Company Reports

Westpac's third-quarter 2026 underlying profit of AUD 1.8 billion increased 2% on the first-half fiscal 2026 quarterly average. Loan growth of 2% and steady net interest margins supported top-line growth, while operating expenses and loan impairments increased by 1%. Shares slipped 5%.

Westpac Bank is the second-largest of Australia’s four major banks. The bank provides a range of banking and financial services to retail and business customers, including mortgages, consumer finance, credit cards, business loans, and term deposits. Most nonbanking units have been divested, including general, life, and mortgage insurance.

Australian major bank share prices are down an average of 15% since March. The sell-off began as banks increased provisions as the Iran war hit fuel security and costs, and deepened as higher cash rates and the government's proposed tax changes clouded the outlook for consumers and housing.

Westpac Bank is the second-largest of Australia’s four major banks. The bank provides a range of banking and financial services to retail and business customers, including mortgages, consumer finance, credit cards, business loans, and term deposits. Most nonbanking units have been divested, including general, life, and mortgage insurance.

Westpac's first-half fiscal 2026 cash profit eased 1% from the second half of fiscal 2025 despite a 2% reduction in operating expenses. Softer net interest margins more than offset loan growth. Bad debt expenses increased on provisions to reflect higher credit stress in energy-intensive sectors.

Westpac Bank is the second-largest of Australia’s four major banks. The bank provides a range of banking and financial services to retail and business customers, including mortgages, consumer finance, credit cards, business loans, and term deposits. Most nonbanking units have been divested, including general, life, and mortgage insurance.

Westpac's first-quarter 2026 underlying net profit after tax of AUD 1.9 billion increased 6% on the average of the prior two quarters. With top-line growth soft, a 5% drop in operating expenses drove the result. Net interest margins dipped 1 basis point to 1.94%.

Westpac Bank is the second-largest of Australia’s four major banks. The bank provides a range of banking and financial services to retail and business customers, including mortgages, consumer finance, credit cards, business loans, and term deposits. Most nonbanking units have been divested, including general, life, and mortgage insurance.

Westpac Bank is the second-largest of Australia’s four major banks. The bank provides a range of banking and financial services to retail and business customers, including mortgages, consumer finance, credit cards, business loans, and term deposits. Most nonbanking units have been divested, including general, life, and mortgage insurance.

Westpac's fiscal 2025 profit fell 2% to AUD 7 billion. Loan growth supported a 3% increase in revenue but proved no match for a 9% increase in operating expenses. In addition to wage growth, the big drag came from restructuring costs and ramping up work on its simplification project—Unite.

Westpac's third-quarter 2025 underlying profit of AUD 1.9 billion increased 8% on the first half of fiscal 2025 quarterly average. Net interest margins increased to 1.99% from 1.92%, and on 2% loan growth, ensured revenue easily outpaced 3% expenses growth.

Westpac Bank is the second-largest of Australia’s four major banks. The bank provides a range of banking and financial services to retail and business customers, including mortgages, consumer finance, credit cards, business loans, and term deposits. Most nonbanking units have been divested, including general, life, and mortgage insurance.

On average, Australian major banks rallied around 11% in the three months to June 30, 2025. Credit growth has continued to trend higher, supported by population and wages growth, while credit stress has been low. Banks reported softening net interest margins in the March 2025 quarter.

Westpac's first-half fiscal 2025 cash profit eased 4% from second-half fiscal 2024. Revenue was flat, net interest margins softer, while operating expenses and loan impairment expenses increased. Higher expenses are largely due to adding bankers and ramping up its simplification project, Unite.

Westpac Bank is the second-largest of Australia’s four major banks. The bank provides a range of banking and financial services to retail and business customers, including mortgages, consumer finance, credit cards, business loans, and term deposits. Most nonbanking units have been divested, including general, life, and mortgage insurance.

Australian major banks were not immune from the market sell-off following US tariff announcements, with a potential hit to GDP growth clouding the earnings outlook. But so far in fiscal 2025, credit growth is ticking up on population and wages growth, while credit stress has been low.

Franking for Australian banks we cover was showing as not available on our research reports between Jan. 23 and March 13, 2025, due to a recent change in our process for extracting data from our valuation models. This has been corrected.

Westpac Bank is the second-largest of Australia’s four major banks. The bank provides a range of banking and financial services to retail and business customers, including mortgages, consumer finance, credit cards, business loans, and term deposits. Most nonbanking units have been divested, including general, life, and mortgage insurance.

Westpac's first-quarter 2025 underlying profit of AUD 1.9 billion is up 3% on the second-half fiscal 2024 quarterly average. Net interest margin slipped marginally to 1.94%, but loan growth ensured that revenue outpaced 1% expense growth.

On average, major bank share prices increased by 27% in 2024, outperforming the market by 20%. Credit growth is up on population and wages growth, and households and businesses appear more optimistic about the economic outlook as rate hikes appear less likely.