Morningstar

Westpac Posts Flat Annual Profit as Rates Weigh on Margins

Provided by Dow Jones Nov 1, 2026, 9:39:00 PM

By Stuart Condie

SYDNEY--Westpac Banking Corp reported a flat annual profit as central-bank interest-rate rises and competition for mortgages weighed on margins.

Westpac, which is Australia's third-largest bank by market capitalization, on Monday reported a net profit excluding notable items for the 12 months through September of 6.99 billion Australian dollars, equivalent to US$4.92 billion.

Notable items included unrealized gains and some hedging items.

On a statutory basis, net profit fell by 1% to A$6.81 billion. Revenue rose by about 1% to A$22.60 billion.

Excluding notable items, net interest margin--a key measure of profitability closely watched by analysts--fell by 7 basis points to 1.87%. Its fiscal second-half margin of 1.86% was down by 9 basis points on the same period a year earlier.

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

(END) Dow Jones Newswires

November 01, 2026 16:39 ET (21:39 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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