FY24 Notable Items and Reporting Changes

ASX
Release




Level 18, 275 Kent Street
Sydney, NSW, 2000
22 October 2024
WESTPAC’S FULL YEAR 2024 (FY24) NOTABLE ITEMS AND REPORTING CHANGES

FY24 Notable Items
Westpac’s reported net profit after tax in FY24 will be reduced by $123 million due to Notable Items that
relate solely to unrealised fair value gains and losses on economic hedges and net
ineffectiveness on
qualifying hedges, which reverse over time.
A summary of the impacts is included in Appendix 1.

FY24 Reporting Changes
Segment operating income and operating expenses were restated in First Half 2024 (1H24) following the
establishment of separate Consumer and Business & Wealth operating segments, the dissolution of the
Specialist Businesses operating segment and other reporting enhancements. For further information see
1H24 Notable Items and Reporting Changes ASX release.
In Second Half 2024 (2H24) additional restatements have been made for:
•Reclassification of some deposit products from interest bearing to non interest bearing. This included
some mortgage offset accounts which had a minor impact on average interest earning assets; and
•Reallocation of Enterprise functions' operating expenses to the Consumer, Business & Wealth and
Westpac Institutional Bank segments.
These changes do not impact the Group's net profit after tax (NPAT) or the composition of line items. A
summary of the restatements is included in Appendix 2.
Full Year 2024 results are scheduled to be announced on Monday, 4 November 2024.

For further information:
Hayden Cooper
Justin McCarthy
Group Head of Media RelationsGeneral Manager, Investor Relations
+61 402 393 619+61 422 800 321
This document has been authorised for release by Tim Hartin, Company Secretary.

Appendix 1 - Summary of FY24 and 2H24 Notable Items
$m
Economic
hedges
Hedge
ineffectivenessTotal
FY24
Net interest income(171)8(163)
Non-interest income(12)-(12)
Net operating income(183)8(175)
Operating expenses---
Pre-provision profit(183)8(175)
Income tax (expense)/benefit and NCI55(3)52
Net profit/(loss)(128)5(123)
$mConsumer
Business
and Wealth
Westpac
Institutional
Bank
Westpac
New
Zealand
(A$)
Group
BusinessesGroup
FY24
Net interest income---(8)(155)(163)
Non-interest income----(12)(12)
Net operating income---(8)(167)(175)
Operating expenses------
Pre-provision profit---(8)(167)(175)
Impairment (charges)/benefits------
Profit before income tax (expense)/benefit---(8)(167)(175)
Income tax (expense)/benefit and NCI---25052
Net profit/(loss)---(6)(117)(123)
$m
Economic
hedges
Hedge
ineffectivenessTotal
2H24
Net interest income52961
Non-interest income(10)-(10)
Net operating income42951
Operating expenses---
Pre-provision profit42951
Income tax (expense)/benefit and NCI(7)(3)(10)
Net profit/(loss)35641
$mConsumer
Business
and Wealth
Westpac
Institutional
Bank
Westpac
New
Zealand
(A$)
Group
BusinessesGroup
2H24
Net interest income---(2)6361
Non-interest income----(10)(10)
Net operating income---(2)5351
Operating expenses------
Pre-provision profit---(2)5351
Impairment (charges)/benefits------
Profit before income tax (expense)/benefit---(2)5351
Income tax (expense)/benefit and NCI----(10)(10)
Net profit/(loss)---(2)4341

Appendix 2 - Selected comparative disclosures
GROUP PERFORMANCE
Net interest income
Half Year March 2024Full Year 2023Full Year 2022
Net interest Income ($m)
Net interest income9,12718,31717,161
Core net interest income8,66817,51915,532
Notable Items(224)(97)555
Treasury560729951
Markets123166123
Average interest earning assets ($m)
Loans725,592703,832676,469
Housing496,471484,214469,492
Personal12,08513,05515,043
Business217,036206,563191,934
Liquid assets208,340210,960191,749
Other interest-earning assets30,77625,65717,987
Average interest earning assets964,708940,449886,205
NIM (%)
NIM1.89%1.95%1.94%
Core NIM1.80%1.86%1.76%
Treasury & Markets impact on NIM0.14%0.10%0.12%
Notable Items impact on NIM(0.05%)(0.01%)0.06%
Deposits and other borrowings
$m
As at
30 March 2024
As at
30 September 2023
As at
30 September 2022
Customer deposits
Australia570,488557,781535,645
Transactions114,120114,097137,361
Savings186,945179,110148,153
Term148,110144,220127,921
Non-interest bearing121,313120,354122,210
New Zealand (A$)72,37874,29768,614
New Zealand (NZ$)78,83779,78377,910
Transactions9,1338,7629,609
Savings20,10320,18521,423
Term37,68538,47232,273
Non-interest bearing11,91612,36414,605
Other overseas (A$)8,0808,8738,575
Total customer deposits650,946640,951612,834
Certificates of deposit51,28047,21746,295
Australia35,72732,94730,507
New Zealand (A$)2,4142,2472,588
Other overseas (A$)13,13912,02313,200
Total deposits and other borrowings702,226688,168659,129

Average balance sheet and interest rates - Assets and Liabilities
Half Year March 2024Full Year 2023Full Year 2022
Average
balanceInterest
Average
rate
Average
balanceInterest
Average
rate
Average
balanceInterest
Average
rate
Consolidated$m$m%$m$m%$m$m%
Assets
Interest earning assets
Loans:
Australia627,15018,3815.9607,15430,1645.0582,45617,6943.0
New Zealand92,3583,0166.590,1305,0285.687,2363,2033.7
Other overseas6,0842016.66,5483906.06,3621993.1
Housing
a
Australia435,13012,0965.6424,42719,6404.6411,95011,8512.9
New Zealand60,9161,7155.659,3192,7024.657,0501,7963.1
Other overseas42583.8468183.8492193.9
Personal
Australia10,9935259.611,9541,0018.413,9101,0847.8
New Zealand1,084499.01,0941029.31,12611510.2
Other overseas8--7114.37114.3
Business
Australia181,0275,7606.4170,7739,5235.6156,5964,7593.0
New Zealand30,3581,2528.229,7172,2247.529,0601,2924.4
Other overseas5,6511936.86,0733716.15,8631793.1
Trading securities and financial
assets measured at FVIS:
Australia23,9435114.323,4868433.616,7152351.4
New Zealand4,5481245.53,9592015.13,784762.0
Other overseas2,599524.02,641993.72,337361.5
Investment securities:
Australia80,0251,4673.766,6311,8222.770,8049851.4
New Zealand6,619922.86,1641482.44,950851.7
Other overseas2,297363.12,082673.22,027562.8
Other interest earning assets
b
:
Australia89,0731,8824.296,2913,4243.682,1023660.4
New Zealand9,1712465.410,4964964.79,7691531.6
Other overseas20,8415365.124,8671,0704.317,2381570.9
Assets held for sale:
Australia------42561.4
Total interest earning assets and
interest income
964,70826,5445.5940,44943,7524.7886,20523,2512.6
Non-interest earning assets
Derivative financial instruments16,94723,42323,395
Assets held for sale--2,444
All other assets
c
67,28259,35662,719
Total non-interest earning assets84,22982,77988,558
Total assets1,048,9371,023,228974,763
a. Certain portions of loans are non-interest bearing and are presented below in All other assets. The non-interest bearing portion
represents the impact of mortgage offset deposits which are taken into consideration when calculating interest charged on loans.
b. Interest income includes net ineffectiveness on qualifying hedges.
c. Includes property and equipment, intangible assets, deferred tax assets, non-interest earning loans relating to mortgage
offset accounts and all other non-interest earning assets. Mortgage offset balances were $55,324 million in Half Year 2024,
$49,702 million in Full Year 2023, and $47,328 million in Full Year 2022.

Half Year March 2024Full Year 2023Full Year 2022
Average
balanceInterest
Average
rate
Average
balanceInterest
Average
rate
Average
balanceInterest
Average
rate
Consolidated$m$m%$m$m%$m$m%
Liabilities
Interest bearing liabilities
Deposits and other borrowings:
Australia479,7639,3443.9460,14913,5442.9427,0972,2490.5
New Zealand65,6321,6144.963,7602,4643.960,6787651.3
Other overseas20,4135465.320,1329104.521,1751950.9
Certificates of deposit
Australia33,8797524.431,8221,1283.529,8392050.7
New Zealand2,612775.92,7271365.02,956531.8
Other overseas13,4403885.813,3386574.914,5131370.9
Transactions
Australia119,9191,9313.2129,7603,0832.4131,9236290.5
New Zealand8,7712004.68,6473223.78,878770.9
Other overseas82061.586870.884230.4
Savings
Australia184,7933,3423.6164,8004,6202.8160,2616540.4
New Zealand18,7303253.519,3765372.820,7221320.6
Other overseas993122.41,035252.493550.5
Term
Australia141,1723,3194.7133,7674,7133.5105,0747610.7
New Zealand35,5191,0125.733,0101,4694.528,1225031.8
Other overseas5,1601405.44,8912214.54,885501.0
Repurchase agreements:
Australia24,4762952.434,5113140.935,1361090.3
New Zealand4,9061345.54,9222314.72,543391.5
Other overseas357105.6219115.010022.0
Loan capital:
Australia36,1358194.531,8951,3134.128,9619343.2
New Zealand3,005865.72,4891355.41,747925.3
Other interest bearing liabilities
a
:
Australia162,3544,2225.2154,8595,9903.9137,7961,3080.9
New Zealand19,5073323.419,9864642.318,5794032.2
Other overseas1,225152.41,854593.21,876(6)(0.3)
Total interest bearing liabilities and
interest expense
817,77317,4174.3794,77625,4353.2735,6886,0900.8
Non-interest bearing liabilities
Deposits and other borrowings:
Australia120,371117,538121,074
New Zealand11,24212,21314,139
Other overseas1,3251,2921,038
Derivative financial instruments22,20826,35324,750
Liabilities held for sale--682
All other liabilities4,134(218)7,069
Total non-interest
bearing liabilities
159,280157,178168,752
Total liabilities977,053951,954904,440
a. Interest expense includes the net impact of treasury balance sheet management activities and the bank levy.

SEGMENT REPORTING
Consumer
$mHalf Year March 2024Full Year 2023Full Year 2022
Net interest income3,7718,1778,473
Non-interest income255524557
Notable Items---
Net operating income4,0268,7019,030
Operating expenses(2,365)(4,533)(4,411)
Notable Items-(202)(66)
Total operating expenses(2,365)(4,735)(4,477)
Pre-provision profit1,6613,9664,553
Impairment (charges)/benefits(144)(179)(187)
Profit before income tax expense1,5173,7874,366
Income tax expense and NCI(459)(1,142)(1,314)
Net profit1,0582,6453,052
Notable Items (post tax)-(148)(47)
Expense to income ratio (Ex Notable Items)58.74%52.10%48.85%
Net interest margin (Ex Notable Items)1.69%1.88%2.00%
FTE12,11512,53413,189
$bn
As at
31 March 2024
As at
30 September 2023
As at
30 September 2022
Customer deposits
Transactions47.449.561.3
Savings148.0138.3103.1
Term66.063.962.1
Mortgage offsets59.956.654.0
Total customer deposits321.3308.3280.5
Loans
Housing461.9449.6431.8
RAMS' housing (in run-off)33.336.035.8
Other9.08.98.8
Provisions(1.8)(1.8)(1.8)
Total loans502.4492.7474.6
Deposit to loan ratio63.95%62.58%59.11%
Total assets514.7504.2486.0
TCE586.4577.7562.3
Risk weighted assets174.8174.7180.2
Average interest earning assets446.1435.3422.7
Average allocated capital24.024.324.0
Credit quality
Impairment charges/(benefits) to average loans0.06%0.04%0.04%
Mortgage 90+ day delinquencies1.06%0.86%0.75%
Other consumer loans 90+ day delinquencies1.17%1.01%1.35%
Total stressed exposures to TCE1.04%0.86%0.67%

Business and Wealth
$mHalf Year March 2024Full Year 2023Full Year 2022
Net interest income2,6164,9923,508
Non-interest income409844881
Notable Items-(88)(1)
Net operating income3,0255,7484,388
Operating expenses(1,256)(2,459)(2,446)
Notable Items-(64)(13)
Total operating expenses(1,256)(2,523)(2,459)
Pre-provision profit1,7693,2251,929
Impairment (charges)/benefits(95)(257)(97)
Profit before income tax expense1,6742,9681,832
Income tax expense and NCI(499)(882)(557)
Net profit1,1752,0861,275
Notable Items (post tax)-(107)(9)
Expense to income ratio (Ex Notable Items)41.52%42.14%55.73%
Net interest margin (Ex Notable Items)5.34%5.17%3.70%
FTE6,8056,9547,118
$bn
As at
31 March 2024
As at
30 September 2023
As at
30 September 2022
Customer deposits
Transactions62.964.876.1
Savings30.131.335.1
Term47.644.430.9
Total customer deposits140.6140.5142.1
Loans
Commercial/SME93.090.586.4
Pacific1.31.21.1
Business lending94.391.787.5
Other1.41.51.8
Auto finance (in run-off)
a
3.14.27.3
Provisions(1.9)(1.9)(1.8)
Total loans96.995.594.8
Deposit to loan ratio145.10%147.08%149.97%
Total assets102.4101.2100.7
TCE131.2129.7127.0
Risk weighted assets89.187.195.8
Average interest earning assets98.096.694.8
Average allocated capital11.511.311.0
Credit quality
Impairment charges/(benefits) to average loans0.20%0.27%0.10%
Impaired exposures to TCE0.54%0.52%0.66%
Total stressed exposures to TCE5.52%5.46%5.44%
a. Includes personal and business loans.

Westpac Institutional Bank
$mHalf Year March 2024Full Year 2023Full Year 2022
Net interest income1,0901,9261,438
Non-interest income6661,3671,150
Net operating income1,7563,2932,588
Operating expenses(709)(1,316)(1,265)
Notable Items-(15)-
Total operating expenses(709)(1,331)(1,265)
Pre-provision profit1,0471,9621,323
Impairment (charges)/benefits(101)(87)(85)
Profit before income tax expense9461,8751,238
Income tax expense and NCI(265)(538)(372)
Net profit6811,337866
Notable Items (post tax)-(10)-
Expense to income ratio (Ex Notable Items)40.38%39.96%48.88%
Net interest margin (Ex Notable Items)1.85%1.89%1.63%
FTE2,7902,7762,689
$bn
As at
31 March 2024
As at
30 September 2023
As at
30 September 2022
Customer deposits
Transactions and others66.264.266.1
Savings9.810.511.0
Term39.341.440.2
Total customer deposits115.3116.1117.3
Loans
Loans93.492.985.5
Provisions(0.4)(0.3)(0.3)
Total loans93.092.685.2
Deposit to loan ratio124.00%125.37%137.65%
Total assets123.1106.3106.2
TCE215.7207.4199.3
Risk weighted assets81.082.194.8
Average interest earning assets117.9101.788.2
Average allocated capital9.69.27.8
Credit quality
Impairment charges to average loans0.22%0.10%0.11%
Impaired exposures to TCE0.05%0.04%0.10%
Total stressed exposures to TCE0.63%0.58%0.35%

Westpac New Zealand
NZ$mHalf Year March 2024Full Year 2023Full Year 2022
Net interest income1,2582,5142,280
Non-interest income131261306
Notable Items(6)-127
Net operating income1,3832,7752,713
Operating expenses(695)(1,286)(1,158)
Notable Items-(10)-
Total operating expenses(695)(1,296)(1,158)
Pre-provision profit6881,4791,555
Impairment (charges)/benefits(23)(135)27
Profit before income tax expense6651,3441,582
Income tax expense and NCI(188)(381)(414)
Net profit4779631,168
Notable Items (post tax)(5)(7)127
Profit/(loss) attributable to businesses sold--19
Expense to income ratio (Ex Notable Items)50.04%46.34%44.78%
Net interest margin (Ex Notable Items)2.11%2.13%2.02%
FTE5,2635,2885,070
NZ$bn
As at
31 March 2024
As at
30 September 2023
As at
30 September 2022
Customer deposits
Transactions and others21.021.124.2
Savings20.120.221.4
Term37.738.532.3
Total customer deposits78.879.877.9
Loans
Mortgages67.465.863.8
Business32.732.832.2
Other1.21.21.2
Provisions(0.5)(0.5)(0.4)
Total loans100.899.396.8
Deposit to loan ratio78.17%80.36%80.48%
Total assets123.5121.8119.2
TCE148.1147.1144.6
Risk weighted assets60.160.353.6
Liquid assets18.619.218.4
Average interest earning assets119.1118.0113.0
Average allocated capital8.17.97.2
Total funds12.611.410.9
Credit quality
Impairment charges/(benefits) to average loans0.05%0.14%(0.03%)
Mortgage 90+ day delinquencies0.47%0.33%0.22%
Other consumer loans 90+ day delinquencies0.96%0.92%1.03%
Impaired exposures to TCE0.12%0.06%0.06%
Total stressed exposures to TCE1.55%1.49%0.97%

Westpac New Zealand segment performance (A$ Equivalent)
Results have been translated into Australian dollars (A$) at the average exchange rates for each
reporting period, First Half 2024: $1.0759; Full Year 2023: $1.0846; Full Year 2022: $1.0831. Unless
otherwise stated, assets and liabilities have been translated at spot rates as at the end of the period,
31 March 2024: $1.0892; 30 September 2023: $1.0738; 30 September 2022: $1.1355.
$mHalf Year March 2024Full Year 2023Full Year 2022
Net interest income1,1712,3172,107
Non-interest income122240279
Notable Items(6)-120
Net operating income1,2872,5572,506
Operating expenses(646)(1,186)(1,072)
Notable Items-(9)-
Total operating expenses(646)(1,195)(1,072)
Pre-provision profit6411,3621,434
Impairment (charges)/benefits(22)(124)25
Profit before income tax expense6191,2381,459
Income tax expense and NCI(174)(350)(382)
Net profit4458881,077
Notable Items (post tax)(4)(7)119
Profit/(loss) attributable to businesses sold--18
Expense to income ratio (Ex Notable Items)
a
50.04%46.34%44.78%
Net interest margin (Ex Notable Items)
a
2.11%2.13%2.02%
a. Ratios calculated using NZ$.
$bn
As at
31 March 2024
As at
30 September 2023
As at
30 September 2022
Customer deposits72.474.368.6
Loans92.692.585.3
Deposit to loan ratioª78.17%80.36%80.48%
Total assets113.4113.5105.0
TCE136.0136.9127.3
Risk weighted assets55.156.247.2
Liquid assets17.017.916.2
Average interest earning assets
b
110.7108.8104.4
Average allocated capital
b
7.57.36.6
Total funds11.510.69.6
a. Ratios calculated using NZ$.
b. Averages are converted at applicable average rates.

Group Businesses
$mHalf Year March 2024Full Year 2023Full Year 2022
Net interest income7031,0021,080
Non-interest income13153432
Notable Items(220)191(418)
Net operating income4961,3461,094
Operating expenses(419)(738)(987)
Notable Items-(170)(542)
Total operating expenses(419)(908)(1,529)
Pre-provision profit77438(435)
Impairment (charges)/benefits-(1)9
Profit before income tax expense77437(426)
Income tax expense and NCI(94)(198)(150)
Net profit/(loss)(17)239(576)
Notable Items (post tax)(160)99(937)
Profit/(loss) attributable to businesses sold-131168
Treasury
$mHalf Year March 2024Full Year 2023Full Year 2022
Net interest income554665979
Non-interest income131421
Notable Items(220)(20)553
Net operating income3476591,553
Net profit168319960