Westpac reports flat full-year net profit of $7B

Westpac Banking (ASX:WBC) reported a full-year statutory net profit of $6.8 billion, representing a 1% decline compared to the previous financial year.

Net profit excluding notable items remained flat year-on-year at $7 billion, meeting broader market operational expectations despite economic headwinds.

“We’ve deepened customer relationships and supported businesses to invest and grow, with business and institutional lending increasing 12% and 18%, respectively," said Westpac CEO Anthony Miller.

The bank expanded its total loan portfolio through business lending growth of 12% and institutional lending growth of 18%, while consumer deposits grew by 6%.

Looking ahead, the company stated that it aims to maintain a strong capital position while targeting $100 billion in housing-related lending by 2030.

Following the announcement, the Westpac Banking share price was unchanged at $36.82.

The lender noted that 95% of its workforce is currently utilising artificial intelligence capabilities to streamline internal workplace operations.

To expand its regional footprint, the bank established three new regional service centres and introduced its Community Banking Service across 14 locations.