• Net profit after tax down 1% to $3.3bn
• Core NIM stable at 1.80%, Group NIM down 1bp to 1.88%
• Loans up 5%, customer deposits up 7%

Westpac Banking Corporation has reported its 2025 Half Year Result, with net profit after tax down 1% to $3.317 billion. Excluding Notable Items, net profit after tax was down 1% to $3.457 billion. Net interest income increased 2% to $9.569 billion, with average interest-earning assets increasing by 3%. The bank's core net interest margin was stable at 1.80%, though the Group NIM fell 1 basis point to 1.88% due to persistent competition in lending and term deposits. Non-interest income decreased 3% to $1.424 billion, with trading and other income down 15%, though net fee income remained flat and net wealth management income grew 10%. Loans increased 5% to $825 billion, including 5% growth in Australian housing loans, 14% growth in business lending, and 15% growth in institutional lending. Customer deposits grew 7% to $697 billion, with 9% growth in Australian household deposits. Operating expenses increased 6% to $5.698 billion, reflecting the bank's UNITE program, higher third party technology costs, increased software amortisation, and salary and wage growth including an investment in more bankers. The credit impairment charge was 6 basis points of average loans, down from 9 basis points, as households proved resilient and business stress remained low.

Westpac expects to maintain its CET1 capital ratio at around 12% over the 2025 financial year.

Westpac is focused on growing in its target areas, supporting customers through uncertain times, and improving customer service excellence. The bank is expanding its presence in regional areas and investing in initiatives like its corporate transaction platform and new business lending origination platform.