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Westpac reports $1.8B in Q3 statutory net profit
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Westpac reports $1.8B in Q3 statutory net profit

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  • Westpac recorded an unaudited statutory net profit of $1.8 billion for the recent quarter.
  • The earnings result was accompanied by a common equity tier 1 capital ratio of 12.1%.
  • Westpac stated that population growth is expected to partially offset the impact of higher interest rates.

Westpac (ASX:WBC) announced an unaudited statutory net profit of $1.8 billion for the third fiscal quarter. The result represented a 3% increase compared to the average of the previous half.

Net profit, excluding notable items, grew to $1.8 billion, while net interest margin for the quarter was stable at 1.89%.

"We have a strong balance sheet and are focused on supporting our customers through uncertainty while delivering sustainable returns," said Westpac CEO Anthony Miller.

The company expanded its regional footprint by adding 150 business bankers to support agribusiness growth.

The bank expects housing credit growth to moderate. "We expect housing credit growth to moderate from 6.8% in FY26 to 4.7% in FY27," added Miller.

The CET1 capital ratio was 12.1% as at June 30, well above the target ratio of 11.25%.

Following the announcement, the Westpac share price was down at $37.93.

The organisation stated that its UNITE transformation project remains on track after migrating commercial customers.

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