Overview

• Westpac’s net profit after tax fell by 1% to $3.3 billion in the first half of the financial year, reflecting margin pressure from intense competition.
• The bank raised its interim dividend to 76 cents per share, up by one cent compared to the same period last year, maintaining shareholder returns.
• CEO Anthony Miller praised customers’ resilience in managing high cost-of-living pressures and welcomed relief from the Reserve Bank of Australia’s rate cuts.
• Credit quality improved, with declines in stressed loans and mortgage arrears over 90 days, signaling the potential end of the credit cycle’s low point.
• Management flagged geopolitical uncertainty, particularly global trade tensions, as a significant risk to funding and market stability going forward.