Westpac's 3Q Profit Rises 3% on Lending, Deposit Growth

By Stuart Condie

SYDNEY--Westpac Banking Corp said its third-quarter net profit rose by 3% on the average of the prior two quarters, helped by lending and deposit growth.

Australia's No. 3 bank by market capitalization on Monday reported an unaudited statutory net profit for the three months through June of 1.8 billion Australian dollars, equivalent to US$1.27 billion.

It had similar earnings when notable items were stripped out, although the rise was 2% on the average of the prior two quarters.

A year ago, Westpac reported an unaudited third-quarter profit of A$1.90 billion. It went on to report a net profit of A$3.60 billion for the six months through September, and A$6.92 billion across its full fiscal year.

Westpac said housing lending grew by 2%, which was in line with growth across its whole lending portfolio. It expects mortgage lending growth of 6.8% across the whole of its 2026 fiscal year, which ends Sept. 30.

The lender said that mortgage growth will likely slow to 4.7% in fiscal 2027, but that the undersupply of housing and population growth should partially offset the impact of higher interest rates and impending changes to property related tax concessions.

Third-quarter deposits also grew by 2% on the average of the prior two quarters, Westpac said.

"While many households are feeling the impact of cost of living pressures, businesses are investing and our customers have continued to show resilience," Chief Executive Anthony Miller said.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

August 09, 2026 18:22 ET (22:22 GMT)