WBC 3Q24 Investor Discussion Pack

ASX
Release


19 August 2024


WESTPAC 3Q24 INVESTOR DISCUSSION PACK

Following are Westpac’s 3Q24 slides covering financial performance, capital, credit
quality and funding for the three months ended 30 June 2024.







For further information:

Hayden Cooper Justin McCarthy
Group Head of Media Relations General Manager, Investor Relations
0402 393 619 0422 800 321


This document has been authorised for release by Tim Hartin, Company Secretary.



Level 18, 275 Kent Street
Sydney, NSW, 2000

3Q24 INVESTOR
DISCUSSION PACK
FOR THE 3 MONTHS ENDED 30 JUNE 2024
© Westpac Banking Corporation ABN 33 007 457 141
This document should be read in conjunction with Westpac’s
June 2024 Pillar 3 Report. All amounts are in Australian dollars.

3Q24 SUMMARY
1
2Westpac Group 3Q24 Investor Discussion Pack
SUMMARY
1 30 June 2024 compared to 31 March 2024 unless otherwise stated. 2 3Q24 annualised. 3 Based on Monthly ADI statistics published by APRA for the 3 months ending 30 June 2024. 4 Target operating range is 11.0-11.5%.
5 Quarterly average liquidity coverage ratio.
FUNDING AND LIQUIDITY REMAIN WELL POSITIONED
•LCR 130%
5
•NSFR 113%
•Deposit to loan ratio 83.3%, up 40bps
CAPITAL ABOVE OPERATING RANGE
•CET1 capital ratio of 12.0%, above target
operating range
4
•RWA up $7.3bn or 1.6% mainly due to loan
growth and higher IRRBB
WELL PROVISIONED
•Total provisions $5.1bn, flat
•CAP to credit RWA 134bps, down 4bps
•Stressed assets to TCE 1.42%, up 6bps
•Mortgage 90+ day delinquencies:
•Australia 1.12%, up 6bps
•New Zealand 0.47%, flat
STRONG FINANCIAL PERFORMANCE
•Net profit $1.8bn, up 6%, excluding Notable Items
up 2%:
−revenue flat
−expenses up 2%
•NIM up 3bps to 1.92%, Core NIM up 2bps to 1.82%
•Australian household deposit growth of 3%
2
and
housing loan growth of 8%
2,
which outperformed
system
3
•Expenses increased 2% reflecting
higherinvestment and technology spend
•Impairment charges to average loans of 4bps,
down from 9bps

NET INTEREST MARGIN
$b 3Q24
% movement
3Q24 - 1H24 qtr
average
Net interest income4.7-
Non-interest income0.7(4)
Net operating income5.4-
Expenses(2.7)2
Pre-provision profit2.7(2)
Impairment charges(0.1)(58)
Tax and non-controlling
interests (NCI)
(0.8)2
Net profit1.82
LOANS AND DEPOSITS ($BN)
NET PROFIT EXCLUDING NOTABLE ITEMS
Westpac Group 3Q24 Investor Discussion Pack
FINANCIAL PERFORMANCE
Composition of NIM (%)

1Q242Q243Q24
Core NIM1.801.791.82
Treasury & Markets0.130.150.12
Core NIM, Treasury & Markets1.931.941.94
Notable Items: Hedging(0.15)0.06(0.02)
NIM1.782.001.92
756
785
800
Jun-23Mar-24Jun-24
Up 6%
636
651
666
Jun-23Mar-24Jun-24
FINANCIAL PERFORMANCE
Up 5%
LoansDeposits
3

12.55
39
11.96
11.91
(58)
(21)
(11)
(5)(3)
(5)
Mar-243Q24
Net profit
1H24
dividend
RWASpecial
dividend
Share
buyback
OtherJun-24Jun-24
Pro forma
Key capital ratios (%)
Sep-
23
Mar-
24
Jun-
24
Level 2 CET1
capital ratio
12.412.512.0
Additional Tier 1
capital ratio
2.22.52.4
Tier 1 capital ratio14.615.014.4
Tier 2 capital ratio5.96.46.5
Total regulatory
capital ratio
20.521.420.9
Risk weighted assets
(RWA)

($bn)
451444452
Leverage ratio 5.55.55.4
Level 1 CET1 capital ratio12.612.812.1
Internationally comparable ratios
5
Leverage ratio
(internationally
comparable)
6.06.05.8
CET1 capital ratio
(internationally
comparable)
18.718.617.8
LEVEL 2 CET1 CAPITAL RATIO MOVEMENTS (%, BPS)
CET1 CAPITAL RATIO 12.0%
CAPITAL
1 Capital deductions and other items including FX translation impacts. 2 Remaining $1.4 billion of announced on market share buybacks in Nov-23 and May-24. 3 Reduction in operational risk
capital overlay from $1 billion to $500 million effective Jul-24. 4 APRA approved IRRBB model effective Aug-24. 5 Internationally comparable methodology references the Australian Banking
Association (ABA) study on the comparability of APRA’s capital framework and finalised reform released on 10 March 2023.
1
Remaining share buyback: (33bps)
2

Op risk overlay removal: 17bps
3
IRRBB model approval: 11bps
4
Lending : (10bps)
Credit quality : (5bps)
IRRBB: (8bps)
4Westpac Group 3Q24 Investor Discussion Pack

(0.3)
444.4
3.8
2.9
0.60.3451.7
Mar-24Credit riskIRRBBMarket riskOperational riskOtherJun-24
RWA
1
($BN)
CREDIT RWA
1
($BN)IRRBB RWA
1
($BN)
16
8
9
20
21
22
5
5
5
40
34
36
4.26
3.79
4.21
-4
-3
-2
-1
0
1
2
3
4
-10
0
10
20
30
40
50
60
Sep-23Mar-24Jun-24
RISK WEIGHTED ASSET MOVEMENTS
CAPITAL
1 Chart may not add due to rounding. 2 Counter-party credit and mark to market risk.
339.7
3.5
1.9
343.6
(0.7)(0.5)
(0.4)
Mar-24LendingCredit
quality
Data
refinement
CPC &
MTM risk
FX
translation
Jun-24
Up $3.8bn or 1.1%
Up $7.3bn or 1.6%
2
5Westpac Group 3Q24 Investor Discussion Pack
Driven by residential
mortgage arrears
Optionality and basis risk
Embedded loss/(gain)
Repricing and yield curve risk
3y Swap rate (in %)

407
351
442
461
526
1,035
1,061
1,109
1,231
1,278
2,200
2,405
2,410
2,478
2,399
809
692
708
705
712
647
432
403
260
213
5,098
4,941
5,072
5,135
5,128
Jun-23Sep-23Dec-23Mar-24Jun-24
Overlay Stage 1 CAP Stage 2 CAP
Stage 3 CAP Stage 3 IAP
Increased mortgage
90+ day delinquencies
Forecasts for
base case ECL
2
Base caseDownside
20242025
Trough /
peak
3
GDP growth1.6%2.3%(6%)
Unemployment4.3%4.6%11%
Residential property prices4.2%4.0%(27%)
Commercial property prices(9.3%)1.4%(32%)
KEY RATIOS
TOTAL PROVISIONS FOR EXPECTED CREDIT LOSSES
1
($M)
PROVISIONS FOR EXPECTED CREDIT LOSS
CREDIT QUALITY
1 Includes provisions for debt securities. 2 Forecast date is 17 June 2024. 3 These key economic indicators represent trough or peak values that characterise the scenarios considered in setting
downside severity. Residential and commercial forecasts represent cumulative reduction over a two-year period.
Includes a reduction in
overlay for mortgage
delinquencies
reflected in higher
stage 3 modelled
provisions
Increase driven by 4
single name exposures
Reduction reflects
changes to economic
forecasts and the
transition to stage 3
CAP
Sep-23Mar-24Jun-24
Provisions to gross loans (bps)636564
Impaired asset provisions
to impaired assets (%)
434743
Collectively assessed provisions
to credit RWA (bps)
135138134
6Westpac Group 3Q24 Investor Discussion Pack
FORECASTS USED IN ECONOMIC SCENARIOS

0.12
0.110.11
0.12
0.15
0.35
0.39
0.42
0.46
0.49
0.23
0.22
0.22
0.24
0.23
0.46
0.54
0.47
0.54
0.55
1.16
1.26
1.22
1.36
1.42
Jun-23Sep-23Dec-23Mar-24Jun-24
ImpairedNon-performing, 90+ days
Non-performing, <90 daysWatchlist & substandard
AUSTRALIAN MORTGAGE DELINQUENCIES (%)
AUSTRALIAN CONSUMER FINANCE 90+ DELINQUENCIES (%)
STRESSED EXPOSURES AS A % OF TCE
CREDIT QUALITY METRICS
CREDIT QUALITY
1 Portfolio has been in run off since March 2022.
0.78
2.64
4.10
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Jun-22Dec-22Jun-23Dec-23Jun-24
Credit cardsPersonal loansAuto finance
(consumer - in run off)
0.76
1.12
1.90
0.0
1.0
2.0
3.0
4.0
Jun-22Dec-22Jun-23Dec-23Jun-24
90+ dpd excl. 6
months serviceability
hold-out period
90+ day
delinquencies
30+ day
delinquencies
1
7Westpac Group 3Q24 Investor Discussion Pack

0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
PropertyWholesale
&
retail trade
ManufacturingAgriculture,
forestry &
fishing
ServicesProperty &
business
services
UtilitiesTransport
&
storage
ConstructionAccommodation
cafes &
restaurants
Mining
Sep-23Mar-24Jun-24
CORPORATE AND BUSINESS STRESSED EXPOSURES BY INDUSTRY SECTOR (%)
EXPOSURE AND CREDIT QUALITY BY SECTOR
Sector
Finance &
Insurance
1
Property
2
Wholesale &
retail tradeManufacturing
Agriculture,
forestry &
fishingServices
3
Property &
business
servicesUtilities
Transport &
storageConstruction
4
Accomm,
cafes &
restaurantsMining
TCE ($bn)
Jun-24168.684.231.126.125.124.724.621.419.813.811.37.9
Mar-24195.482.231.125.424.324.624.020.620.513.111.57.6
Stressed (%)
5,6
Jun-240.12.55.63.35.53.23.10.41.15.33.94.7
Mar-240.12.65.23.15.23.02.80.51.15.73.75.2
Impaired (%)
6
Jun-240.00.10.80.90.50.40.50.00.40.70.30.1
Mar-240.00.10.70.60.30.40.50.00.10.60.30.1
CREDIT QUALITY ACROSS SECTORS
CREDIT QUALITY
1 Finance and insurance includes banks, non-banks, insurance companies and other firms providing services to the finance and insurance sectors. Includes assets held for liquidity portfolio. 2 Property includes both
residential and non-residential property investors and developers and excludes real estate agents. 3 Services includes education, health & community services, cultural & recreational and personal & other services.
4 Construction includes building and non-building construction, and industries serving the construction sector. 5 Includes impaired exposures. 6 Percentage of portfolio TCE.
8Westpac Group 3Q24 Investor Discussion Pack
Downgrade of a small
number of customers

Australian mortgage portfolio
Sep-23
balance
Mar-24
balance
Jun-24
balance
Total portfolio ($bn)
485.6495.2504.2
Owner occupied (OO) (%)
67.167.867.7
Investment property loans (IPL) (%)
31.631.031.2
Portfolio loan/line of credit (LOC) (%)
1.31.21.1
Variable rate / Fixed rate (%)
76/2485/1589/11
Interest only (I/O) (%)
12.812.312.0
Proprietary channel (%)
50.849.748.7
First home buyer (%)
10.811.311.5
Mortgage insured (%)
13.112.612.0
Sep-23Mar-24Jun-24
Average loan size
1
($’000)
301309316
Customers ahead on repayments
including offset account balances

(%)
By accounts
798081
By balances
757778
Mortgage losses net of insurance
2
($m)21
2014
Annual mortgage loss rate
3
(bps)0.7
0.80.9
Hardship
4
balances (% of portfolio)0.71
1.051.18
FIXED RATE MORTGAGE EXPIRY SCHEDULE
($BN, FOR THE 6MTHS TO)
LOAN-TO-VALUE RATIOS (LVRS) (%)
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION
MORTGAGE CREDIT QUALITY
1 Average loan size includes amortisation. Calculated at account level, where split loans represent more than one account. 2 Mortgage losses for Sep-23 and March-24 are for the 6 months ending. Mortgages losses for June
are for the 3 months ending. 3 Mortgage loss rates for September are actual losses for the 12 months ending. Mortgage loss rates for March are annualised, based on losses for the 6 months ending. Mortgage loss rates for
June are annualised, based on losses for the 9 months ending. 4 Financial hardship assistance is available to customers experiencing temporary financial difficulty, including changes in income due to illness, a relationship
breakdown or natural disasters. Hardship assistance often takes the form of a reduction or deferral of repayments for a short period. 5 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance,
changes in security value, offset account balances and other loan adjustments. Property valuation source CoreLogic.
18
12
19
20
19
51
37
30
21
14
10
Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25Sep-25>Sep-25
ExpiredYet to expire
22
17
41
12
6
1
65
15
12
6
1
0.4
0.6
0
20
40
60
80
100
0<=6060<=7070<=8080<=9090<=9595<=100>100
Portfolio LVR at originationPortfolio dynamic LVR
5
9Westpac Group 3Q24 Investor Discussion Pack

10
CUSTOMERS AHEAD ON REPAYMENTS
1
(% BY BALANCES)
OFFSET ACCOUNT BALANCES
2
($BN)BUFFER TO BALANCE RATIO
3
(%)
2
24
20
19
14
22
2
21
19
20
15
23
2
20
19
21
16
23
BehindOn time< 1mth< 6mths>2yrs
Sep-23Mar-24Jun-24
Westpac Group 3Q24 Investor Discussion Pack
AUSTRALIAN MORTGAGE PORTFOLIO REPAYMENT BUFFERS
MORTGAGE CREDIT QUALITY
1 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. Includes mortgage offset accounts. ‘Behind’ is more than 30 days past due.
‘On time’ includes up to 30 days past due. 2 Includes RAMS from Sep-20 onwards. 3 Excludes Line of Credit.
14
5
4
16
39
Jun-24
Investment property loans –
generally maintain higher
balances for tax purposes
Accounts opened in the last
12 months
Structural restrictions on
repayments e.g. fixed rate
Residual – <1 month
repayment buffer
Chart does not add due to rounding
>6mths
to <2yrs
Loans ‘on time’
and <1mth ahead
19.0
19.419.419.4
18.9
Sep-21Sep-22Sep-23Mar-24Jun-24
Buffer = Current Limit - Outstanding Balance
+ Offset Balance
41
46
51
53
57
60
60
Sep-19Sep-20Sep-21Sep-22Sep-23Mar-24Jun-24

MORTGAGE DELINQUENCIES (%)MORTGAGE PORTFOLIO LVR
1,2
(% OF PORTFOLIO)
BUSINESS STRESSED EXPOSURES TO BUSINESS TCE
1
(%)UNSECURED CONSUMER DELINQUENCIES (%)
NEW ZEALAND CREDIT QUALITY
NEW ZEALAND CREDIT QUALITY
1 Chart may not add due to rounding. 2 LVR based on current exposure and property valuation at the latest credit event.
0.47
0.96
0.0
0.5
1.0
1.5
2.0
Jun-22Dec-22Jun-23Dec-23Jun-24
90+ day delinquencies30+ day delinquencies
52%
20%
20%
6%
3%
0<=6060<=7070<=8080<=9090+
0.1 0.1 0.1
0.2 0.2
0.4 0.3
0.3
0.3 0.5
2.0
2.1
2.2
2.1
2.2
2.4
2.5
2.5 2.5
2.9
Jun-23Sep-23Dec-23Mar-24Jun-24
ImpairedNon-performing, not impairedWatchlist & substandard
0.90
2.03
0.0
1.5
3.0
4.5
6.0
Jun-22Dec-22Jun-23Dec-23Jun-24
90+ day delinquencies30+day delinquencies
92% of mortgage portfolio has
an LVR less than 80%
11Westpac Group 3Q24 Investor Discussion Pack
Increase driven by agriculture

TERM DEBT ISSUANCE AND MATURITY PROFILE
1,2
($BN)
FUNDING AND LIQUIDITY
FUNDING AND LIQUIDITY
1 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months excluding US Commercial Paper and Yankee
Certificates of Deposit. Contractual maturity date for Additional Tier 1 and callable Tier 2 instruments is the first scheduled conversion date or call date for the purposes of this disclosure. Any early
redemption would be subject to prior written approval from APRA, which may or may not be provided. Maturities exclude securitisation amortisation. 2 Year to date is 1 October 2023 to 12 July
2024. 3 Chart may not add due to rounding.
18
12
34
31
35
43
35
36
7
33
34
27
29
21
28
FY19FY20FY21FY22FY23FY24FY24FY25FY26FY27FY28FY29>FY29
Funding for Lending
Programme (NZ)
Term Funding
Facility (Aus)
Tier 2 capital
Additional Tier 1
capital
Covered bond
Senior/Securitisation
IssuanceMaturities
59
14
5
15
7
Senior Bonds
Covered Bonds
Additional Tier
1 Capital
Tier 2 Capital
Securitisation
138
134
132
130
Jun-23Sep-23Mar-24Jun-24
KEY FUNDING AND LIQUIDITY MEASURES
Liquidity coverage ratio (LCR) (%)
Quarterly average
118
115
114
113
Jun-23Sep-23Mar-24Jun-24
Net stable funding ratio (NSFR) (%)
84.1
82.9
82.9
83.3
Jun-23Sep-23Mar-24Jun-24
Customer deposits to net loans ratio (D2L)
(%)
•Quarterly LCR movement reflects the impact of
Term Funding Facility maturities, with lower
average net cash outflows more than offset by a
reduction in high-quality liquid assets
•Lower NSFR reflects growth in lending and
increases in required stable funding for
mortgages previously used as collateral for
Term Funding Facility draw-downs
•Increase in D2L ratio due to rate of growth in
deposits slightly ahead of loan growth
TERM DEBT ISSUANCE BY PROGRAM
YEAR TO DATE
2,3
(%)
$36bn
YTD
YTD
remaining
12Westpac Group 3Q24 Investor Discussion Pack

Table may not add due to rounding
APPENDIX 1: FINANCIAL SUMMARY
APPENDIX
Excluding Notable Items
$b3Q24
% movement
3Q24 - 1H24 qtr average3Q24
% movement
3Q24 - 1H24 qtr average
Net interest income4.724.7-
Non-interest income0.7(4)0.7(4)
Net operating income5.415.4-
Operating expenses(2.7)2(2.7)2
Pre-provision profit2.612.7(2)
Impairment charges(0.1)(58)(0.1)(58)
Tax and non-controlling interests (NCI)(0.8)4(0.8)2
Net profit after tax1.861.82
Return on equity (ROE)10.0%69bps10.1%36bps
Return on tangible equity (ROTE)11.3%79bps11.4%42bps
13Westpac Group 3Q24 Investor Discussion Pack

Table may not add due to rounding
APPENDIX 2: NET PROFIT
APPENDIX
Excluding Notable Items
$b1Q242Q24
1H24 qtr
average3Q241Q242Q24
1H24 qtr
average3Q24
Net interest income4.34.84.64.74.74.74.74.7
Non-interest income0.70.70.70.70.80.70.70.7
Net operating income5.05.55.35.45.45.45.45.4
Operating expenses(2.7)(2.7)(2.7)(2.7)(2.7)(2.7)(2.7)(2.7)
Pre-provision profit2.42.82.62.62.72.72.72.7
Impairment charges(0.2)(0.2)(0.2)(0.1)(0.2)(0.2)(0.2)(0.1)
Tax and NCI(0.7)(0.8)(0.7)(0.8)(0.8)(0.8)(0.8)(0.8)
Net profit after tax1.51.81.71.81.81.71.81.8
ROE8.3%10.3%9.3%10.0%9.8%9.7%9.8%10.1%
ROTE9.4%11.6%10.5%11.3%11.0%11.0%11.0%11.4%
14Westpac Group 3Q24 Investor Discussion Pack

CONTACT US
INVESTOR RELATIONS TEAM – CONTACT US
SHARE REGISTRY CONTACTINVESTOR RELATIONS CONTACT
For all shareholding enquiries relating to:
•Address details and communication preferences
•Updating bank account details, and participation in the
dividend reinvestment plan
For all matters relating to Westpac’s strategy,
performance and results
1800 804 255
westpac@linkmarketservices.com.au
investorcentre.linkmarketservices.com.au
+61 2 9178 2977
investorrelations@westpac.com.au
westpac.com.au/investorcentre
15Westpac Group 3Q24 Investor Discussion Pack
Lucy Graham
Head of Corporate Reporting and ESG
Catherine Garcia
Head of Investor Relations, Institutional
Arthur Petratos
Manager, Shareholder Services
Ethan Harry
Graduate, Investor Relations
Jacqueline Boddy
Head of Debt Investor Relations
Justin McCarthy
General Manager, Investor Relations
James Wibberley
Manager, Investor Relations
Nathan Fontyne
Senior Analyst, Investor Relations

DISCLAIMER
The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities.
The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied upon as advice to investors or potential investors, who should consider
seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs. The material contained in this presentation may include
information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the
information.
All amounts are in Australian dollars unless otherwise indicated.
This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934.
Forward-looking statements are statements that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding our
intent, belief or current expectations with respect to our business and operations, macro and micro economic and market conditions, results of operations and financial condition, capital
adequacy and risk management, including, without limitation, future loan loss provisions and financial support to certain borrowers, forecasted economic indicators and performance metric
outcomes, indicative drivers, climate- and other sustainability-related statements, commitments, targets, projections and metrics, and other estimated and proxy data.
We use words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘indicative’, ‘risk’, ‘aim’, ‘outlook’, ‘forecast’, ‘f’cast’,
‘f’, ‘assumption’, ‘projection’, ‘target’, ‘goal’, ‘guidance’, ‘ambition’, or other similar words to identify forward-looking statements, or otherwise identify forward-looking statements. These forward-
looking statements reflect our current views on future events and are subject to change, certain known and unknown risks, uncertainties and assumptions and other factors which are, in many
instances, beyond our control (and the control of our officers, employees, agents and advisors), and have been made based on management’s expectations or beliefs concerning future
developments and their potential effect upon us.
Forward-looking statements may also be made, verbally or in writing, by members of Westpac’s management or Board in connection with this presentation. Such statements are subject to the
same limitations, uncertainties, assumptions and disclaimers set out in this presentation.
There can be no assurance that future developments or performance will align with our expectations or that the effect of future developments on us will be those anticipated. Actual results
could differ materially from those we expect or which are expressed or implied in forward-looking statements, depending on various factors including, but not limited to, those described in the
section titled ‘Risk factors' in our 2024 Interim Financial Results (Risk Factors) available at www.westpac.com.au. When relying on forward-looking statements to make decisions with respect to
us, investors and others should carefully consider such factors and other uncertainties and events.
Except as required by law, we assume no obligation to revise or update any forward-looking statements contained in this presentation, whether from new information, future events, conditions
or otherwise, after the date of this presentation.
We also make statements about our processes and policies (including what they are designed to do) as well as the availability of our systems or product features. Systems, processes and
product features can be subject to disruption, and may not always work as intended, so these statements are limited by the factors described in our Risk Factors.
DISCLAIMER
16
Westpac Group 3Q24 Investor Discussion Pack