Company: WEBNF
Filing Date: 2025-02-18
Form Type: 6-K
Source: 0001104659-25-014446
Chunk: 1

Company: WESTPAC BANKING CORP
Filing Date: 2025-02-18
Form: 6-K
Chunk 1
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 circumstances or experience could result in Westpac incurring losses greater than those anticipated or provided for.

Content in this announcement principally covers and compares thethree months ended December 31, 2024 (“1Q25”) and second half 2024 (“2H24”) quarterly average periods unless otherwise stated. The 2H24 quarterly averages have been calculated using the simple arithmetic average of each financial item for the three months ended June 30, 2024 and the three months ended September 30, 2024. All dollar values in this report are in Australian dollars unless otherwise noted or the context otherwise requires, references to ‘dollars’, ‘dollar amounts’, ’$’, ‘AUD’ or ‘A$’ are to Australian dollars. Certain amounts and ratios, including amounts and ratios excluding Notable Items, are not defined by Australian Accounting Standards (“AAS”). These non-AAS measures are identified and described in the ‘Reading this report’ section of the Performance Review in Westpac’s 2024 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission.

On February 17, 2025,
Westpac Group (“Westpac” or “the Group”) provided the market with an update of its performance for 1Q25. The update
coincided with the release of Westpac’s Pillar 3 Report for 1Q25.

Westpac 1Q25 update

The Group delivered unaudited net profit of $1.7
billion for 1Q25. The impact of Notable Items, related solely to hedge accounting which will reverse over time, drove the 9% decline in
both net profit and pre-provision profit compared to the second half 2024 quarterly average.

Excluding Notable Items, unaudited net profit increased
3% to $1.9 billion. Preprovision profit grew 3% with revenue increasing 2% and expenses rising 1%.

Customer deposit growth was $14.4 billion and loan
growth was $13.4 billion for 1Q25.

Operating trends

The Group net interest margin (“NIM”)
for 1Q25 was 1.82% and comprised of:

| · | Core NIM1 of 1.81%, down 2 basis points. A provision release in 2H24 contributed 1 basis point to the margin decline. The             
 modest decline reflects prudent management in the context of ongoing mortgage competition and further deposit mix shift towards lower 
 spread