
Pre-provision profit rose 9% reflecting 3% growth in operating income and a 4% reduction in operating expenses.
Balance sheet growth more than offset a contraction in net interest margin. The reduction in operating expenses
reflected a simpler operating model, including Fit for Growth initiatives and lower investment spend.
Net interest income up 3%•Strong balance sheet growth more than offset 10 basis points of net interest
margin contraction to 4.66%. Key drivers included:
–Lower lending spreads reflecting competitive market dynamics;
–Portfolio mix shift as lending growth outpaced deposit growth, reflected in
a 2.3 percentage point reduction in the deposit to loan ratio; and
–Higher deposit spreads from repricing actions and the impact of interest
rate changes.
•Loans increased by 4% to $120.3 billion. Growth in business lending
reflected 5% growth in commercial and 4% in SME. Target sectors of health,
professional services and agriculture performed well, growing between 4%
and 8%. Proprietary improved from 53% to 59% of new lending; and
•Deposits increased 3% to $156.3 billion driven by growth in both term and
transaction balances. Transaction account growth was supported by strong
sales volume.
Non-interest income up 4%
•Higher non-interest income was supported by an increase of 10% in GIS funds
under administration and 23% in online share trading activity.
Expenses down 4%•Excluding the impact of compositional changes, expenses declined by 3%. Key
drivers included:
–A simpler operating model, including Fit for Growth initiatives;
–Lower investment spend, including UNITE following the completion of the
One Wealth Platform project towards the end of the period; and
–Higher staff costs from salary and wage inflation and investment in
additional bankers to drive proprietary growth.
Impairment charge of
$216 million
•The impairment charge of 36 basis points of average loans compared to
21 basis points in the prior period. The charge reflected new IAPs in
the transport, storage and property and business services sectors and a
deterioration in the economic outlook.
•Credit quality metrics improved with stressed exposures to TCE decreasing
43 basis points to 4.58%, mostly within the property and trade sectors. The
proportion of impaired exposures to TCE increased 7 basis points to 0.57%.

34WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
Business & Wealth (Continued)
First Half 2026 – First Half 2025
Net profit increased 4% to $1,137 million.
Pre-provision profit increased by 9% reflecting 7% growth in operating income that was partly offset by a 5% increase
in operating expenses. Balance sheet growth more than offset a contraction in the net interest margin. Higher operating
expenses reflected the step up in UNITE investment and growth in salaries and wages, including investment in
additional bankers.
Net interest income up 7%•Strong balance sheet growth more than offset 28 basis points of net interest
margin contraction. Key drivers included:
–Portfolio mix shift as lending growth outpaced deposit growth, reflected in
a lower deposit to loan ratio;
–Lower lending spreads reflecting competitive market dynamics;
–Lower contribution from capital; and
–Widening of deposit spreads from proactive repricing decisions and the
impact of interest rate changes.
•Loans increased 13% to $120.3 billion. Business lending grew 13% with
growth across most sectors and products. Target sectors of health,
professional services and agriculture performed well growing, between 11%
and 19%. Proprietary improved from 52% to 59% of new lending; and
•Deposits increased 5% to $156.3 billion driven by transaction balance growth
as part of a targeted strategy reflecting strong sales volumes. Digital
origination of new transaction accounts increased from 24% to 44%.
Non-interest income up 5%
•Higher non-interest income was supported by an increase of 22% in GIS funds
under administration and 47% in online share trading activity.
Expenses up 5%•Excluding the impact of compositional changes, expenses increased by 6%.
Key drivers included:
–The step up in UNITE investment;
–Investment in additional business bankers and banker tools to
drive growth;
–Higher salaries and wages; and
–A simpler operating model, including Fit for Growth initiatives.
Impairment charge of
$216 million
•The impairment charge of 36 basis points of average loans compared to 24
basis points in the prior corresponding period. The charge reflected new IAPs
in the transport, storage and property and business services sectors and a
revised economic outlook in the base case.
•Credit quality metrics improved with stressed exposures to TCE decreasing
68 basis points to 4.58%, mostly within the property and trade sector. The
proportion of impaired loans to TCE increased 1 basis point to 0.57%.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
35
Institutional
Institutional
The Institutional segment services predominantly corporate, institutional and government clients. Institutional banking
supports clients’ borrowing needs and provides payments, merchant services and liquidity management solutions
to Institutional clients and Westpac's domestic and international payments infrastructure. Institutional includes
Financial Markets which provides a range of risk management, investment and debt capital markets solutions to
Institutional clients and access to financial markets products for consumer and business customers. Clients are
supported throughout Australia and via branches and subsidiaries located in New Zealand, New York, London, Frankfurt
and Singapore.
Half YearHalf YearHalf Year% Mov't
Excluding Notable Items, $mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Net interest income1,2701,2321,18138
Non-interest income690741654(7)6
Net operating income1,9601,9731,835(1)7
Operating expenses(814)(836)(811)(3)-
Pre-provision profit1,1461,1371,024112
Impairment (charges)/benefits(134)(38)39largelarge
Profit before income tax (expense)/benefit1,0121,0991,063(8)(5)
Income tax (expense)/benefit(277)(299)(288)(7)(4)
Net profit/(loss)735800775(8)(5)
Expense to income ratio41.53%42.37%44.20%(84 bps)(267 bps)
Net interest margin1.62%1.79%1.76%(17 bps)(14 bps)
Net interest margin ex markets
a
1.84%1.98%2.03%(14 bps)(19 bps)
a.Excludes markets net interest income of $123 million (Second Half 2025: $129 million, First Half 2025: $114 million).
As atAs atAs at% Mov't
$bn31 March 202630 Sept 202531 March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Customer deposits
Transactions and others73.770.966.5411
Savings8.412.610.0(33)(16)
Term54.947.945.81520
Total customer deposits137.0131.4122.3412
Loans
Loans131.8118.1107.51223
Provisions(0.5)(0.4)(0.5)25-
Total loans131.3117.7107.01223
Deposit to loan ratio104.36%111.62%114.33%largelarge
Total assets177.6156.6140.71326
TCE272.1248.5231.0918
Risk weighted assets96.592.686.7411
Average interest earning assets157.1137.4134.21417
Average interest earning assets ex markets124.7111.0105.41218
Average allocated capital11.410.810.569
Credit quality
Impairment charges/(benefits) to average loans0.21%0.07%(0.07%)14 bpslarge
Impaired exposures to TCE0.09%0.09%0.12%-(3 bps)
Total stressed exposures to TCE0.57%0.70%0.78%(13 bps)(21 bps)

36WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
Institutional (Continued)
Net operating income contribution
1
Half YearHalf YearHalf Year% Mov't
Excluding Notable Items, $mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Lending and deposit revenue1,4141,3911,33226
Markets sales and risk management457458421-9
Derivative valuation adjustment (DVA)(19)19(19)large-
Other
a
10810510137
Net operating income contribution1,9601,9731,835(1)7
a.Includes capital benefit and the Bank Levy.
First Half 2026 – Second Half 2025
Net profit decreased 8% to $735 million.
Pre-provision profit increased 1%, with a 1% decline in operating income more than offset by a 3% reduction in operating
expenses. Lower net interest margin and weaker markets income was partly offset by lending growth. The reduction in
operating expenses was driven by compositional changes and productivity initiatives, including Fit for Growth initiatives.
Net interest income up 3%
•Solid balance sheet growth more than offset a decline in net interest margin.
Net interest margin contracted 17 basis points, including the impact of an
increase in trading securities. Excluding this, the net interest margin declined
14 basis points, reflecting higher funding costs and lower lending spreads due
to competitive market dynamics;
•Loans increased 12% to $131.3 billion, driven by strengthening relationships
with existing clients across a broad range of sectors. Growth was supported
by favourable market conditions, particularly in the first quarter. Offshore
lending with a nexus to Australia or New Zealand also contributed to
growth; and
•Deposits increased 4% to $137.0 billion, driven by term and transactional
products. This reflected the strategy to maintain strength in the public sector.
Non-interest income down 7%•Non-interest income decreased due to lower DVA, reflecting tightening
funding spreads.
Expenses down 3%•Excluding the impact of composition changes, expenses decreased 1%.
Movements reflected:
–The benefits from a simpler operating model, including the Fit for Growth
initiative; and
–Lower investment spend.
•Expense reductions were partly offset by inflationary pressures on salaries
and wages and higher front-line staff to support client relationships and
lending growth.
Impairment charge of
$134 million
•The impairment charge to average loans was 21 basis points, up 14 basis
points. The charge reflected an increase in CAP, including a new sector
overlay and a revised economic outlook in the base case.
•Stressed exposures to TCE improved 13 basis points to 0.57% driven by
portfolio growth and lower stress in the property sector. The proportion of
impaired exposures to TCE was stable at 0.09%.
1.DVA includes Funding Valuation Adjustment (FVA) and Credit Valuation Adjustment (CVA). Sales and risk management income includes both
customer and non-customer income.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
37
Institutional (Continued)
First Half 2026 – First Half 2025
Net profit decreased 5% to $735 million.
Pre-provision profit increased 12%, supported by a 7% increase in operating income while operating expenses were flat.
Operating income increased due to lending growth and a stronger Markets performance. Operating expenses were flat,
with higher staff costs from additional bankers to support growth offset by benefits from a simpler operating model.
Net interest income up 8%•The net interest margin decreased 14 basis points, including the impact of
higher Markets income. Excluding this, net interest margin decreased 19 basis
points. Key drivers included:
–Contraction in lending spreads due to lending in lower risk sectors and
competitive market dynamics; and
–Higher funding costs, in part due to lending growth outpacing
deposit growth.
•Loans increased 23% to $131.3 billion from strengthening relationships with
existing clients, predominantly in the property, infrastructure and industrials
sectors; and
•Deposits increased 12% to $137.0 billion, driven by growth in term and
transactional accounts. This reflected the strategy to maintain strength in the
public sector.
Non-interest income up 6%
•The rise in non-interest income reflected higher sales and risk management
income in rates and FX.
Expenses flat•Excluding the impact of composition changes, expenses increased 2%.
Movements reflected:
–Inflationary pressure on salaries and wages, as well as an increase in
front-line staff to support client relationships and lending growth; and
–The benefits from a simpler operating model, including Fit for
Growth initiatives.
Impairment charge of
$134 million
•The impairment charge to average loans was 21 basis points, compared to a
benefit of 7 basis points in the prior corresponding period. The charge reflects
an increase in CAP, including a new sector overlay and a revised economic
outlook in the base case.
•Stressed exposures to TCE improved 21 basis points to 0.57%, reflecting
lending growth and lower stress in the trade sector. The proportion of
impaired exposures to TCE decreased 3 basis points to 0.09%.

38WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
New Zealand
New Zealand
New Zealand provides banking and wealth products and services for consumer, business and institutional customers in
New Zealand.
All figures are in NZ$ unless noted otherwise.
Half YearHalf YearHalf Year% Mov't
Excluding Notable Items, NZ$mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Net interest income1,4241,4541,365(2)4
Non-interest income131137133(4)(2)
Net operating income1,5551,5911,498(2)4
Operating expenses(760)(737)(734)34
Pre-provision profit795854764(7)4
Impairment (charges)/benefits(37)77(33)large12
Profit before income tax (expense)/benefit758931731(19)4
Income tax (expense)/benefit(213)(260)(205)(18)4
Net profit/(loss)545671526(19)4
Expense to income ratio48.87%46.32%49.00%255 bps(13 bps)
Net interest margin2.29%2.39%2.26%(10 bps)3 bps
As atAs atAs at% Mov't
NZ$bn31 March 202630 Sept 202531 March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Customer deposits
Transactions and others23.021.221.487
Savings20.621.020.7(2)-
Term40.138.838.833
Total customer deposits83.781.080.933
Loans
Mortgages73.371.369.535
Business35.034.233.026
Other1.21.21.223
Provisions(0.5)(0.4)(0.5)25-
Total loans109.0106.3103.236
Deposit to loan ratio76.79%76.20%78.39%59 bps(160 bps)
Total assets130.4128.8125.314
TCE157.4153.0153.033
Risk weighted assets62.660.661.132
Liquid assets16.216.817.9(4)(9)
Average interest earning assets124.8121.5121.333
Average allocated capital8.98.78.426
Total funds14.214.413.3(1)7
Credit quality
Impairment charges/(benefits) to average loans0.07%(0.15%)0.06%large1 bps
Mortgage 90+ day delinquencies0.50%0.46%0.54%4 bps(4 bps)
Other consumer loans 90+ day delinquencies0.87%0.70%0.95%17 bps(8 bps)
Impaired exposures to TCE0.16%0.19%0.17%(3 bps)(1 bps)
Total stressed exposures to TCE1.40%1.47%1.63%(7 bps)(23 bps)

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
39
New Zealand (Continued)
First Half 2026 – Second Half 2025
Net profit decreased 19% to $545 million.
Pre-provision profit decreased 7% reflecting a 2% decrease in operating income and a 3% increase in operating
expenses. The decline in operating income was driven by a reduction in the net interest margin, largely the result of a
lower interest rate environment, which was partly offset by balance sheet growth. Operating expenses reflected higher
staff expenses and technology costs including software amortisation.
Net interest income down 2%•The net interest margin decreased 10 basis points. Key drivers included:
–Tightening of deposit spreads from a lower‑rate environment; and
–Higher wholesale funding costs and lower returns on both capital balances
and hedged deposits.
•Loans increased 3%, primarily driven by growth in mortgages. Business
lending grew, despite a challenging macroeconomic environment. Key
drivers included:
–Mortgage growth of 3%, represents 1.0x RBNZ housing system growth.
This was entirely driven by growth in fixed rate mortgages as customers
expect interest rates to increase. This drove a shift in preference from
shorter fixed rate tenors to longer duration tenors of equal to or greater
than 2 years.
–Business lending growth of 2%, represents 0.9x RBNZ system growth. This
was driven by higher corporate and small business lending which was
supported by the introduction of new banker tools.
•Deposits increased 3% reflecting growth predominantly in business.
Household deposit growth represented 1.0x system. Balances grew across
term deposit and transaction balances.
Non-interest income down 4%
•Lower non-interest income reflecting lower cards income.
Expenses up 3%•Operating expenses increased due to higher staff expenses, increased
software licensing costs from prior investment to enhance core digital and
product capabilities, and higher software amortisation. This was partly offset
by productivity savings including technology infrastructure simplification and
operational efficiency initiatives.
Impairment charge of $37 million•The impairment charge to average loans was 7 basis points, compared to
a benefit of 15 basis points in the prior period. The charge reflected a
deterioration in the economic outlook.
•Stressed exposures to TCE decreased 7 basis points to 1.40% mostly due to
lower watchlist exposures in the services sector. Impaired exposures to TCE
decreased by 3 basis points to 0.16%.

40WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
New Zealand (Continued)
First Half 2026 – First Half 2025
Net profit increased 4% to $545 million.
Pre-provision profit increased 4%, reflecting a 4% increase in operating income which more than offset a 4% increase
in operating expenses. Operating income benefited from a higher net interest margin and loan growth while operating
expenses reflected higher investment spend, software amortisation and staff expenses.
Net interest income up 4%•The net interest margin increased 3 basis points, reflecting improved housing
lending spreads and benefits from a mix shift towards higher margin
transaction deposits. The reduction in liquid assets also provided a benefit.
This was partly offset by tightening of deposit spreads from a lower-rate
environment and competition in term deposits.
•Loans increased 6% to $109.0 billion. Key drivers included:
–Mortgage growth of 5%, represents 0.9x RBNZ housing system growth.
This was entirely driven by growth of 8% in fixed rate mortgages as
customer preference shifted from shorter fixed rate tenors to longer
duration tenors of equal to or greater than 2 years.
–Business lending growth of 6% reflecting higher corporate and small
business lending which was supported by the introduction of new
banker tools.
•Deposits increased 3% reflecting growth in transaction and term deposit
balances. Growth was predominantly in household deposits.
Non-interest income down 2%
•Lower non-interest income reflecting timing of business fees recognition.
Expenses up 4%•Operating expenses increased due to higher investment spend and software
licensing costs to enhance core digital and product capabilities, higher staff
expenses, and an increase in software amortisation. This was partly offset
by productivity savings including technology infrastructure simplification and
operational efficiency initiatives.
Impairment charge of $37 million•The impairment charge to average loans was 7 basis points, compared to 6
basis points in the prior corresponding period. The charge reflected a revised
economic outlook in the base case.
•Stressed exposures to TCE decreased 23 basis points due to lower stress in
the agriculture sector. Impaired exposures to TCE remained low at 0.16%.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
41
New Zealand (Continued)
New Zealand segment performance (A$ Equivalent)
Results have been translated into Australian dollars (A$) at the average exchange rates for each reporting period. First
Half 2026: $1.1614 (Second Half 2025: $1.0921; First Half 2025: $1.1042). Unless otherwise stated, assets and liabilities
have been translated at spot rates as at the end of the period, 31 March 2026: $1.1994 (30 September 2025: $1.1377;
31 March 2025: $1.1001).
Half YearHalf YearHalf Year% Mov't
Excluding Notable Items, $mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Net interest income1,2261,3321,236(8)(1)
Non-interest income113125121(10)(7)
Net operating income1,3391,4571,357(8)(1)
Operating expenses(655)(677)(665)(3)(2)
Pre-provision profit684780692(12)(1)
Impairment (charges)/benefits(32)71(30)large7
Profit before income tax (expense)/benefit652851662(23)(2)
Income tax (expense)/benefit(184)(238)(185)(23)(1)
Net profit/(loss)468613477(24)(2)
Expense to income ratio
a
48.87%46.32%49.00%255 bps(13 bps)
Net interest margin
a
2.29%2.39%2.26%(10 bps)3 bps
a.Ratios calculated using NZ$.
As atAs atAs at% Mov't
$bn31 March 202630 Sept 202531 March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Customer deposits69.871.273.6(2)(5)
Loans90.993.493.8(3)(3)
Deposit to loan ratio
a
76.79%76.20%78.39%59 bps(160 bps)
Total assets108.7113.2113.9(4)(5)
TCE131.3134.5139.0(2)(6)
Risk weighted assets52.253.355.6(2)(6)
Liquid assets13.514.816.2(9)(17)
Average interest earning assets
b
107.5111.2109.7(3)(2)
Average allocated capital
b
7.78.07.7(4)-
Total funds11.812.712.0(7)(2)
a.Ratios calculated using NZ$.
b.Averages are converted at applicable average rates.

42WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
Group Businesses
Group Businesses
The segment comprises:
•Treasury, which is responsible for the management of Westpac’s balance sheet including wholesale funding, capital,
and liquidity. Treasury also manages interest rate risk and foreign exchange risk associated with wholesale funding;
•Enterprise services, which include earnings on capital not allocated to segments, certain intra-group transactions
and gains/losses from asset sales, earnings and costs associated with Westpac’s fintech investments;
•Other costs not directly attributable to segments include Corporate Affairs, Finance and Human Resource services,
a portion of enterprise technology costs related to UNITE, certain customer remediation expenses and enterprise
provisions; and
•The RAMS business, which we have agreed to sell, is scheduled to complete in Second Half 2026.
Half YearHalf YearHalf Year% Mov't
Excluding Notable Items, $mMarch 2026Sept 2025March 2025Mar 26 - Sept 25Mar 26 - Mar 25
Net interest income588668755(12)(22)
Non-interest income3319574large
Net operating income621687760(10)(18)
Operating expenses(619)(757)(595)(18)4
Pre-provision profit2(70)165large(99)
Impairment (charges)/benefits25163656(31)
Profit before income tax (expense)/benefit27(54)201large(87)
Income tax (expense)/benefit(60)(57)(163)5(63)
Net profit attributable to NCI(8)(9)(8)(11)-
Net profit/(loss)(41)(120)30(66)large
First Half 2026 – Second Half 2025
Net loss of $41 million compared to a net loss of $120 million in the prior period.
Pre-provision profit of $2 million compared to a loss of $70 million in the prior period.
Net operating income down 10%
•Income was down $66 million. Movements included:
–A decrease in Treasury earnings due to stronger Treasury performance in
the prior period;
–Lower income on surplus capital as interest rates reduced; and
–Lower income from the RAMS business driven by a reduction in loan
balances as the portfolio is closed to new business.
Expenses down 18%•Operating expenses were down 18% or $138 million. Excluding compositional
changes, operating expenses were down 40% or $211 million reflecting:
–Restructuring charge of $273 million incurred in the prior period; and
–Increases in certain employee provisions.
First Half 2026 - First Half 2025
Net loss of $41 million compared to a net profit of $30 million in the prior corresponding period.
Pre-provision profit of $2 million compared to a profit of $165 million in the prior corresponding period.
Net operating income down 18%
•Income was down $139 million. Movements included:
–Lower income from the sale of the auto finance portfolio in the prior
corresponding period;
–Lower income from the RAMS business driven by a reduction in loan
balances as the portfolio is closed to new business;
–Decrease in Treasury earnings; and
–Lower income on surplus capital as interest rates reduced.
Expenses up 4%•Operating expenses were up 4% or $24 million reflecting
compositional changes.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
43
DIRECTORS’
REPORT
DIRECTORS’ REPORT
Directors
Review and results of the Group’s operations
Significant developments
Rounding of amounts
Auditor's Independence Declaration
Responsibility Statement

44WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
DIRECTORS’ REPORT
Directors’ Report
The Directors of Westpac present their report together
with the financial statements of Westpac and its
controlled entities (collectively referred to as ‘the Group’)
for the half year ended 31 March 2026.
Directors
Directors
The names of the Directors of Westpac holding office at
any time during, and since the end of, the half year and
the period for which each has served as a Director are set
out below:
NamePosition
Steven
Gregg
Director since November 2023 and
Chairman since December 2023.
Anthony
Miller
Managing Director and Chief Executive
Officer since December 2024.
Tim
Burroughs
Director since March 2023.
Nerida
Caesar
Director since September 2017.
David
Cohen
Director since April 2025.
Pip
Greenwood
Director since August 2025.
Debra
Hazelton
Director since March 2025.
Andy
Maguire
Director since July 2024.
Peter NashDirector since March 2018.
Margaret
Seale
Director since March 2019.
Michael
Ullmer AO
Director since April 2023.
Review and results of the
Group’s operations
The Board has determined an interim ordinary dividend of
77 cents which will be fully franked.
First Half 2026 - Second Half 2025
Net profit attributable to owners of Westpac decreased
by 5% to $3,414 million with lower operating income and
higher credit impairment charges more than offsetting a
reduction in operating expenses.
Net interest income decreased by 3%, with an increase in
average interest earning assets more than offset by a 9
basis point contraction in net interest margin.
The NIM decreased by 9 basis points to 1.89%.
NIM comprised:
•Core NIM of 1.78%, down 4 basis points driven by lower
lending spreads and the timing impact of interest
rate changes;
•
Treasury and Markets contribution of 11 basis points,
down 2 basis points due to lower Treasury income; and
•Notable hedging items had no impact, compared to a
benefit of 3 basis points in the prior period
1
.
Average interest earning assets increased by 3%
reflecting growth of 8% in business and 1% in
housing loans.
Non-interest income decreased by 3%. Key
movements included:
•Net fee income reduced by 3% reflecting lower cards
income and higher volume related transaction costs;
•Net wealth management income increased by 2%,
from higher funds under administration on the Global
Investments Services (GIS) platform; and
•Trading income decreased by 8% mainly due to lower
derivative valuation adjustments from the tightening
of funding spreads.
Operating expenses were 5% lower. Operating expenses
included costs associated with the sale of the RAMS
mortgage portfolio, which are presented as a Notable
Item
1
. Excluding these costs and the Second Half 2025 Fit
for Growth restructuring charge of $273 million, operating
expenses were 2% lower supported by productivity
initiatives and lower technology spend which more than
offset higher occupancy costs.
The expense to income ratio decreased 108 basis points
to 52.6%.
Credit impairment charges represented 10 basis points
of average gross loans compared to 4 basis points in
the prior period. The higher impairment charge reflects
a higher collective assessed charges and an increase in
new IAPs.
The IAPs charge included new IAPs for single name
downgrades across certain sectors including transport
and storage, and utilities, which was partly offset by
writebacks mostly from the trade, manufacturing and
service sector.
The CAP charge reflected increases for revision of
the base case economic outlook, portfolio overlays and
update to the model downside scenario severity. A
reduction in mortgages 90+ day delinquencies provided a
partial offset.
The effective tax rate of 30.3% was lower compared to
the 30.6% mainly due to lower non-deductible hybrid
distributions in First Half 2026.
First Half 2026 - First Half 2025
Net profit attributable to owners of Westpac increased by
3% to $3,414 million reflecting a rise in operating income,
which was partially reduced by higher operating expenses
and credit impairment charges.
Net interest income increased by 4%, due to an increase
in average interest earning assets and a 1 basis point
increase in net interest margin.
The NIM increased by 1 basis point to 1.89%.
NIM comprised:
1.
See Note 2 of the 2026 Interim Financial Report for further detail.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
45
•Core NIM of 1.78%, down 2 basis points driven by lower
lending spreads and the timing impact of interest
rate changes;
•Treasury and Markets contribution of 11 basis points,
down 1 basis point due to lower Treasury income; and
•Notable hedging items had no impact, compared
to a negative 4 basis points in the prior
corresponding period.
Average interest earning assets increased by 4%
which included growth of 14% in business and 2% in
housing loans.
Non-interest income increased by 6%. Key
movements included:
•Net fee income increased by 2% reflecting higher
credit card fees and lower reward program costs;
•Trading income increased by 30% reflecting higher
rates income and the impact of FX movements on
hedges of dual currency deposits;
•Net wealth management income increased 6%, from
higher funds under administration; and
•Other income reduced by 65% mostly due to fair value
losses on dual currency swaps compared to fair value
gains on commodities in the prior comparative period.
Operating expenses increased by 4%. Operating expenses
included costs associated with the sale of RAMS
mortgage portfolio. Excluding these costs operating
expenses were 2% higher due to higher staff and
occupancy costs along with the step up in UNITE
investment spend. Productivity initiatives and lower
litigation and remediation costs provided a partial offset.
The expense to income ratio decreased 22 basis points
to 52.6%.
Credit impairment charges represented 10 basis points
of average gross loans compared to 6 basis points of
average gross loans in the prior comparative period.
The increase reflected the revised economic outlook,
new portfolio overlays and an increase in new IAPs.
The improvement in overall credit quality provided a
partial offset.
The effective tax rate of 30.3% was lower compared to
the 31.4% mainly due to lower non-deductible hybrid
distributions in First Half 2026 and adjustments in First
Half 2025 for prior year taxes.
A review of the operations and results of the Group
and its segments for the half year ended 31 March 2026
is set out in Performance Review (see pages 3- 42)
of this Results Announcement which form part of the
Directors' Report.
Further information about our financial position and
financial results is included in the financial statements
and accompanying notes, which form part of the 2026
Interim Financial Report.
Significant developments
Westpac significant developments – Australia
Changes to Executive Team
On 10 February 2026, Westpac announced the retirement
of Scott Collary, Chief Information Officer. Mr Collary will
remain in his role while the search for his successor
is completed.
In April 2026, Westpac announced that the functions
within Customer and Corporate Services (CCS) will be
redistributed across other divisions. As a result, the Group
Executive, CCS role will be removed. This change has no
material impact on the Group's segment reporting.
On market buyback
As at 31 March 2026, Westpac had completed $2.5 billion
of the $3.5 billion on market share buyback previously
announced, with 88.8 million Westpac ordinary shares
purchased at an average price of $28.01. During the first
half of 2026, Westpac bought back 50,000 ordinary shares
equating to $1.9 million at an average price of $38.25. The
ordinary shares bought back were subsequently cancelled.
On 11 November 2025, Westpac announced the extension
of the buyback for a further 12 months to 10 November
2026. The timing and actual number of shares purchased
under the buyback will depend on market conditions and
other considerations. Westpac reserves the right to vary,
suspend or terminate the buyback at any time.
Regulatory and risk developments
Financial crime
Westpac continues to improve its financial crime risk
management with significant ongoing work focusing
on AML/CTF, Sanctions, Anti-Bribery and Corruption,
the US Foreign Account Tax Compliance Act (FATCA)
and Common Reporting Standard (CRS). Through this
work, we continue to undertake activities to strengthen
and remediate our Financial Crime Program, and to
improve regulatory reporting, including in relation to
International Funds Transfer Instructions, Threshold
Transaction Reports, Suspicious Matter Reports, FATCA
and CRS reporting and equivalent reports in jurisdictions
outside Australia. 
With ongoing regulatory focus on financial crime, further
areas of potential non-compliance have been, and may
continue to be identified, and we continue to liaise with
the Australian Transaction Reports and Analysis Centre
(AUSTRAC), the Australian Taxation Office (ATO) and
local regulators in jurisdictions outside Australia, including
to remediate findings and adopt recommendations
from regulators.
In 2024, the Australian Parliament enacted the Anti-
Money Laundering and Counter-Terrorism Financing
Amendment Act 2024 (Cth), introducing major reforms
to the AML/CTF regime. A substantial number of
reforms took effect from 31 March 2026, including
provisions that apply to our permanent offshore
establishments. In response, we are updating our
policies, procedures, systems and controls, and are taking

46WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
DIRECTORS’ REPORT
steps to address compliance gaps. Full implementation
requires a multi-year implementation plan for Westpac
and its permanent offshore establishments, including
complex technology upgrades to customer due
diligence, expanding transaction monitoring and reporting
infrastructure. Timing and delivery challenges are an
industry wide issue. In recognition of these challenges,
the AML/CTF Transitional Rules (Transitional Rules)
commenced alongside the new regime, providing
legislative transitional arrangements for a limited
subset of obligations applicable to existing reporting
entities, including deferred commencement of certain
requirements, subject to specified conditions. These
Transitional Rules apply to Westpac but do not apply to
Westpac’s permanent offshore establishments.
AUSTRAC has also published its regulatory expectations,
noting that it does not expect immediate compliance,
provided reporting entities continue to effectively identify,
mitigate and manage money laundering and terrorism
financing risk and show sustained effort and reasonable
progress against their implementation plans. During this
period, AUSTRAC expects existing AML/CTF controls to
continue to operate.
Westpac has developed, and continues to refine, a phased
implementation plan, that addresses both obligations
subject to transitional arrangements and broader reforms
not covered by the Transitional Rules, including those
applicable to our permanent offshore establishments.
We will continue to engage with AUSTRAC to support
a phased implementation approach. Details about the
consequences of failing to comply with financial crime
obligations are set out in the First Half 2026 Risk Factors.
APRA capital requirements
APRA's phase out of AT1 capital as eligible
bank capital
On 4 December 2025, APRA published the final changes to
the relevant prudential and reporting standards resulting
from the phase out of AT1 with an effective date of
1 January 2027. Further details about this change are set
out in Capital and Dividends (see pages 23-26).
APRA to consult on enhancements to bank capital and
liquidity frameworks
On 16 March 2026, APRA announced that it will consult on
a package of reforms to bank capital and liquidity settings.
The consultation will be run in three workstreams
focusing on credit risk capital, liquidity risk and market
risk, which include the following proposals:
•Targeted amendments to the standardised capital
framework to increase risk sensitivity and better align
capital requirements with underlying risk.
•Changes to the liquidity framework including
consideration of a new Pillar 2 liquidity framework
to address risks not covered by existing Liquidity
Coverage Ratio minimum requirements.
•Implementation of a simplified version of the Basel
Committee’s Fundamental Review of the Trading
Book standard.
APRA has indicated that it will release a consultation
paper in respect to the credit risk capital workstream
in the first half of the 2026 calendar year with industry
engagement and consultation for the liquidity and market
risk workstreams to continue into 2027.
Westpac significant developments – New Zealand
RBNZ review of overseas bank branches
On 30 October 2025, the RBNZ released the exposure
draft of the Incorporation outside New Zealand Standard
(IoNZ Standard) under the Deposit Takers Act 2023 (NZ).
The proposed IoNZ Standard will require that: overseas
bank branches in New Zealand only conduct business with
wholesale clients; the total size of an overseas bank’s
New Zealand branch not exceed NZ$15 billion in total
assets; the New Zealand business of that branch be
less than 50% of its total business; and dual-operating
branches (such as Westpac’s New Zealand Branch) only
conduct business with “large corporate and institutional
clients” (LCIC). The IoNZ Standard proposes that LCIC
broadly means those with consolidated annual turnover
of over NZ$50 million or total assets of over NZ$75 million
and funds management entities and custodians with total
assets under management of over NZ$250 million. The
implementation date is expected to be 1 December 2028.
Westpac’s New Zealand Branch currently provides
financial markets, trade finance and international
payment products and services to customers referred
by WNZL. We expect the RBNZ’s IoNZ Standard will
require changes to the activities Westpac’s New Zealand
Branch undertakes, and as a result, WNZL may also make
changes to the scope of the activities it undertakes.
RBNZ capital review
On 17 December 2025, the RBNZ announced its decisions
relating to its review of key capital settings for deposit
takers (2025 Capital Review). Once implemented, the
updated settings for Group 1 deposit takers (including
WNZL) will:
•remove AT1 instruments from the capital stack and
phase out the recognition of existing AT1 instruments.
•require the deposit taker to have a CET1 capital
ratio of 12% (including a 6% prudential capital buffer
(PCB) ratio).
•require the deposit taker to have a total capital
ratio of 15% (including a 6% PCB ratio). Up to 3%
of the total capital ratio requirement can consist of
subordinated debt eligible as Tier 2 capital to be
issued to the Australian parent bank (which in WNZL’s
case is Westpac).
•require the deposit taker to have an additional 6% of
RWAs of Loss Absorbing Capacity (LAC) instruments
to be issued to the Australian parent bank, bringing
the total requirement including LAC to 21%.
•introduce more granular and lower standardised risk
weights for certain asset classes.
The new Tier 2 and LAC instruments will include
conversion to equity or write-off provisions.
On 27 February 2026, the RBNZ released further
information relating to the 2025 Capital Review, including

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
47
further information on indicative transition timelines and
confirmation it will continue to consider applications for
redemption of AT1 instruments, subject to the relevant
prudential requirements being satisfied.
On 13 April 2026, the RBNZ published an exposure
draft consultation to update the Banking Prudential
Requirements (BPRs) for some of the decisions made as
part of the 2025 Capital Review. For Group 1 deposit
takers (including WNZL) these draft BPRs propose, as
an interim measure, permitting the issuance of Tier
2 instruments with a shorter maturity date or earlier
redemption date than is permitted under the current
settings. Additionally, a separate amortisation table for
Tier 2 instruments issued with a maturity date of less than
5 years has been proposed.
The RBNZ has also indicated it intends to consult during
2026 on the new Tier 2 and LAC instrument design and
related implementation timelines.
General regulatory changes affecting our businesses
RBA review of merchant card payment costs
and surcharging
On 31 March 2026, the RBA published its conclusions
paper on the review of merchant card payment costs
and surcharging. The RBA decided that surcharges on
debit and credit cards should not be charged, to lower
the cap on interchange fees paid by merchant acquirers
to retail card issuers (including Westpac) and increase
transparency on card payment fees through quarterly
data publishing obligations. Most of the changes will
come into effect on 1 October 2026. We are considering
the impact of the changes, including on our products,
systems and financial outcomes.
Fair Work Commission Road Transport Contractual
Chain Orders
On 1 April 2026, the Fair Work Amendment (Fairer Fuel)
Act 2026 was enacted, enabling the Fair Work Commission
to fast-track applications for road transport contractual
chain orders during fuel price emergencies to seek to
prevent national supply chain disruption. The Transport
Workers’ Union and the Australian Road Transport
Industrial Organisation lodged an emergency application
covering a substantial portion of the transport industry,
and relevantly seeking mandatory contract changes to
recover fuel costs. On 20 April 2026, the Expert Panel for
the Road Transport Industry made the Road Transport
Contractual Chain Order – Fuel Cost Recovery – 2026
(Order), effective 21 April 2026, which has the effect
of varying commercial terms along the contract chain
to provide for fuel cost recovery, unless there is an
existing adjustment mechanism. While the cash in transit
industry is expressly excluded from the Order, we are
considering the potential broader impacts of the changes
to our business.
Regulatory investigations and legal proceedings
Our entities are subject to regulatory enquiries and
investigations and parties to legal proceedings from time
to time arising from the conduct of our business. Certain
regulatory investigations, litigation, and class actions are
further described as required in
Note 13 (pages 78-81)
to the financial statements in this Results Announcement.
Rounding of amounts
ASIC Corporations (Rounding in Financial/Directors’
Reports) Instrument 2016/191 applies to Westpac and in
accordance with that Legislative Instrument all amounts
have been rounded to the nearest million dollars unless
otherwise stated.

KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under
license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards
Legislation.

Lead Auditor’s Independence Declaration under
Section 307C of the Corporations Act 2001
To the Directors of Westpac Banking Corporation
I declare that, to the best of my knowledge and belief, in relation to the review of Westpac Banking
Corporation for the half year ended 31 March 2026 there have been:
i. no contraventions of the auditor independence requirements as set out in the Corporations
Act 2001 in relation to the review; and
ii. no contraventions of any applicable code of professional conduct in relation to the review.


KPM_INI_01

KPMG



Kim Lawry
Partner
Sydney
4 May 2026

48WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
DIRECTORS’ REPORT

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
49
Responsibility Statement
The Directors of Westpac Banking Corporation confirm that to the best of their knowledge the interim financial
statements have been prepared in accordance with AASB 134 Interim Financial Reporting and are in compliance with
IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board.
The Directors’ report is signed in accordance with a resolution of the Board of Directors.
Steven Gregg
Chairman

Anthony Miller
Managing Director and Chief Executive Officer
Sydney, Australia
4 May 2026

50WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
2026 INTERIM
FINANCIAL
REPORT
2026 Interim Financial Report
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated statement of changes in equity
Consolidated cash flow statement
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 1.Financial statements preparation
Note 2.Segment reporting
Note 3.Net interest income and average balance sheet and
interest rates
Note 4.Non-interest income
Note 5.Operating expenses
Note 6.Income tax
Note 7.Earnings per share
Note 8.Loans
Note 9.Provision for expected credit losses
Note 10.Credit quality
Note 11.Deposits and other borrowings
Note 12.Fair values of financial assets and
financial liabilities
Note 13.Provisions, contingent liabilities, contingent assets
and credit commitments
Note 14.Shareholders’ equity
Note 15.Notes to the consolidated cash flow statement
Note 16.Subsequent events
STATUTORY STATEMENTS
Directors’ declaration
Independent auditor's review report to the members of
Westpac Banking Corporation

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
51
CONSOLIDATED INCOME STATEMENT
Consolidated income statement
Westpac Banking Corporation and its controlled entities
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 26Mar 26
$mNote202620252025- Sept 25- Mar 25
Interest income:
Calculated using the effective interest method325,32225,94727,107(2)(7)
Other39871,011977(2)1
Total interest income
26,30926,95828,084(2)(6)
Interest expense3(16,538)(16,929)(18,733)(2)(12)
Net interest income9,77110,0299,351(3)4
Non-interest income
Net fees4864887845(3)2
Net wealth management424824223426
Trading4387419298(8)30
Other423146564(65)
Total non-interest income
1,5221,5621,442(3)6
Net operating income11,29311,59110,793(3)5
Operating expenses5(5,937)(6,218)(5,698)(5)4
Impairment (charges)/benefits9(443)(174)(250)15577
Profit before income tax expense4,9135,1994,845(6)1
Income tax expense6(1,491)(1,591)(1,520)(6)(2)
Profit after income tax expense3,4223,6083,325(5)3
Net profit attributable to non-controlling interests (NCI)(8)(9)(8)(11)-
Net profit attributable to owners of Westpac Banking
Corporation (WBC)3,4143,5993,317(5)3
Earnings per share (cents)
Basic799.9105.296.7(5)3
Diluted799.5103.196.0(3)4
The above consolidated income statement should be read in conjunction with the accompanying notes.

52WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Consolidated statement of comprehensive income
Westpac Banking Corporation and its controlled entities
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 26Mar 26
$m202620252025- Sept 25- Mar 25
Profit after income tax expense3,4223,6083,325(5)3
Other comprehensive income/(expense)
Items that may be reclassified subsequently to profit or loss
Gains/(losses) recognised in equity on:
Debt securities measured at fair value through other comprehensive
income (FVOCI)
259512(9)(49)large
Cash flow hedging instruments(3,383)(194)(39)largelarge
Cost of hedging reserve(88)----
Transferred to income statement:
Debt securities measured at FVOCI(88)(15)(4)largelarge
Cash flow hedging instruments3(62)214large(99)
Cost of hedging reserve39----
Exchange differences on translation of foreign operations (net of
associated hedges)
(503)(341)8748large
Income tax on items taken to or transferred from equity:
Debt securities measured at FVOCI(51)(146)5(65)large
Cash flow hedging instruments1,01675(53)largelarge
Cost of hedging reserve14----
Items that will not be reclassified subsequently to profit or loss
Gains/(losses) on equity securities measured at FVOCI (net of tax)13(7)31large(58)
Own credit adjustment on financial liabilities designated at fair value (net
of tax)4(1)(20)largelarge
Remeasurement of defined benefit obligation recognised in equity (net
of tax)2820(10)40large
Net other comprehensive income/(expense) (net of tax)(2,737)(159)202largelarge
Total comprehensive income6853,4493,527(80)(81)
Attributable to:
Owners of WBC6943,4553,519(80)(80)
NCI(9)(6)850large
Total comprehensive income6853,4493,527(80)(81)
The above consolidated statement of comprehensive income should be read in conjunction with the
accompanying notes.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
53
CONSOLIDATED BALANCE SHEET
Consolidated balance sheet
Westpac Banking Corporation and its controlled entities
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 26Mar 26
$mNote202620252025- Sept 25- Mar 25
Assets
Cash and balances with central banks
53,49150,43058,3526(8)
Collateral paid
5,4474,5906,19019(12)
Trading securities and financial assets measured at fair value
through income statement (FVIS)
50,14155,84151,088(10)(2)
Derivative financial instruments
29,11118,46419,3475850
Investment securities
122,544117,541115,18646
Loans8885,582851,853824,80847
Other financial assets9,73510,7667,886(10)23
Property and equipment
2,1702,2662,254(4)(4)
Tax assets
3,0242,0782,0954644
Intangible assets
10,20410,46510,599(2)(4)
Other assets1,1341,0621,08874
Total assets1,172,5831,125,3561,098,89347
Liabilities
Collateral received4,2173,1873,7383213
Deposits and other borrowings11793,810770,457739,25037
Other financial liabilities40,96841,48844,681(1)(8)
Derivative financial instruments32,39520,63021,5205751
Debt issues185,491171,404171,86488
Tax liabilities1513723(89)(35)
Provisions132,2312,6122,254(15)(1)
Other liabilities2,1672,3782,507(9)(14)
Total liabilities excluding loan capital1,061,2941,012,293985,83758
Loan capital40,21839,97040,7031(1)
Total liabilities1,101,5121,052,2631,026,54057
Net assets71,07173,09372,353(3)(2)
Shareholders' equity
Share capital:
Ordinary share capital1437,26137,26337,354--
Treasury shares14(962)(845)(820)1417
Reserves14(817)1,8802,030largelarge
Retained profits35,27934,46833,45125
Total equity attributable to owners of WBC70,76172,76672,015(3)(2)
NCI14310327338(5)(8)
Total shareholders' equity and NCI71,07173,09372,353(3)(2)
The above consolidated balance sheet should be read in conjunction with the accompanying notes.

54WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Consolidated statement of changes in equity
Westpac Banking Corporation and its controlled entities
$m
Share
capital
(Note 14)
Reserves
(Note 14)
Retained
profits
Total
equity
attributable
to owners
of WBC
NCI
Total
shareholders'
equity and
NCI
Balance as at 30 September 202437,2001,73232,77371,70534772,052
Profit after income tax expense--3,3173,31783,325
Net other comprehensive income/(expense)-232(30)202-202
Total comprehensive income/(expense)-2323,2873,51983,527
Transactions in capacity as equity holders
Dividends on ordinary shares
a
--(2,614)(2,614)-(2,614)
Share buyback(581)--(581)-(581)
Other equity movements:
Share-based payment arrangements-67-67-67
Purchase of shares(21)--(21)-(21)
Net acquisition of treasury shares(64)--(64)-(64)
Other-(1)54(17)(13)
Total contributions and distributions(666)66(2,609)(3,209)(17)(3,226)
Balance as at 31 March 202536,5342,03033,45172,01533872,353
Profit after income tax expense--3,5993,59993,608
Net other comprehensive income/(expense)-(163)19(144)(15)(159)
Total comprehensive income/(expense)-(163)3,6183,455(6)3,449
Transactions in capacity as equity holders
Dividends on ordinary shares
a
--(2,601)(2,601)-(2,601)
Share buyback(91)--(91)-(91)
Other equity movements:
Share-based payment arrangements-27-27-27
Purchase of shares(2)--(2)-(2)
Net acquisition of treasury shares(23)--(23)-(23)
Acquisition of minority interest----(4)(4)
Other-(14)-(14)(1)(15)
Total contributions and distributions(116)13(2,601)(2,704)(5)(2,709)
Balance as at 30 September 202536,4181,88034,46872,76632773,093
Profit after income tax expense--3,4143,41483,422
Net other comprehensive income/(expense)-(2,752)32(2,720)(17)(2,737)
Total comprehensive income/(expense)-(2,752)3,446694(9)685
Transactions in capacity as equity holders:
Dividends on ordinary shares
a
--(2,635)(2,635)-(2,635)
Share buyback(2)--(2)-(2)
Other equity movements:
Share-based payment arrangements-72-72-72
Net acquisition of treasury shares(117)--(117)-(117)
Other-(17)-(17)(8)(25)
Total contributions and distributions(119)55(2,635)(2,699)(8)(2,707)
Balance as at 31 March 202636,299(817)35,27970,76131071,071
a.Relates to fully franked dividends at 30%:
- First Half 2026: 2025 final dividend of 77 cents per share;
- Second Half 2025: 2025 interim dividend of 76 cents per share; and
- First Half 2025: 2024 final dividend of 76 cents per share.
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
55
CONSOLIDATED CASH FLOW STATEMENT
Consolidated cash flow statement
Westpac Banking Corporation and its controlled entities
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 26Mar 26
$mNote202620252025- Sept 25- Mar 25
Cash flows from operating activities
Interest received25,06526,60027,288(6)(8)
Interest paid(16,242)(17,307)(18,331)(6)(11)
Dividends received111--
Other non-interest income received3,5681,88036190large
Operating expenses paid(5,628)(4,856)(5,240)167
Income tax paid(1,578)(1,506)(2,026)5(22)
Cash flows from operating activities before changes in operating
assets and liabilities5,1864,8122,0538153
Net (increase)/decrease in:
Collateral paid(1,173)1,390555largelarge
Trading securities and financial assets measured at FVIS4,707(4,713)(1,394)largelarge
Derivative financial instruments(6,694)(2,606)8,256157large
Loans(39,623)(30,825)(19,357)29105
Other financial assets(29)221(269)large(89)
Other assets(39)(46)17(15)large
Net increase/(decrease) in:
Collateral received1,223(383)378largelarge
Deposits and other borrowings28,51635,02016,833(19)69
Other financial liabilities1,246(5,352)4,895large(75)
Other liabilities122(50)(50)
Net cash provided by/(used in) operating activities15(6,679)(2,480)11,969169large
Cash flows from investing activities
Proceeds from investment securities54,40638,69324,66341121
Purchase of investment securities(62,249)(40,960)(34,850)5279
Purchase of associates--(10)-(100)
Proceeds from sale of loans portfolio-(54)1,472(100)(100)
Proceeds from disposal of property and equipment22112(90)(83)
Purchase of property and equipment(115)(229)(142)(50)(19)
Purchase of intangible assets(312)(429)(347)(27)(10)
Net cash provided by/(used in) investing activities(8,268)(2,958)(9,202)180(10)
Cash flows from financing activities
Proceeds from debt issues (net of issue costs)59,01934,74434,1067073
Redemption of debt issues(38,714)(33,502)(42,508)16(9)
Payments for the principal portion of lease liabilities(194)(190)(200)2(3)
Issue of loan capital (net of issue costs)2,5001,5043,53866(29)
Redemption of loan capital(1,275)(1,648)(2,474)(23)(48)
Payment for share buyback(2)(107)(565)(98)(100)
Purchase of shares relating to share-based
payment arrangements-(2)(21)(100)(100)
Net purchase of treasury shares(125)(23)(64)large95
Payment of dividends(2,634)(2,601)(2,614)11
Dividends paid to NCI(8)(4)(13)100(38)
Purchase of shares from NCI-(4)-(100)-
Net cash provided by/(used in) financing activities18,567(1,833)(10,815)largelarge
Net increase/(decrease) in cash and balances with central banks3,620(7,271)(8,048)largelarge
Effect of exchange rate changes on cash and balances with
central banks(559)(651)733(14)large
Cash and balances with central banks as at beginning of the period50,43058,35265,667(14)(23)
Cash and balances with central banks as at end of the period53,49150,43058,3526(8)
The above consolidated cash flow statement should be read in conjunction with the accompanying notes.

56WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements
Note 1. Financial statements preparation
This general purpose Interim Financial Report for the half year ended 31 March 2026 has been prepared in accordance
with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001 (Cth) and is
also compliant with International Accounting Standard IAS 34 Interim Financial Reporting.
The Interim Financial Report does not include all the notes of the type normally included in an Annual Financial Report.
Accordingly, this Interim Financial Report is to be read in conjunction with the Annual Financial Report for the year
ended 30 September 2025 and any relevant public announcements made by Westpac during the interim reporting period
in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Cth) and the ASX Listing Rules.
The Interim Financial Report complies with current Australian Accounting Standards (AAS) as they relate to Interim
Financial reports.
The Interim Financial Report was authorised for issue by the Board of Directors on 4 May 2026.
All amounts have been rounded in accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports)
Instrument 2016/191, to the nearest million dollars, unless otherwise stated.
Accounting policies
The accounting policies adopted in the preparation of this Interim Financial Report are consistent with those in the
Annual Financial Report for the year ended 30 September 2025 except for certain hedge accounting changes.
The Group commenced applying the AASB 9 Financial instruments hedge accounting requirements from 1 October
2025.  As permitted by AASB 9, the adoption of these requirements is considered a change in accounting policy for the
Group and is applied prospectively. As the accounting for macro hedging activities of interest rate risk is not explicitly
addressed in AASB 9, the Group will continue to apply the AASB 139 hedge accounting principles for its portfolio-level
fair value hedging of retail products.
AASB 9 simplifies hedge accounting by more closely aligning hedge relationships with the Group’s risk management
strategies. Under AASB 9, the Group may designate a broader range of hedged items and hedging instruments,
including certain cost‑of‑hedging elements which may now be deferred in other comprehensive income (OCI) instead
of recognised directly in the income statement. In addition, the hedge effectiveness testing is less prescriptive.  
Whereas AASB 139 requires hedge effectiveness to be within a range of 80%–125% or otherwise hedge accounting
is discontinued, AASB 9 instead requires a qualitative assessment of whether an economic relationship exists between
the hedged item and the hedging instrument and also permits rebalancing for hedge relationships where effectiveness
levels have changed.
All the Group’s existing hedge accounting relationships previously designated under AASB 139 continued to qualify for
hedge accounting under AASB 9 and comparative information has not been restated.  New relationships have been
established for the Group’s hedging of cross-currency basis risk on foreign currency term funding.  The associated costs
of hedging (cross-currency basis spreads) are being reflected in a new cost of hedging reserve (COHR) within OCI rather
than in the income statement.
These changes did not have a material impact on the Group.
Critical accounting assumptions and estimates
In preparing the Interim Financial Report, the application of the Group’s accounting policies requires the use of
judgement, assumptions and estimates. The areas of judgement, assumptions and estimates in the Interim Financial
Report, including the key sources of estimation uncertainty, are consistent with those in the Annual Financial Report for
the year ended 30 September 2025.
Recent geopolitical developments have led to a higher than usual degree of uncertainty with the assumptions and
estimates used to determine the provision for ECL. Actual outcomes may differ significantly from the assumptions
used. Details of the specific judgements in relation to the calculation of the provision for ECL including overlays are
included in Note 9.
Future developments
(i) Accounting standards
AASB 18 Presentation and Disclosure in Financial Statements (AASB 18) was issued on 7 June 2024 and will be effective
for the 30 September 2028 year end unless early adopted.  AASB 18 will replace AASB 101 Presentation of Financial
Statements. This standard will not change the recognition and measurement of items in the financial statements, but
will impact the presentation and disclosure in the financial statements, including:
•new categories and subtotals in the income statement to enhance comparability;
•enhancing the disclosure of management defined performance measures; and

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
57
Note 1. Financial statements preparation (Continued)
•changes to the grouping of information in the financial statements to provide more useful information.
Westpac is continuing to assess the impact of adopting AASB 18.
AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial
Instruments (AASB 2024-2) was issued on 29 July 2024 and is effective for the 30 September 2027 year end unless
early adopted.
The amendments include:
•changes to disclosures for investments in equity instruments designated at fair value through other comprehensive
income and additional disclosures for financial instruments with contingent features that do not relate directly to
basic lending risks and costs;
•guidance on derecognition of financial liabilities criteria when using an electronic payments system; and
•guidance on assessing contractual cash flow characteristics of financial assets with environmental, social and
corporate governance (ESG) and similar features.
Westpac is continuing to assess the impact of adopting AASB 2024-2.
Comparative revisions
Comparative information has been revised where appropriate to conform to changes in presentation in the current
period and to enhance comparability.

58WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 2. Segment reporting
Note 2. Segment reporting
Operating segments are presented on a basis consistent with information provided internally to Westpac’s key decision
makers and reflect the management of the business, rather than the legal structure of Westpac.
Internally, Westpac uses an adjusted AAS measure of performance which excludes Notable Items in assessing the
financial performance of its segments.
Notable Items are items that management believes are not reflective of Westpac’s ongoing business performance and
are grouped into the following broad categories:
•Unrealised fair value gains and losses on economic hedges that do not qualify for hedge accounting
•Net ineffectiveness on qualifying hedges
•Large items that are not reflective of the Westpac’s ordinary operations. In individual reporting periods large items
may include:
–Provisions for remediation, litigation, fines and penalties
–The impact of asset sales and revaluations
–The write-down of assets (including goodwill and capitalised software)
–Restructuring costs
The performance of each operating segment reflects internal charges, transfer pricing adjustments and revenue and
expenses resulting from inter-segment transactions. These are eliminated on consolidation in the Group Businesses
segment. Inter-segment pricing is determined on an arm’s length basis.
Reportable operating segments
We are one of Australia’s leading providers of banking and selected financial services, operating under multiple brands,
and predominantly in Australia and New Zealand, with a small presence in Europe, North America, Asia and the
Pacific. We operate significant online capability supported by an extensive branch and ATM network, call centres and
relationship bankers. Our operations comprise the following key segments:
•Consumer provides banking products and services to customers in Australia through three lines of business
consisting of mortgages, consumer finance and cash and transactional banking.
•Business & Wealth comprises Business Banking, Wealth Management, Private Wealth and Westpac Pacific.
•Institutional delivers a broad range of financial products and services to corporate, institutional and
government customers.
•New Zealand provides banking, and wealth products and services for consumer, business and institutional customers
in New Zealand.
•Group Businesses includes Treasury, Enterprise services and other costs not directly attributable to segments
including Corporate Affairs, Finance and Human Resource services, a portion of enterprise technology costs related
to UNITE, certain customer remediation expenses and enterprise provisions. It also includes the RAMS business,
which we have entered into an agreement to sell, and Group-wide consolidation entries.
Change to Segment Reporting
The Group entered into an agreement to sell the RAMS portfolio in November 2025 which is scheduled to be completed
by the end of the 2026 financial year. As it no longer represents an on-going business, its profit and loss, and balance
sheet contribution were transferred from Consumer to Group Businesses. Comparative information has been restated to
align with internally reported information.
The composition of our segments was revised to improve operational alignment. This involved centralising the Data,
Digital and AI team as well as additional parts of the Human Resources and Finance functions from Consumer, Business
& Wealth and Institutional to Group Businesses. As the impact of these changes on segment results were immaterial,
comparatives were not revised.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
59
Note 2. Segment reporting (Continued)
The following tables present the segment results for Westpac:
$mConsumer
Business &
WealthInstitutional
New
Zealand (A$)
Group
BusinessesTotal
Notable
Items
Income
Statement
Half Year March 2026
Net interest income3,8662,8131,2701,2265889,76389,771
Net fee income27813538276(7)864-864
Net wealth
management income-226-22-248-248
Trading income5353261733861387
Other income33(18)(2)3723-23
Net operating income4,1523,2121,9601,33962111,284911,293
Operating expenses(2,372)(1,370)(814)(655)(619)(5,830)(107)(5,937)
Pre-provision profit1,7801,8421,14668425,454(98)5,356
Impairment
(charges)/benefits(86)(216)(134)(32)25(443)-(443)
Profit before income
tax expense1,6941,6261,012652275,011(98)4,913
Income tax
(expense)/benefit(510)(489)(277)(184)(60)(1,520)29(1,491)
Net profit attributable
to NCI----(8)(8)-(8)
Net profit attributable to
owners of WBC (excluding
Notable Items)1,1841,137735468(41)3,483(69)3,414
Notable Items (post-tax)---2(71)(69)
Net profit attributable to
owners of WBC1,1841,137735470(112)3,414
Balance sheet
Loans524,729120,330131,30190,87818,344885,582
Deposits and
other borrowings379,025156,271137,02671,26350,225793,810
Half Year Sept 2025
Net interest income3,9432,7291,2321,3326689,90412510,029
Net fee income28112739590(6)887-887
Net wealth
management income-220-22-242-242
Trading income9363491713424(5)419
Other income9-(3)(4)1214-14
Net operating income4,2423,1121,9731,45768711,47112011,591
Operating expenses(2,526)(1,422)(836)(677)(757)(6,218)-(6,218)
Pre-provision profit1,7161,6901,137780(70)5,2531205,373
Impairment
(charges)/benefits(104)(119)(38)7116(174)-(174)
Profit before income
tax expense1,6121,5711,099851(54)5,0791205,199
Income tax
(expense)/benefit(486)(475)(299)(238)(57)(1,555)(36)(1,591)
Net profit attributable
to NCI----(9)(9)-(9)
Net profit attributable to
owners of WBC (excluding
Notable Items)1,1261,096800613(120)3,515843,599
Notable Items (post-tax)---(2)8684
Net profit attributable to
owners of WBC1,1261,096800611(34)3,599
Balance sheet
Loans504,078115,203117,70493,44321,425851,853
Deposits and
other borrowings365,336152,312131,37972,80648,624770,457

60WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 2. Segment reporting (Continued)
$mConsumer
Business &
WealthInstitutional
New
Zealand (A$)
Group
BusinessesTotal
Notable
Items
Income
Statement
Half Year March 2025
Net interest income3,7802,6171,1811,2367559,569(218)9,351
Net fee income25912937880(1)845-845
Net wealth
management income
-214-21(1)234-234
Trading income13122820-28018298
Other income3748-765-65
Net operating income4,0432,9981,8351,35776010,993(200)10,793
Operating expenses(2,322)(1,305)(811)(665)(595)(5,698)-(5,698)
Pre-provision profit1,7211,6931,0246921655,295(200)5,095
Impairment
(charges)/benefits(169)(126)39(30)36(250)-(250)
Profit before income
tax expense
1,5521,5671,0636622015,045(200)4,845
Income tax
(expense)/benefit
(467)(477)(288)(185)(163)(1,580)60(1,520)
Net profit attributable
to NCI
----(8)(8)-(8)
Net profit attributable to
owners of WBC (excluding
Notable Items)1,0851,090775477303,457(140)3,317
Notable Items (post-tax)---(1)(139)(140)
Net profit attributable to
owners of WBC1,0851,090775476(109)3,317
Balance sheet
Loans491,838106,826106,97193,78925,384824,808
Deposits and
other borrowings349,913148,253122,30375,47343,308739,250
Notable Items after tax
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 26Mar 26
$m202620252025- Sept 25- Mar 25
Hedging items684(140)(93)large
Asset sale and associated costs(75)----
Large items(75)----
Total Notable Items after tax(69)84(140)large(51)

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
61
Note 3. Net interest income and average balance sheet and interest rates
Note 3. Net interest income and average balance sheet and interest rates
Net interest income
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 26Mar 26
$m202620252025- Sept 25- Mar 25
Interest income
Calculated using the effective interest method
Cash and balances with central banks8611,1001,433(22)(40)
Collateral paid187202266(7)(30)
Investment securities2,4642,3412,246510
Loans21,80422,29823,153(2)(6)
Other financial assets669-(33)
Total interest income calculated using the effective
interest method25,32225,94727,107(2)(7)
Other
Net ineffectiveness on qualifying hedges1250(69)(76)large
Trading securities and financial assets measured at FVIS9759611,0461(7)
Total other9871,011977(2)1
Total interest income26,30926,95828,084(2)(6)
Interest expense
Calculated using the effective interest method
Collateral received(121)(116)(152)4(20)
Deposits and other borrowings(9,619)(10,105)(11,016)(5)(13)
Debt issues(3,118)(3,072)(3,367)1(7)
Loan capital(996)(1,015)(1,026)(2)(3)
Other financial liabilities(130)(144)(190)(10)(32)
Total interest expense calculated using the effective
interest method(13,984)(14,452)(15,751)(3)(11)
Other
Deposits and other borrowings(935)(1,037)(1,088)(10)(14)
Trading liabilities
a
(1,251)(1,074)(1,536)16(19)
Debt issues(106)(103)(124)3(15)
Bank levy(214)(202)(191)612
Other interest expense(48)(61)(43)(21)12
Total other(2,554)(2,477)(2,982)3(14)
Total interest expense(16,538)(16,929)(18,733)(2)(12)
Net interest income9,77110,0299,351(3)4
a.Includes net impact of Treasury balance sheet management activities.

62WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 3. Net interest income and average balance sheet and interest rates
(Continued)
Average balance sheet and interest rates
Half Year March 2026Half Year Sept 2025Half Year March 2025
Average
balance
Interest
income
Average
rate
Average
balance
Interest
income
Average
rate
Average
balance
Interest
income
Average
rate
$m$m%$m$m%$m$m%
Assets
Interest earning assets
Loans
Australia693,37919,1115.5667,00819,2535.8653,74619,8986.1
New Zealand91,7792,3275.194,9072,7165.792,1032,9646.5
Other overseas13,5343665.411,2273295.89,6812916.0
Housing
a
Australia455,60412,1365.3447,28112,5045.6444,43213,0235.9
New Zealand60,9611,4824.963,0061,7145.460,9381,8506.1
Other overseas36384.437084.337884.2
Personal
Australia8,97845510.29,06847210.49,83449710.1
New Zealand1,039509.71,063529.81,059499.3
Other overseas8--7128.57--
Business
Australia228,7976,5205.7210,6596,2775.9199,4806,3786.4
New Zealand29,7797955.430,8389506.130,1061,0657.1
Other overseas13,1633585.510,8503205.99,2962836.1
Trading securities and financial assets
measured at FVIS
Australia43,0598554.039,9377853.937,8138304.4
New Zealand5,585893.25,3801043.95,1771134.4
Other overseas1,855313.43,582724.04,8801034.2
Investment securities
Australia104,6302,1174.1103,3442,0984.0101,7932,0854.1
New Zealand7,0701383.97,2011383.87,1471273.6
Other overseas11,0792093.85,2421054.01,797343.8
Other interest earning assets
b
Australia43,2987503.549,3189473.859,4271,1443.9
New Zealand5,645702.56,5251043.27,8311674.3
Other overseas14,3132463.415,3063074.015,3063284.3
Total interest earning assets and
interest income1,035,22626,3095.11,008,97726,9585.3996,70128,0845.7
Non-interest earning assets
Derivative financial instruments26,60122,08727,698
All other assets
a,c
94,40286,75479,904
Total non-interest earning assets121,003108,841107,602
Total assets1,156,2291,117,8181,104,303
a.Certain portions of loans are non-interest earning and are presented in All other assets. The non-interest earning portion represents the
impact of mortgage offset deposits which are taken into consideration when calculating interest charged on loans.
b.Interest income includes net ineffectiveness on qualifying hedges.
c.Includes property and equipment, intangible assets, deferred tax assets, non-interest earning loans relating to mortgage offset accounts
and all other non-interest earning assets. Mortgage offset balances were $73,542 million in First Half 2026 (Second Half 2025: $67,443 million,
First Half 2025: $63,511 million)

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
63
Note 3. Net interest income and average balance sheet and interest rates
(Continued)
Half Year March 2026Half Year Sept 2025Half Year March 2025
Average
balance
Interest
expense
Average
rate
Average
balance
Interest
expense
Average
rate
Average
balance
Interest
expense
Average
rate
$m$m%$m$m%$m$m%
Liabilities
Interest bearing liabilities
Deposits and other borrowings
Australia540,2609,3453.5520,8679,6063.7505,99410,2594.1
New Zealand62,2817952.665,6191,0773.364,8451,3774.3
Other overseas21,3144143.921,0964594.320,3124684.6
Certificates of deposit
Australia33,3166453.932,9316824.130,9157084.6
New Zealand1,665232.82,033363.51,794424.7
Other overseas12,5402624.213,5583184.713,4163365.0
Transactions
Australia127,2921,9553.1121,4641,9573.2118,4342,0943.5
New Zealand8,754681.69,1721022.29,1001403.1
Other overseas87961.481361.589371.6
Savings
Australia226,6503,6373.2215,4203,6423.4204,1733,8713.8
New Zealand18,210881.019,0701621.718,0072342.6
Other overseas1,068101.91,163142.41,089122.2
Term
Australia153,0023,1084.1151,0523,3254.4152,4723,5864.7
New Zealand33,6526163.735,3447774.435,9449615.4
Other overseas6,8271364.05,5621214.34,9141134.6
Repurchase agreements
Australia11,8112664.512,0872774.615,9874065.1
New Zealand31642.52,173373.42,887614.2
Other overseas48783.3975224.51,224274.4
Loan capital
Australia39,2929144.740,5129294.639,7469404.7
New Zealand2,877825.73,016865.73,026865.7
Other interest bearing liabilities
a
Australia175,9544,1814.8169,4813,9364.6174,4874,5455.2
New Zealand26,0335544.323,2185144.422,0505645.1
Other overseas1,042(25)(4.8)709(14)(3.9)479--
Total interest bearing liabilities and
interest expense881,66716,5383.8859,75316,9293.9851,03718,7334.4
Non-interest bearing liabilities
Deposits and other borrowings
Australia146,041136,591131,884
New Zealand11,01210,96410,545
Other overseas1,1661,1981,206
Derivative financial instruments31,28324,70128,812
All other liabilities13,30611,7749,891
Total non-interest
bearing liabilities202,808185,228182,338
Total liabilities1,084,4751,044,9811,033,375
Shareholders' equity71,43072,49970,584
NCI324338344
Total equity71,75472,83770,928
Total liabilities and equity1,156,2291,117,8181,104,303
a.Interest expense includes the net impact of Treasury balance sheet management activities and the bank levy.

64WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 4. Non-interest income
Note 4. Non-interest income
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 26Mar 26
$m202620252025- Sept 25- Mar 25
Net fees
Facility fees394401394(2)-
Transaction fees578590536(2)8
Other non-risk fee income10494101113
Fee income1,0761,0851,031(1)4
Credit card loyalty programs(66)(61)(69)8(4)
Transaction fee related expenses(146)(137)(117)725
Fee expenses(212)(198)(186)714
Net fees864887845(3)2
Net wealth management24824223426
Trading387419298(8)30
Other
Net gain/(loss) on derivatives held for risk
management purposes
a
-102(100)(100)
Net gain/(loss) on financial instruments
measured at fair value(19)(6)44largelarge
Other421019large121
Total other23146564(65)
Total non-interest income1,5221,5621,442(3)6
a.Income from derivatives held for risk management purposes reflects the impact of economic hedges of earnings.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
65
Note 5. Operating expenses
Note 5. Operating expenses
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 26Mar 26
$m202620252025- Sept 25- Mar 25
Staff
Employee remuneration, entitlements and on-costs2,8402,9102,716(2)5
Superannuation2992933042(2)
Share-based payments584154417
Restructuring costs3222641(86)(22)
Total staff3,2293,4703,115(7)4
Occupancy
Operating lease rentals686661311
Depreciation and impairment of property
and equipment21921021044
Other615847530
Total occupancy34833431849
Technology
Amortisation and impairment of software assets527533485(1)9
Depreciation and impairment of IT equipment596556(9)5
Technology services555568484(2)15
Software maintenance and licences418454415(8)1
Telecommunications303640(17)(25)
Total technology1,5891,6561,480(4)7
Other
Professional and processing services382354338813
Postage and stationery647570(15)(9)
Advertising11612991(10)27
Non-lending losses312412329(75)
Other expenses17817616319
Total other7717587852(2)
Total operating expenses5,9376,2185,698(5)4

66WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 6. Income tax
Note 6. Income tax
The following table reconciles income tax expense to the profit before income tax:
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 26Mar 26
$m202620252025- Sept 25- Mar 25
Profit before income tax4,9135,1994,845(6)1
Tax at the Australian company tax rate of 30%1,4741,5591,454(5)1
The effect of amounts which are not deductible/
(assessable) in calculating taxable income:
Hybrid capital distributions486267(23)(28)
Dividend adjustments-1-(100)-
Other non-assessable items(1)(1)---
Other non-deductible items6816(25)(63)
Adjustment for overseas tax rates(8)(3)(12)167(33)
Income tax (over)/under provided in prior years-(13)13(100)(100)
Other items(28)(22)(18)2756
Total income tax expense
a
1,4911,5911,520(6)(2)
Effective income tax rate30.35%30.60%31.37%(25 bps)(102 bps)
a.As the bank levy is not a levy on income, it is not included in income tax. It is included in interest expense in Note 3.
International Tax Reform – Pillar Two Model Rules
Pillar Two requires ‘top-up’ taxes for multinational enterprises (MNEs) within the scope of the rules to ensure that these
MNEs pay a minimum effective rate of tax of 15% on profits in all jurisdictions.
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which Westpac operates and
became effective for the Group for the financial year beginning 1 October 2024.
The Group has assessed that there was no material Pillar Two top-up tax obligations for the period ended 31 March
2026. The Group recognised a current tax expense for Pillar Two top-up tax obligations in Second Half 2025 of $7 million,
First Half 2025: nil. The Group has applied the mandatory temporary exception from recognising and disclosing Pillar
Two deferred taxes under AASB 112.
Note 7.
 Earnings per share
Note 7. Earnings per share
Basic earnings per share (EPS) is calculated by dividing the net profit attributable to owners of WBC by the weighted
average number of ordinary shares on issue during the period. These numbers are adjusted for treasury shares and
dividends related to treasury shares. Diluted EPS is calculated by adjusting the basic EPS by assuming all dilutive
potential ordinary shares are converted.
Half Year March 2026Half Year Sept 2025Half Year March 2025
BasicDilutedBasicDilutedBasicDiluted
Net profit attributable to owners of WBC ($m)3,4143,4143,5993,5993,3173,317
Adjustment for restricted share dividends
a
(3)(3)(4)(4)(3)-
Adjustment for potential dilution:
Distributions to convertible loan capital holders
b
-166-212-229
Adjusted net profit attributable to owners of WBC3,4113,5773,5953,8073,3143,546
Weighted average number of ordinary shares (# m)
Weighted average number of ordinary shares on issue3,4203,4203,4223,4223,4333,433
Treasury shares (including RSP and EIP
restricted shares)
a
(5)(5)(6)(5)(5)(5)
Adjustment for potential dilution:
Share-based payments-3-3-5
Convertible loan capital
b
-176-274-262
Adjusted weighted average number of ordinary shares3,4153,5943,4163,6943,4283,695
Earnings per ordinary share (cents)99.999.5105.2103.196.796.0
a.Some shares under the RSP and EIP restricted shares have not vested and are not outstanding ordinary shares but do receive dividends. These
RSP and EIP dividends are deducted to show the profit attributable to ordinary shareholders.
b.The Group has issued convertible loan capital which may convert into ordinary shares in the future. These convertible loan capital instruments
are potentially dilutive instruments, and diluted EPS is therefore calculated as if the instruments had been converted at the beginning of the
period, or at the instruments’ issue date, where issuance occurred partway through the period.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
67
Note 8. Loans
Note 8. Loans
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 26Mar 26
$m202620252025- Sept 25- Mar 25
Australia
Housing536,236518,654510,18235
Personal9,0779,0439,365-(3)
Business238,028221,840204,642716
Total Australia783,341749,537724,18958
New Zealand
Housing61,14362,67263,191(2)(3)
Personal1,0111,0431,068(3)(5)
Business29,46130,55430,413(4)(3)
Total New Zealand91,61594,26994,672(3)(3)
Total other overseas15,30312,55610,5252245
Gross loans890,259856,362829,38647
Provision for ECL on loans (refer to Note 9)(4,677)(4,509)(4,578)42
Total loans
a,b,c
885,582851,853824,80847
a.Total loans included Australian securitised residential loans of $6,187 million (30 September 2025: $5,195 million, 31 March 2025:
$6,066 million). The level of securitised loans excludes loans where Westpac is the holder of related debt securities.
b.Total loans included assets pledged for the covered bond programs of $37,476 million as at 31 March 2026 (30 September 2025:
$35,106 million, 31 March 2025: $41,845 million).
c.Total loans included RAMS originated mortgage loans of $18,298 million as at 31 March 2026 (30 September 2025: $21,369 million, 31 March
2025: $25,316 million) which Westpac has entered into an agreement to sell. The sale is scheduled to be completed by the end of the 2026
financial year at which point these loans will be derecognised.
Note 9. Provision for expected credit losses
Note 9. Provision for expected credit losses
Loans and credit commitments
The following table shows the provision for ECL on loans and credit commitments by stage:
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 26Mar 26
$m202620252025- Sept 25- Mar 25
Performing - Stage 11,1039408731726
Performing - Stage 22,3552,3322,4101(2)
Non-performing - Stage 31,7321,7061,7792(3)
Total provision for ECL on loans and
credit commitments5,1904,9785,06243
Presented as:
Provision for ECL on loans (Note 8)4,6774,5094,57842
Provision for ECL on credit commitments
(Note 13)51346948496
Total provision for ECL on loans and
credit commitments5,1904,9785,06243
Of which:
Individually assessed provisions61053961113-
Collectively assessed provisions4,5804,4394,45133
Total provision for ECL on loans and
credit commitments5,1904,9785,06243
Gross loans and credit commitments1,116,6091,077,5311,047,14247
Coverage ratio on loans (%)0.530.530.55-(2 bps)
Coverage ratio on loans and credit
commitments (%)0.460.460.48-(2 bps)
Movement in provision for ECL on loans and credit commitments
The reconciliation of the provision for ECL tables for loans and credit commitments has been determined by an
aggregation of monthly movements over the period. The key line items in the reconciliation represent the following:

68WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 9. Provision for expected credit losses (Continued)
•"Transfers between stages” represents transfers between Stage 1, Stage 2 and Stage 3 prior to remeasurement of
the provision for ECL;
•“Business activity during the period” represents new accounts originated during the period net of those that were
de-recognised due to final repayments during the period;
•“Net remeasurement of provision for ECL” represents the impact on the provision for ECL due to changes in
credit quality during the period (including transfers between stages), changes in portfolio overlays, changes due
to forward-looking economic scenarios and partial repayments and additional draw-downs on existing facilities over
the period; and
•“Write-offs” represents a reduction in the provision for ECL as a result of de-recognition of exposures where there is
no reasonable expectation of full recovery.
PerformingNon-performing
$mStage 1Stage 2Stage 3Total
Balance as at 30 September 20247612,5941,7295,084
Transfers to Stage 1684(641)(43)-
Transfers to Stage 2(97)419(322)-
Transfers to Stage 3(2)(310)312-
Business activity during the period152(181)(133)(162)
Net remeasurement of provision for ECL(627)566590529
Write-offs--(364)(364)
Exchange rate and other adjustments2(37)10(25)
Balance as at 31 March 20258732,4101,7795,062
Transfers to Stage 1702(658)(44)-
Transfers to Stage 2(104)388(284)-
Transfers to Stage 3(2)(286)288-
Business activity during the period154(228)(144)(218)
Net remeasurement of provision for ECL(677)715487525
Write-offs--(399)(399)
Exchange rate and other adjustments(6)(9)238
Balance as at 30 September 20259402,3321,7064,978
Transfers to Stage 1715(683)(32)-
Transfers to Stage 2(114)355(241)-
Transfers to Stage 3(2)(275)277-
Business activity during the period155(176)(117)(138)
Net remeasurement of provision for ECL(585)814470699
Write-offs--(349)(349)
Exchange rate and other adjustments(6)(12)18-
Balance as at 31 March 20261,1032,3551,7325,190
The following table provides further details of the provision for ECL on loans and credit commitments by class
and stage:
PerformingNon-performing
$mStage 1Stage 2Stage 3Total
Housing1998866311,716
Personal8123691408
Business5931,2881,0572,938
Balance as at 31 March 20258732,4101,7795,062
Housing1978256151,637
Personal7319984356
Business6701,3081,0072,985
Balance as at 30 September 20259402,3321,7064,978
Housing2158125661,593
Personal7320084357
Business8151,3431,0823,240
Balance as at 31 March 20261,1032,3551,7325,190

PERFORMANCE REVIEWDIRECTORS’ REPORT
2026 INTERIM
FINANCIAL REPORTADDITIONAL INFORMATION
69
Note 9. Provision for expected credit losses (Continued)
Impact of overlays on the provision for ECL on loans and credit commitments
The following table attributes the provision for ECL on loans and credit commitments between individually assessed and
collectively assessed provisions. Collectively assessed provisions are disaggregated into the modelled ECL provision and
portfolio overlays.
Portfolio overlays are used to capture areas of potential risk and uncertainty in the portfolio, that are not captured in the
underlying modelled ECL.
As atAs atAs at
31 March30 Sept31 March
$m202620252025
Individually assessed provisions610539611
Modelled provision for ECL on loans and credit commitments4,2984,2014,321
Overlays282238130
Total provision for ECL on loans and credit commitments5,1904,9785,062
Details of changes related to forward-looking economic inputs and portfolio overlays, based on reasonable and
supportable information up to the date of this report, are provided below.
Modelled provision for ECL on loans and credit commitments
The modelled provision for ECL on loans and credit commitments is a probability weighted estimate based on three
scenarios which together represent the Group’s view of the forward-looking distribution of potential loss outcomes.
Overlays are used to capture potential risk and uncertainty in the portfolio that are not captured in the underlying
modelled ECL. Changes in the modelled provision for ECL and overlays are reflected through the “net remeasurement of
provision for ECL” line item.
The base case scenario uses the following Westpac Economics forecasts:
Key economic
assumptions for base
case scenario31 March 202630 September 202531 March 2025
Annual GDP:
AustraliaForecast growth of 1.0% for calendar
year 2026 and 1.6% for calendar
year 2027
Forecast growth of 1.9% for
calendar year 2025 and 2.4% for
calendar year 2026
Forecast growth of 2.2% for calendar
year 2025 and 2.2% for calendar
year 2026
New ZealandForecast growth of 1.9% for calendar
year 2026 and 3.9% for calendar
year 2027
Forecast growth of 1.7% for
calendar year 2025 and
3.1% for calendar year 2026
Forecast growth of 2.5% for calendar
year 2025 and 3.0% for calendar
year 2026
Commercial property
index, Australia
Forecast price growth of 3.9% for
calendar year 2026 and 4.6% for
calendar year 2027
Forecast price growth of
0.9% for calendar year 2025 and
3.8% for calendar year 2026
Forecast price growth of 2.0% for
calendar year 2025 and 3.3% for
calendar year 2026
Residential
property prices:
AustraliaForecast price growth of 2.5% for
calendar year 2026 and 3.0% for
calendar year 2027
Forecast price growth of
5.6% for calendar year 2025 and
9.0% for calendar year 2026
Forecast price growth of 3.0% for
calendar year 2025 and 7.0% for
calendar year 2026
New ZealandForecast price decrease of 0.9% for
calendar year 2026 and increase of 2.0%
for calendar year 2027
Forecast price growth of
0.6% for calendar year 2025 and
5.4% for calendar year 2026
Forecast price growth of 7.2% for
calendar year 2025 and 5.1% for
calendar year 2026
Cash rate, AustraliaForecast cash rate of 4.85% at
December 2026 and 4.85% at
December 2027
Forecast cash rate of
3.35% at December 2025 and
2.85% at December 2026
Forecast cash rate of 3.35% at
December 2025 and 3.35% at
December 2026
Unemployment rate:
AustraliaForecast rate of 5.0% at December 2026
and 4.9% at December 2027
Forecast rate of
4.4% at December 2025 and
4.5% at December 2026
Forecast rate of 4.5% at December 2025
and 4.5% at December 2026
New ZealandForecast rate of 5.4% at December 2026
and 4.6% at December 2027
Forecast rate of
5.3% at December 2025 and
4.6% at December 2026
Forecast rate of 5.3% at December 2025
and 4.6% at December 2026
The downside scenario is a more severe scenario with expected credit losses higher than the base case. This scenario
assumes a recession with a combination of negative GDP growth, declines in commercial and residential property prices
and an increase in the unemployment rate, which simultaneously impact expected credit losses across all portfolios
from the reporting date. The assumptions used in this scenario and relativities to the base case will be monitored having
regard to the emerging economic conditions and updated where necessary. The upside scenario represents a modest
improvement to the base case.

70WESTPAC GROUP 2026 INTERIM FINANCIAL RESULTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 9. Provision for expected credit losses (Continued)
The following sensitivity table shows the reported provision for ECL on loans and credit commitments based on the
probability weighted scenarios and what the provision for ECL on loans and credit commitments would be assuming a
100% weighting to the base case scenario and to the downside scenario (with all other assumptions held constant).
As atAs atAs at
31 March30 Sept31 March
$m202620252025
Reported probability-weighted ECL5,1904,9785,062
100% base case ECL3,2473,0313,315
100% downside ECL7,3557,1437,235
If 1% of Stage 1 loans and credit commitments (calculated on a 12 month ECL) were transferred to Stage 2
(calculated on a lifetime ECL), the provision for ECL on loans and credit commitments would increase by $134 million
(30 September 2025: $113 million, 31 March 2025: $102 million) for the Group. If 1% of Stage 2 loans and credit
commitments (calculated on a lifetime ECL) were transferred to Stage 1 (calculated on a 12 month ECL), the provision
for ECL on loans and credit commitments would decrease by $21 million (30 September 2025: $20 million, 31 March 2025:
$20 million) for the Group. These estimates apply the average modelled provision coverage ratio by stage to the transfer
of loans and credit commitments.
The following table discloses the economic weights applied by the Group.
As atAs atAs at
31 March30 Sept31 March
Scenario weightings (%)202620252025
Upside2.52.55.0
Base50.050.050.0
Downside47.547.545.0
The Group’s definition of default is aligned to the regulatory definition of default applied in the calculation of credit risk
weighted assets.
Portfolio overlays
Portfolio overlays are used to address areas of risk, including significant uncertainties that are not captured in the
underlying modelled ECL. Determination of portfolio overlays requires expert judgement and is thoroughly documented
and subject to comprehensive internal governance and oversight. Overlays are continually reassessed and if the risk is
judged to have changed (increased or decreased), or is subsequently captured in the modelled ECL, the overlay will be
released or remeasured.
Westpac’s total portfolio overlays as at 31 March 2026 were $282 million (30 September 2025: $238 million;
31 March 2025: $130 million) and comprise:
•Climate-related risk: $71 million (30 September 2025: $71 million; 31 March 2025: $70 million) for the expected impact
of climate-related physical risk and transition risk to both retail and non-retail portfolios;
•Non-retail portfolios: $200 million (30 September 2025: $159 million; 31 March 2025: $41 million). $70 million of
current period overlays relate to energy cost pressures and operational disruption in energy intensive industries.
The remainder relates to portfolio seasoning in business lending, as well as geographical areas and industries
experiencing higher stress not related to modelled outcomes; and
•Retail portfolios: $11 million (30 September 2025: $8 million; 31 March 2025: $19 million). Current period overlays
relate to geographical areas experiencing higher stress and other risks not included in modelled outcomes.
Changes in portfolio overlays are reflected through the “net remeasurement of provision for ECL” line item.