Westpac Earnings: Growing the Right Way Again

Westpac’s first-half fiscal 2024 cash profit of AUD 3.5 billion is largely as we expected, flat on second-half fiscal 2023 and down 8% on the previous corresponding period. Westpac is finally showing it can compete effectively across all key segments, increasing its home loans, business loans, and deposits, in line or faster than market, and without resorting to undercutting peers on price. Home and business lending approval times have reduced, and more consistent service is supported by the bank’s net promoter score in the mortgage broker channel.