Westpac 2025 Interim Financial Results Announcement

ASX
Release


5 May 2025

Westpac 2025 Interim Financial Results Announcement (incorporating the
requirements of Appendix 4D)

Westpac Banking Corporation (“Westpac”) today provides the attached Westpac 2025
Interim Financial Results Announcement (incorporating the requirements of Appendix 4D).









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

INTERIM
FINANCIAL
RESULTS
FOR THE SIX MONTHS ENDED 31 MARCH 2025

Incorporating the requirements of Appendix 4D
Westpac Banking Corporation ABN 33 007 457 141

WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
Acknowledgement of Indigenous Peoples
Westpac acknowledges the First Peoples of Australia. We recognise
their ongoing role as Traditional Owners of the land and waters of
this country and pay our respects to Elders, past and present. We
extend our respect to Westpac’s Aboriginal and Torres Strait Islander
employees, partners and stakeholders and to the Indigenous Peoples
in the other locations where we operate.
In Aotearoa (New Zealand) we also acknowledge tāngata whenua and
the unique relationship that Indigenous Peoples share with all New
Zealanders under Te Tiriti o Waitangi.
Westpac’s 2025 Interim Financial Results
The information in this report relates to our First Half 2025 reporting period unless stated otherwise.
Additional information on our First Half 2025 financial, non-financial, risk and sustainability performance is included
in our:
•First Half 2025 Financial Results Presentation and Investor Discussion Pack; and
•March 2025 Pillar 3 Report.
These documents are available online at westpac.com.au/about-westpac/investor-centre/events-and-
presentations/.

In this 2025 Interim Financial Results Announcement a reference to ‘Westpac’, 'WBC', ‘Westpac Group’, ‘the Group’, ‘we’, ‘us’ and ‘our’ are to
Westpac Banking Corporation ABN 33 007 457 141 and its subsidiaries unless it clearly means just Westpac Banking Corporation.
For certain information about the basis of preparing the financial and non-financial information see Introduction (page iv).
In addition, this Results Announcement contains statements that constitute ‘forward-looking statements’ within the meaning of Section 21E of
the US Securities Exchange Act of 1934. For an explanation of forward-looking statements and the risks, uncertainties and assumptions to which
they are subject, see Introduction (page iv). Please consider those important disclaimers when reading the forward-looking statements in this
Results Announcement.
Information contained in or accessible through the websites mentioned in this Results Announcement does not form part of this Results
Announcement unless we specifically state that it is incorporated by reference and forms part of this Results Announcement. Information on
those websites owned by Westpac is current as at the date of this Results Announcement. Except as required by law, we assume no obligation to
revise or update those websites after the date of this Results Announcement. We are not in a position to verify information on websites owned
and/or operated by third parties.

Westpac Banking Corporation ABN 33 007 457 141

iii
RESULTS ANNOUNCEMENT TO THE MARKET
ASX Appendix 4D
Results for announcement to the market
1
Report for the half year ended 31 March 2025
2
Revenue from ordinary activities
a,b
($m)up2%to$10,793
Profit from ordinary activities after tax attributable to equity holders
b
($m)down1%to$3,317
Net profit for the period attributable to equity holders
b
($m)down1%to$3,317
a.Comprises reported interest income, interest expense and non-interest income.
b.Above comparisons are to the reported results for the six months ended 31 March 2024.
Dividend distributions (cents per ordinary share)Amount per securityFranked amount per security
Interim dividend7676
Record date for determining entitlements to the interim dividend9 May 2025
1.This document comprises the Westpac Group 2025 Interim Financial Results Announcement, including the 2025 Interim Financial Report
(pages 73-112) and is provided to the Australian Securities Exchange under Listing Rule 4.2A.
2.This Interim Financial Results Announcement should be read in conjunction with the 2024 Westpac Group Annual Report and any public
announcements made in the period by the Westpac Group in accordance with the continuous disclosure requirements of the Corporations Act
2001 and ASX Listing Rules.

ivWESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
RESULTS ANNOUNCEMENT TO THE MARKET
Introduction
Our interim period refers to the six months ended 31 March 2025 (First Half 2025 or 1H25). Throughout this Interim
Financial Results Announcement (Results Announcement), we also refer to the six months ended
31 March 2024 (First
Half 2024, 1H24, or prior corresponding period), and the six months ended 30 September 2024 (Second Half 2024, 2H24,
or prior period).
The selected financial information for First Half 2025, Second Half 2024 and First Half 2024 contained in this Results
Announcement is based on the financial statements contained in the unaudited consolidated Interim Financial Report
for Westpac Banking Corporation (Westpac) and its controlled entities (collectively referred to as ‘the Group’) for the
six months ended 31 March 2025. The Interim Financial Report has been prepared and presented in accordance with
Australian Accounting Standards (AAS) as they relate to interim financial reports. The Interim Financial Report also
complies with International Financial Reporting Accounting Standards (IFRS) as issued by the International Accounting
Standards Board (IASB) as they relate to interim financial reports.
This Results Announcement contains certain statements that constitute ‘forward-looking statements’. For an
explanation of forward-looking statements and the risks, uncertainties and assumptions to which they are subject,
see Disclosure regarding forward-looking statements (page 114-115). Please consider those important disclaimers when
reading the forward-looking statements in this Results Announcement.
In this Results Announcement references to ‘Westpac’, ‘WBC’, ‘Westpac Group’, ‘the Group’, ‘we’, ‘us’ and ‘our’ are to
Westpac Banking Corporation and its controlled entities, unless it clearly means just Westpac Banking Corporation.
Percentage (%) movements are shown as % unless otherwise stated. This applies to all the tables in this Results
Announcement. Unless otherwise stated, average balances represents a daily average over the relevant half year.
All dollar values in this Results Announcement are in Australian dollars unless otherwise noted. References to ‘dollars’,
‘dollar amounts’, ‘$’, ‘AUD’ or ‘A$’ are to Australian dollars, references to ‘US$’, ‘USD’ or ‘US dollars’ are to United States
dollars, references to ‘NZ$’, ‘NZD’ or ‘NZ dollars’ are to New Zealand dollars and references to 'GBP' are to British Pound
Sterling. Refer to
Exchange Rates (page 121) for information regarding the rates of exchange between the Australian
dollar and the US dollar applied by the Group as part of its operating activities for First Half 2025, Second Half 2024 and
First Half 2024.
Information on terms, acronyms and calculations used in this Results Announcement are provided in the Glossary
(pages 124-127) of the document.
Non-AAS financial measures
Westpac’s statutory results are prepared in accordance with AAS and are also compliant with IFRS.
In assessing Westpac’s performance and that of our operating segments, we use a number of financial measures,
including amounts, measures and ratios that are presented on a non-AAS basis, as described below.
Non-AAS financial measures and ratios do not have standardised meanings under AAS. As such they are unlikely to be
directly comparable to similar measures presented by other companies and should not be viewed in isolation from, or as
a substitute for, the AAS results.

v
RESULTS ANNOUNCEMENT TO THE MARKET
Our non-AAS measures fall within the following categories:
Measure/ratioDescription
Further
information
Performance
measures excluding
the impact of
Notable Items
The net interest income, non-interest income, operating expenses and
segment reporting sections of this Results Announcement include
performance measures that exclude Notable Items.
Notable Items are items that management believes are not reflective of
Westpac's ongoing business performance. Details of Notable Items are
included in Impact of Notable Items (page 9).
Performance measures which are adjusted for one or more of these
items include:
•Net interest income
•Non-interest income (including net fee income, net wealth management
income, trading income and other income)
•Net operating income
•Operating expenses (including staff expenses, occupancy expenses,
technology expenses and other expenses)
•Pre-provision profit
•Net profit/(loss)
•Net profit attributable to owners of WBC
•Return on average ordinary equity
•Return on average tangible equity
Management considers this information useful as these measures provide
a view that reflects Westpac's ongoing business performance.
See pages
2-
32, 35-51,
and 121-123.
Pre-provision profitPre-provision profit is net profit/(loss) excluding credit impairment
(charges)/benefits and income tax (expense)/benefit.
This is calculated as net interest income plus non-interest income less
operating expenses. This includes (charges)/benefits relating to provisions
and impairment other than from expected credit losses.
Management considers this information useful as this measure provides
readers with a view of the operating performance of Westpac.
See pages 7,
35-51 and
121-123.
Basic earnings per
share (excluding
Notable Items) and
Diluted earnings
per share (excluding
Notable Items)
Basic earnings per share (excluding Notable Items) is calculated as
net profit attributable to owners of WBC (adjusted for RSP dividends)
excluding Notable Items divided by the weighted average number of
ordinary shares on issue during the period, adjusted for treasury shares.
Diluted earnings per share is calculated by adjusting the basic earnings per
share (excluding Notable Items) by assuming all dilutive potential ordinary
shares are converted.
Management considers this information useful as these measures provide
a view of the basic and diluted earnings per share based on the ongoing
operating performance of Westpac.
See pages 8
and 121-123.
Core net interest
income and Core
net interest
margin (NIM)
Core net interest income is calculated as net interest income excluding
Notable Items, and Treasury and Markets income.
Core NIM is calculated as core net interest income (annualised where
applicable) divided by average interest earning assets.
Management considers this information useful as these measures provide
a view of the underlying performance of Westpac's net interest income and
margin, for lending, deposit and wholesale funding.
See pages 8
and 10- 12.

viWESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
RESULTS ANNOUNCEMENT TO THE MARKET
Measure/ratioDescription
Further
information
Dividend payout
ratio (excluding
Notable Items)
Calculated as ordinary dividend paid/declared on issued shares (net of
Treasury shares) divided by the net profit attributable to owners of WBC
(adjusted for RSP dividends) excluding Notable Items.
Management considers this information useful as it provides a view of
the dividend payout ratio based on the ongoing operating performance
of Westpac.
See pages 8,
32 and 121-
123.
Expense to income
ratio (excluding
Notable Items)
Calculated as operating expenses excluding Notable Items divided by net
operating income excluding Notable Items.
Management considers this information useful as this measure provides a
view of the efficiency of the ongoing operating performance of Westpac.
See pages 8,
18-20 and
121-123.
Average tangible
ordinary equity and
Return on average
tangible ordinary
equity (ROTE)
Average tangible ordinary equity is calculated as average ordinary
equity less average goodwill and other intangible assets (excluding
capitalised software).
Return on average tangible ordinary equity is calculated as net profit
attributable to owners of WBC adjusted for RSP dividends (annualised
where applicable) divided by average tangible ordinary equity.
Management considers this information useful as these measures are
commonly used as a performance measure by WBC, investors, analysts and
others in assessing Westpac's application of equity.
See pages 8
and 121-123.
Presentation changes
Certain comparative information has also been revised where appropriate to conform to changes in presentation in the
current period to enhance comparability.
This Results Announcement is unaudited
KPMG has reviewed the financial statements and accompanying notes contained within the
2025 Interim Financial Report (pages 73-112) in this Results Announcement and has issued an unmodified review
report. All other sections in this Results Announcement including the Directors’ Report (pages 53-72), have not been
subject to review by KPMG. The financial information contained in this Results Announcement includes information
extracted from the reviewed financial statements together with information that has not been reviewed.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
1
Contents
PERFORMANCE REVIEW2
Group performance3
Segment reporting35
DIRECTORS’ REPORT52
Directors’ Report53
2025 INTERIM FINANCIAL REPORT73
Notes to the consolidated financial statements79
Statutory statements110
OTHER INFORMATION113
Other information114
Glossary124

2WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
PERFORMANCE
REVIEW
GROUP PERFORMANCE
Performance overview
Performance summary
Key financial information
Impact of Notable Items
Review of earnings
Credit quality
Balance sheet and funding
Capital and dividends
Sustainability performance
SEGMENT REPORTING
Consumer
Business & Wealth
Westpac Institutional Bank (WIB)
Westpac New Zealand
Group Businesses

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
3
GROUP PERFORMANCE
Performance overview
1
Financial highlights
9.4%
Return on equity
9.8% ex Notable Items
11.1%
Return on tangible equity
ex Notable Items
12.2%
CET1 capital ratio
76cents
Interim ordinary dividend
per share, fully franked
1H25 results overview
Net profit of $3,317 million decreased 9% on the prior period. Excluding Notable Items
2
, net profit decreased 4% to
$3,457 million. ROTE excluding Notable Items decreased 34 basis points to 11.1%.
A strategic tilt to business and institutional banking along with a focus on improving returns in consumer, supports our
approach to balancing growth and return.
The interim ordinary dividend was 76 cents per share. The payout ratio of 75%
3
was at the top of our sustainable payout
ratio range of 65% to 75%.
During First Half 2025, we continued to strengthen the Westpac franchise through an emphasis on customer
service excellence.
•We added more features to our award-winning banking app and introduced new digital tools to help businesses
manage cash flow and expenses;
•We continue to invest in market-leading scam prevention innovations, announcing SafeBlock which will allow
customers to block new transactions and prevent potential financial loss;
•To support businesses, we improved access to working capital and introduced BizEdge, a platform for faster, simpler
loan decisions. We are piloting a Business Lending Virtual Assistant powered by AI;
•For Institutional clients, we are investing in Westpac One to bring together real-time treasury management, FX,
Trade and Lending with powerful data insights via cloud technology; and
•We continue to invest in our people and presence, increasing bankers across Business and WIB to drive growth
in target sectors and segments. We also unveiled plans for new Regional Service Centres to support regional
communities by bringing together retail and business banking services.
Transformation is key to unlocking benefits of scale and delivering exceptional customer and employee experiences.
We are driving our transformation agenda through enterprise initiatives and UNITE, a business-led, technology-enabled
simplification program.
•Of the 60 initiatives, 4 have completed and 41 are in progress. Achievements in the First Half 2025 included
streamlining ID verification processes for new consumer customers and providing eligible mortgage holders with
access to multiple offset accounts;
•We are extending the rollout of the single banker platform, Digital Banker, to benefit approximately 20,000
employees across Consumer and Business. This portal captures all customer interactions and needs, providing better
insights and experiences for customers and bankers; and
•We are simplifying mortgages end-to-end by moving to one suite of mortgage products, processes and applications.
This supports our strategic focus on fostering deeper customer relationships and improving the proprietary
lending proportion.
1.
Unless otherwise stated, all figures relate to the half year ended 31 March 2025, and are compared to figures for the half year ended
30 September 2024.
2.Notable Items are discussed further in Impact of Notable Items (page 9).
3.Excluding Notable Items.

4WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Performance overview (Continued)
$5.1bn
Pre-provision profit,
down 6% on 2H24
$5.3bn
Pre-provision profit
Ex Notable Items,
down 2% on 2H24
1.88%
NIM, down 9bps on 2H24
1.80%
Core NIM,
down 3bps on 2H24
Pre-provision profit declined by 6% on the prior period. Excluding Notable Items, pre-provision profit decreased by 2% to
$5,295 million with net operating income stable and operating expenses up 3%.
•Net interest income decreased by 3% to $9,351 million. Excluding Notable Items, net interest income of
$9,569 million was stable, reflecting the balancing of margin and volume growth, particularly in mortgages. The
3 basis points contraction in Core net interest margin (NIM) was offset by the 2% increase in average interest-
earning assets.
•NIM was 1.88% and comprised:
–Core NIM of 1.80%, which contracted by 3 basis points from tighter loan spreads due to lending competition
along with narrower deposit spreads and a mix shift towards lower margin savings accounts. Higher earnings on
hedged deposits and capital provided an offset;
–Treasury and Markets income of 12 basis points, down 1 basis point; and
–Notable Items related to economic hedges of term funding, reduced NIM by 4 basis points.
•Non-interest income increased 5% to $1,442 million. Excluding Notable Items, non-interest income increased by 3%
to $1,424 million due to higher Markets income.
•Operating expenses increased 3% to $5,698 million reflecting the expected step up in UNITE investment, salary and
wage growth along with increased software amortisation. Cost Reset actions and seasonally lower spend across
other investments provided a partial offset.
•Impairment charges of 6 basis points reflect our prudent lending practices and customer resilience across both
households and businesses.
Strong balance sheet
We maintained strong financial foundations with capital, funding and liquidity ratios all above regulatory minimums.
Capital
The CET1 capital ratio declined by 25 basis points to 12.2%. This reflects the
impact of:
•Net profit adding 74 basis points;
•Dividends subtracting 58 basis points;
•Higher Risk Weighted Assets (RWA) subtracting 31 basis points;
•Capital deductions and other items, including FX, adding 3 basis
points; and
•On market share buyback of $581 million subtracting 13 basis points.
LEVEL 2 CET1 CAPITAL RATIO (%)
12.512.5
12.2
Mar-24Sep-24Mar-25
Funding and liquidity
The March 2025 quarterly average liquidity coverage ratio (LCR) of 135%
and the net stable funding ratio (NSFR) of 115% were both well above
regulatory minimums.
The deposit to loan ratio increased to 84.5%, with deposit growth more than
funding loan growth during the half.
The Group raised $15 billion of new long term wholesale funding during
the half.
135%
LCR, above 100% regulatory
minimum requirement

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
5
Performance overview (Continued)
Credit quality sound
We remain appropriately provisioned with credit impairment provisions of
$5,072 million, $1.7 billion above the expected losses of our base case
economic scenario.
•Improvements in credit quality metrics reflect the decrease in 90+ day
mortgage delinquencies and an improvement in individual customer
circumstances. Stressed exposures to total committed exposures were
1.36%, a reduction of 9 basis points.
•Credit impairment provisions of $5,072 million were stable with the
reduction in CAPs offset by higher IAPs. The ratio of CAP to credit RWA
was 1.26%, a decrease of 4 basis points.
STRESSED EXPOSURES AS A %
OF TCE
1.36
1.45
1.36
Mar-24Sep-24Mar-25
Loans and customer deposits
Loans grew across all segments, increasing overall by 2%.
Growth in Australian housing loans, excluding RAMS, was 2%, or 0.9x APRA
system
1
, mainly in owner occupied mortgages. Competition in the Australian
mortgage market remains elevated.
Australian business lending increased 5%. Growth in the Business segment
was diversified with strong growth in our target sectors of agriculture,
health and professional services, along with SME. There was strong loan
growth in WIB as we deepened relationships with existing customers and
pursued growth in lending to international customers.
Customer deposits grew by 3%.
Household deposits growth of 1.0x APRA system demonstrates the health
of our consumer franchise. Growth in Australian consumer savings accounts
has been supported by our award winning Westpac App, which for the
second consecutive year was ranked the #1 banking app
2
. The app offers
essential everyday banking and money management tools.
Deposit growth of 2% in New Zealand was mostly in savings accounts as
customers preferred more flexibility.
LOANS ($BN)
785
807
825
Mar-24Sep-24Mar-25
CUSTOMER DEPOSITS ($BN)
651
674
697
Mar-24Sep-24Mar-25
Shareholder returns
The decline in net profit resulted in a decrease in ROTE to 10.6%. Excluding
Notable Items ROTE reduced by 34 basis points to 11.1% and earnings per
ordinary share were 100.8 cents, down 3%.
In the First Half 2025 we bought back $0.6 billion worth of shares on market
and shareholders will receive $2.6 billion through a fully franked interim
dividend. The interim dividend was 76 cents per share.
The payout ratio is 78% on a net profit basis and 75% excluding
Notable Items.
The Dividend Reinvestment Plan (DRP) will apply to the interim dividend. No
discount will be offered to shareholders who elect to participate in the DRP.
Shares are expected to be purchased on market to satisfy the DRP.
Net tangible assets per ordinary share were up 1% at $17.97.
ORDINARY DIVIDEND PER ORDINARY
SHARE (CENTS)
75
7676
1H242H241H25
1.Growth multiple based on ADI System published by APRA in the Monthly ADI statistics.
2.The Forrester Digital Experience Review: Australian Mobile Banking Apps, Q3 2024.

6WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Performance overview (Continued)
Outlook
The Australian economy emerged from a prolonged per capita recession in the final quarter of 2024. Strong population
growth partially masked a difficult period for many households and businesses. Economic growth is expected to recover
from 1.2% in 2024 to 1.9% in 2025, with private demand likely to overtake the public sector as the primary driver of
activity. Escalating trade and ongoing geopolitical tensions have created an increasingly uncertain outlook.
Households began to receive relief from cost of living pressures during 2024 as inflation eased and tax cuts were
implemented. Following a rise in interest rates from 0.10% in November 2020 to 4.35% by November 2023, relief finally
arrived late in the First Half 2025 when the RBA cut rates for the first time in almost five years. Housing credit growth
recovered shortly after interest rates peaked. We expect housing credit growth of approximately 5% in 2025.
Australian business investment has been resilient given the requirement to expand the capacity of the economy to
cater for a growing population, the energy transition and rising demand for technology and innovation. Cost pressures
including skilled labour shortages and purchased services have eased, but remain a challenge. While private sector
investment has slowed, total demand for credit has been resilient and is expected to grow by approximately 6% in 2025.
The New Zealand economy has emerged from a modest recession. The easing of financial conditions due to several
interest rate cuts from 5.50% to 3.5%, combined with a recovery in soft commodity prices, is expected to support an
improvement in economic activity during 2025.
The global economy appears set for a challenging period as global trade patterns and supply chains, formed across
decades, are significantly disrupted. Fundamentals of the Australian and New Zealand economies suggest they are
better placed than most countries to absorb potential shocks. Westpac's strong financial position is underpinned by
surplus capital, stable funding, strong liquidity and credit provisioning. This provides flexibility to withstand geopolitical
uncertainty and support customers.
Priorities
We are committed to delivering customer service excellence
and realising our ambition to be our customers' #1 bank and
partner through life.
To achieve this and deliver long-term value for
shareholders, we’re investing in our people, strengthening
risk practices and driving innovation and transformation.
Our five priorities are:
Customer - Striving to be #1 in customer service by
adopting a "whole of bank to whole of customer" approach.
People - Investing in our people and fostering a
culture of accountability and empowerment to create the
best workplace.
Risk - Completing the CORE transition, safeguarding
customers and applying risk management as a
strategic advantage.
Transformation - Simplifying technology and adopting
a "one best way" approach to enhance customer and
employee satisfaction and operational efficiency.
Performance - Improving Return on Tangible Equity
(ROTE) and cost to income ratio relative to peers, while
strengthening our market position.
PERFORMANCE
CUSTOMER
PEOPLE
TRANSFORMATION
RISK

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
7
Performance summary
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Net interest income9,3519,6269,127(3)2
Non-interest income1,4421,3721,4635(1)
Net operating income10,79310,99810,590(2)2
Operating expenses(5,698)(5,549)(5,395)36
Pre-provision profit5,0955,4495,195(6)(2)
Impairment (charges)/benefits(250)(175)(362)43(31)
Profit before income tax expense4,8455,2744,833(8)-
Income tax expense(1,520)(1,626)(1,491)(7)2
Profit after income tax expense3,3253,6483,342(9)(1)
Profit attributable to non-controlling interests (NCI)(8)----
Net profit attributable to owners of WBC3,3173,6483,342(9)(1)
Notable Items(140)41(164)large(15)
Effective tax rate31.37%30.83%30.85%54 bps52 bps
Performance summary excluding Notable Items
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Net interest income9,5699,5659,351-2
Non-interest income1,4241,3821,4653(3)
Net operating income10,99310,94710,816-2
Operating expenses(5,698)(5,549)(5,395)36
Pre-provision profit5,2955,3985,421(2)(2)
Impairment (charges)/benefits(250)(175)(362)43(31)
Profit before income tax expense5,0455,2235,059(3)-
Income tax expense(1,580)(1,616)(1,553)(2)2
Profit after income tax expense3,4653,6073,506(4)(1)
Profit attributable to non-controlling interests (NCI)(8)----
Net profit attributable to owners of WBC3,4573,6073,506(4)(1)

8WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Key financial information
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
202520242024- Sept 24- Mar 24
Shareholder value
Basic earnings per ordinary share (cents)96.7105.495.6(8)1
Basic earnings per ordinary share (ex Notable Items) (cents)100.8104.2100.3(3)-
Diluted earnings per ordinary share (cents)96.0102.591.6(6)5
Diluted earnings per ordinary share (ex Notable Items) (cents)99.8101.495.8(2)4
Weighted average ordinary shares (millions)3,4283,4573,494(1)(2)
Fully franked ordinary dividends per share (cents)767675-1
Fully franked special dividend per share (cents)--15-(100)
Dividend payout ratio
a
78.39%71.60%77.83%large56 bps
Dividend payout ratio (ex Notable Items)
a
75.22%72.41%74.19%281 bps103 bps
Return on average ordinary equity9.42%10.24%9.30%(82 bps)12 bps
Return on average ordinary equity (ex Notable Items)9.81%10.13%9.75%(32 bps)6 bps
Return on average tangible equity (ROTE)10.63%11.55%10.48%(92 bps)15 bps
ROTE (ex Notable Items)11.08%11.42%10.99%(34 bps)9 bps
Average ordinary equity ($m)70,58471,14571,841(1)(2)
Average tangible ordinary equity ($m)62,51963,07763,753(1)(2)
Average total equity ($m)70,92871,21471,884-(1)
Net tangible asset per ordinary share ($)17.9717.7517.8211
Business performance
Group1.88%1.97%1.89%(9 bps)(1 bps)
Core NIM1.80%1.83%1.80%(3 bps)-
Treasury & Markets impact on NIM0.12%0.13%0.14%(1 bps)(2 bps)
Notable Items impact on NIM(0.04%)0.01%(0.05%)large1 bps
Average interest earning assets ($m)996,701975,402964,70823
Return on average assets0.60%0.68%0.64%(8 bps)(4 bps)
Expense to income ratio52.79%50.45%50.94%234 bps185 bps
Expense to income ratio (ex Notable Items)51.83%50.69%49.88%114 bps195 bps
Full time equivalent employees (FTE)35,96935,24035,34822
Revenue per FTE ($ '000's)304313300(3)1
Capital, funding and liquidity
Level 2 common equity Tier 1 capital ratio
- Australian Prudential Regulation Authority (APRA)12.24%12.49%12.55%(25 bps)(31 bps)
- Internationally comparable18.22%18.27%18.55%(5 bps)(33 bps)
Credit RWA ($m)
b
353,233351,724344,633-2
Total risk weighted assets (RWA) ($m)449,495437,430444,41731
Liquidity coverage ratio (LCR)135%133%132%255 bps310 bps
Net stable funding ratio (NSFR)115%112%114%268 bps125 bps
Deposit to loan ratio84.48%83.50%82.94%98 bps154 bps
Credit quality and impairment charges
Gross impaired exposures to gross loans0.25%0.24%0.19%1 bps6 bps
Gross impaired exposures provisions to gross impaired exposures40.88%41.28%46.60%(40 bps)large
Collectively assessed provisions to credit RWA
b
126 bps130 bps136 bps(4 bps)(10 bps)
Total provisions to credit RWA
b
144 bps145 bps149 bps(1 bps)(5 bps)
Total committed exposure (TCE) ($bn)1,2881,2521,24034
Total stressed exposures as a % of TCE1.36%1.45%1.36%(9 bps)-
Total provisions to gross loans61 bps63 bps65 bps(2 bps)(4 bps)
Mortgages 90+ day delinquencies0.83%1.05%1.00%(22 bps)(17 bps)
Other consumer loans 90+ day delinquencies1.26%1.40%1.40%(14 bps)(14 bps)
Impairment charges/(benefits) to average loans6 bps4 bps9 bps2 bps(3 bps)
Balance sheet ($m)
Loans824,808806,767784,83925
Total assets1,098,8931,077,5441,052,66124
Customer deposits696,762673,615650,94637
a.Excludes the impact of the special dividend in First Half 2024.
b.Comparatives have been revised to align with current period presentation.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
9
Impact of Notable Items
To assist in explaining our financial performance, we report Notable Items, which represent certain items that are not
considered to be reflective of Westpac's ongoing business performance.
Notable Items broadly fall into the following categories:
•Unrealised fair value gains/(losses) on economic hedges that do not qualify for hedge accounting
•Net ineffectiveness on qualifying hedges
•Large items that are not reflective of the Group's ordinary operations. In individual reporting periods large items
may include:
–Provisions for remediation, litigation, fines and penalties
–The impact of asset sales and revaluations
–The write-down of assets (including goodwill and capitalised software)
–Restructuring costs
In determining dividends, the impact of Notable Items is typically excluded.
The impact of Notable Items (post tax) in First Half 2025 was a reduction to net profit of $140 million
(Second Half 2024: $41 million benefit; First Half 2024: $164 million reduction) and was solely related to economic
hedges and hedge ineffectiveness.
Details of Notable Items (post tax) impacting on the First Half 2025 result are:
Category
Net profit impact First
Half 2025Detail
Unrealised fair value gains
and losses on economic
hedges that do not qualify
for hedge accounting
$92 million
reduction
The unrealised fair value gain/(loss) on hedges of accrual accounted term funding
transactions for the period was $92 million. This represents a timing difference for the
statutory results but does not affect the Group's profits over the life of the hedges.
Net ineffectiveness on
qualifying hedges
$48 million
reduction
The net ineffectiveness on qualifying hedges of $48 million for the period arises from the fair
value movement in these hedges which reverses over time and therefore does not affect the
Group's profits over time.
For detailed explanations of Notable Items for Full Year 2024, refer to the 2024 Annual Report.
$mEconomic hedges
Hedge
ineffectivenessTotal
Half Year March 2025
Net interest income(149)(69)(218)
Non-interest income18-18
Net operating income(131)(69)(200)
Operating expenses---
Pre-provision profit(131)(69)(200)
Income tax (expense)/benefit and NCI392160
Net profit/(loss)(92)(48)(140)
Half Year Sept 2024
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
Half Year March 2024
Net interest income(223)(1)(224)
Non-interest income(2)-(2)
Net operating income(225)(1)(226)
Operating expenses---
Pre-provision profit(225)(1)(226)
Income tax (expense)/benefit and NCI62-62
Net profit/(loss)(163)(1)(164)

10WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Review of earnings
Net interest income
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
202520242024- Sept 24- Mar 24
Net interest Income ($m)
Net interest income9,3519,6269,127(3)2
Core net interest income8,9608,9408,668-3
Notable Items(218)61(224)large(3)
Treasury
a
495496560-(12)
Markets114129123(12)(7)
Average interest earning assets ($m)
Loans755,530739,728725,59224
Housing
b
505,748504,205496,471-2
Personal10,90011,42312,085(5)(10)
Business238,882224,100217,036710
Liquid assets209,408204,192208,34031
Other interest-earning assets31,76331,48230,77613
Average interest earning assets996,701975,402964,70823
NIM (%)
NIM1.88%1.97%1.89%(9 bps)(1 bps)
Core NIM1.80%1.83%1.80%(3 bps)-
Treasury & Markets impact on NIM0.12%0.13%0.14%(1 bps)(2 bps)
Notable Items impact on NIM(0.04%)0.01%(0.05%)large1 bps
a.Treasury net interest income excludes capital benefit.
b.Net of average mortgage offset balances.
First Half 2025 – Second Half 2024
Net interest income decreased 3% to $9,351 million. Key drivers included:
•Stable core net interest income of $8,960 million, with balance sheet growth largely offset by a lower net
interest margin;
•Treasury and Markets income, down 3% to $609 million due to stable Treasury income and a 12% reduction in
Markets income; and
•Notable Items reduced income by $218 million compared to an increase of $61 million in the prior period.
Average interest-earning assets increased by 2% to $996.7 billion, including growth of 7% in business loans and a 3%
increase in liquid assets. This was partially offset by the reduction in personal loans, the runoff of RAMS housing loans
and the runoff and subsequent sale of the auto finance portfolio. Average housing loans were stable. Excluding RAMS,
average housing loans were up 1%.
First Half 2025 – First Half 2024
Net interest income increased 2% to $9,351 million. Key drivers included:
•Higher core net interest income, up 3% to $8,960 million due to balance sheet growth as net interest margin was flat;
•Treasury and Markets income, down 11% to $609 million due to stronger Treasury performance in the prior
corresponding period from interest rate positioning; and
•Notable Items reduced income by $218 million compared to a reduction of $224 million in the prior
corresponding period.
Average interest-earning assets increased by 3% to $996.7 billion. Growth in average loans of 4% reflects 10% growth
in business loans and 2% growth in housing. This was partially offset by the reduction in personal loans, the runoff of
RAMS housing loans and the runoff and subsequent sale of the auto finance portfolio. Average liquid assets increased
by 1% while other interest-earning assets grew by 3% due to increased holdings of trading securities, to facilitate
client activity.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
11
Review of earnings (Continued)
Net interest margin
First Half 2025 – Second Half 2024
The NIM decreased by 9 basis points to 1.88%. NIM comprised:
•Core NIM of 1.80%, down 3 basis points with key drivers described below;
•Treasury and Markets contribution of 12 basis points, down 1 basis point due to a reduction in Markets income; and
•Notable items from unrealised revaluations on economic hedges of term funding detracted 4 basis points, compared
to a benefit of 1 basis point in the prior period.
The 3 basis point decrease in Core NIM was driven by:
•Loan interest spread: 1 basis point decrease including narrower spreads in business, institutional and Australian
mortgage lending due to competition. Higher spreads on mortgage lending in New Zealand and switching from low
spread fixed rate mortgages to higher spread variable rate mortgages in Australia provided a benefit;
•Deposit interest spread: 2 basis points decrease reflects narrower spreads and a mix shift towards lower margin
savings accounts. Earnings on hedged deposits were higher;
•Wholesale funding: 1 basis point decrease from the impact of higher funding costs, with final Term Funding Facility
(TFF) drawdowns maturing in 2H24; and
•Capital and Other: 1 basis point increase. This includes higher earnings on hedged capital balances, which was
partly offset by lower returns on unhedged capital from reduced balances and the non-repeat of a 1 basis point
remediation provision release in the prior period.

12WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Review of earnings (Continued)
First Half 2025 – First Half 2024
The NIM decreased by 1 basis points to 1.88%. Group NIM comprised:
•Core NIM of 1.80%, was stable with key drivers described below;
•Treasury and Markets impact of 12 basis points, down 2 basis points primarily due to higher contribution from
Treasury in the prior corresponding period; and
•Notable items from unrealised fair value revaluations on economic hedges of term funding detracted 4 basis points,
compared to 5 basis points in the prior corresponding period.
The stable Core NIM was driven by:
•Loan interest spread: 2 basis points decrease including narrower spreads in business, institutional and Australian
mortgage lending due to competition. Higher spreads on mortgage lending in New Zealand and switching from low
spread fixed rate mortgages to higher spread variable rate mortgages in Australia provided a benefit;
•Deposit interest spread: 1 basis point decrease reflects narrower spreads and a mix shift towards lower margin
savings accounts. Earnings on hedged deposits were higher;
•Liquid Assets: 2 basis point increase as average liquid assets increased less than average lending assets;
•Wholesale funding: 2 basis point decrease as spreads on new term wholesale funding were higher than the spreads
on maturing facilities, which included TFF maturities; and
•Capital and Other: 3 basis point increase with higher earnings on hedged capital balances partly offset by lower
returns on unhedged capital from reduced balances.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
13
Review of earnings (Continued)
Loans
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Australia720,195704,907685,81025
Housing484,582473,435461,74325
RAMS (in runoff)25,60029,83633,315(14)(23)
Personal9,3659,4039,707-(4)
Business204,642194,138181,985512
Auto finance
a
-2,1163,054(100)(100)
Provisions(3,994)(4,021)(3,994)(1)-
New Zealand (A$)94,18794,13792,887-1
New Zealand (NZ$)103,614102,463101,17512
Housing69,51568,01167,37823
Personal1,1751,1511,1782-
Business33,45733,80233,143(1)1
Provisions(533)(501)(524)62
Other overseas (A$)10,4267,7236,1423570
Total loans824,808806,767784,83925
a.Portfolio was sold in March 2025. Balances included personal and business auto finance loans.
First Half 2025 – Second Half 2024
Loans increased by 2% to $824.8 billion and comprised the following movements:
•Growth in Australian housing loans, excluding RAMS, of 2% or 0.9x APRA system to $484.6 billion, mainly in variable
rate owner occupied mortgages. New lending with a loan to value ratio of under 80% increased by 2 percentage
points to 83% as we targeted growth in this segment;
•RAMS housing loans were down 14% to $25.6 billion as the portfolio is closed to new business;
•Australian personal lending was flat;
•Growth in Australian business lending of 5% to $204.6 billion. WIB lending balances were up with growth in energy,
infrastructure and institutional property sectors. Business segment growth was diversified, with our target sectors of
health, professional services and agriculture performing well;
•Completion of the sale of the auto finance portfolio in March 2025 reduced lending by $2.1 billion;
•Growth in New Zealand lending of 1% to NZ$103.6 billion with growth in owner occupied mortgages; and
•Growth in other overseas loan balances of 35% to $10.4 billion. This reflected growth in lending to US and Asian
customers who have a nexus to Australia or New Zealand.
First Half 2025 – First Half 2024
Loans increased by 5% to $824.8 billion and comprised the following movements:
•Growth in Australian housing loans, excluding RAMS, of 5% or 0.9x APRA system to $484.6 billion, mainly in variable
rate owner occupied mortgages;
•RAMS housing loans were down 23% to $25.6 billion as the portfolio is closed to new business;
•Australian personal lending was down 4% to $9.4 billion due to higher pay down and subdued new lending;
•Growth in Australian business lending of 12% to $204.6 billion. Growth in WIB lending balances reflected activity in
the energy, infrastructure, institutional property and industrials sectors. Business segment growth was diversified,
with our target sectors of health, professional services and agriculture performing well;
•Runoff from the wind down and subsequent sale of the auto finance portfolio in March 2025 reduced lending by
$3.1 billion;
•Growth in New Zealand lending of 2% to NZ$103.6 billion with growth in owner occupied mortgages; and
•Growth in other overseas loan balances of 70% to $10.4 billion. This reflected growth in lending to US and Asian
customers who have a nexus to Australia or New Zealand.

14WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Review of earnings (Continued)
Deposits and other borrowings
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Customer deposits
Australia614,458593,795570,48838
Transactions113,433110,393114,1203(1)
Savings209,035197,415186,945612
Term158,944157,282148,11017
Non-interest bearing133,046128,705121,313310
New Zealand (A$)73,58673,20172,37812
New Zealand (NZ$)80,95079,67678,83723
Transactions9,4129,5959,133(2)3
Savings20,67419,43320,10363
Term38,83639,45137,685(2)3
Non-interest bearing12,02811,19711,91671
Other overseas (A$)8,7186,6198,080328
Total customer deposits696,762673,615650,94637
Certificates of deposit42,48846,87451,280(9)(17)
Australia27,77733,21535,727(16)(22)
New Zealand (A$)1,8871,7112,41410(22)
Other overseas (A$)12,82411,94813,1397(2)
Total deposits and other borrowings739,250720,489702,22635
First Half 2025 – Second Half 2024
Customer deposits grew by 3% to $696.8 billion and comprised the following movements:
•Australian deposits grew 3% to $614.5 billion mainly from growth in savings and non-interest bearing accounts. The
increase in savings deposits was predominantly in Consumer. Non-interest bearing deposits increased due to a rise
in mortgage offset balances of 7% to $68.0 billion;
•New Zealand deposits increased 2% to NZ$80.9 billion, primarily in savings accounts as customers elected to
maintain some flexibility given the uncertain economic and interest rate environment; and
•Other overseas deposits were up 32% to $8.7 billion, primarily in WIB due to higher offshore term deposits.
The deposit to loan ratio of 84.5% was higher than 30 September 2024, with deposit growth exceeding loan growth
during the period.
First Half 2025 – First Half 2024
Customer deposits grew by 7% to $696.8 billion. Growth comprised the following movements:
•Australian deposits were up 8% to $614.5 billion with growth in savings, non-interest bearing and term deposits.
The increase in savings deposits was predominantly in Consumer, and term deposit growth was primarily in WIB.
Non-interest bearing deposits were up due to an increase in mortgage offset balances of 13% to $68.0 billion;
•New Zealand deposits increased 3% to NZ$80.9 billion with growth primarily in term deposits and savings accounts
as customers preferences shifted to higher yielding accounts; and
•Other overseas deposits were up 8% to $8.7 billion, primarily in WIB from higher offshore term deposits.
The deposit to loan ratio of 84.5% increased from 82.9% as at 31 March 2024, as deposit growth outpaced loan growth
over the last 12 months.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
15
Review of earnings (Continued)
Loan and deposits market share and system multiple metrics
As atAs atAs at
31 March30 Sept31 March
202520242024
Market Share
Australia
ADI System (APRA)
Housing credit21%21%21%
Personal credit cards22%21%21%
Business credit
a
16%16%15%
Household deposits21%21%21%
Business deposits
b
18%18%18%
New Zealand (Reserve Bank of New Zealand (RBNZ))
c
Consumer lending18%18%18%
Business lending16%16%16%
Deposits17%17%18%
Half YearHalf YearHalf Year
MarchSeptMarch
202520242024
System Multiples
Australia
ADI System (APRA)
Housing credit0.50.71.2
Personal credit cards
d
n/a0.61.0
Business credit
a
1.41.70.4
Household deposits1.01.11.1
Business deposits
b,d
0.9large1.1
New Zealand (RBNZ)
c
Consumer lending0.90.41.3
Business lending
d
n/alargen/a
Deposits
d
0.50.7n/a
a.Westpac Group’s business credit growth rate and multiples are based on ADI System published by APRA in the Monthly ADI statistics.
Business credit includes loans with Non-Financial businesses, and Community service organisations across all segments. Comparatives may
differ from previously reported values to reflect revisions in published system statistics.
b.Westpac Group’s business deposit growth rate and multiples are based on ADI System published by APRA in the Monthly ADI statistics.
Business deposits include deposits from Non-Financial businesses and Community service organisations across all segments.
c.New Zealand comprises New Zealand banking operations.
d.n/a indicates that system growth and/or Westpac growth was negative.

16WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Review of earnings (Continued)
Non-interest income
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Net fee income8408308421-
Net wealth management income239223218710
Trading and other income36331940314(10)
Total non-interest income1,4421,3721,4635(1)
Non-interest income is composed of:
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Non-interest income (Ex Notable Items)
Net fee income8408308421-
Net wealth management income239223218710
Trading and other income3453294055(15)
Total non-interest income (Ex Notable Items)1,4241,3821,4653(3)
Notable Items
Trading and other income18(10)(2)largelarge
Total non-interest income - Notable Items18(10)(2)largelarge
Total non-interest income1,4421,3721,4635(1)
First Half 2025 – Second Half 2024
Non-interest income increased by 5% to $1,442 million. Excluding Notable Items, non-interest income was up 3% to
$1,424 million.
Net fee income increased by 1% to $840 million. Key movements included:
•Higher institutional lending fees of $19 million from increased underwriting activity and fee income from higher
average lending balances;
•Higher cards income of $17 million reflecting higher annual credit card and scheme fees;
•Lower New Zealand fees of NZ$15 million, reflecting both lower card scheme and loan establishment fees; and
•Lower Australian merchants income of $8 million, largely due to lower volumes.
Net wealth management income increased by 7% to $239 million with higher funds under administration partly offset
by platforms margin compression.
Trading and other income increased by 14% to $363 million. Excluding Notable Items, trading and other income
increased by 5% to $345 million due to higher credit sales and risk management income, largely in foreign exchange
(FX). This was partly offset by a negative derivative valuation adjustment (DVA) and the net loss on the sale of the auto
finance portfolio of $8 million.
First Half 2025 – First Half 2024
Non-interest income declined by 1% to $1,442 million. Excluding Notable Items non-interest income decreased by 3% to
$1,424 million.
Net fee income of $840 million was flat. Key movements included:
•Higher card fees of $17 million from higher currency conversion fees reflecting increased international spend and
higher annual card fees;
•Higher institutional lending fees of $8 million, primarily from the impact of a larger loan book; and
•Lower Australian merchants income of $24 million, primarily due to lower volumes.
Net wealth management income increased by 10% to $239 million with lower remediation costs and higher funds under
administration partly offset by platforms margin compression.
Trading and other income decreased by 10% to $363 million. Excluding Notable Items, trading and other income
decreased by 15% to $345 million reflecting lower sales and risk management income, a reduction in DVA and the net
loss on the sale of the auto finance portfolio.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
17
Review of earnings (Continued)
Markets related income
1
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Net interest income114129123(12)(7)
Non-interest income3363103678(8)
Markets income4504394903(8)
Sales and risk management income4694355028(7)
Derivative valuation adjustment
a
(19)4(12)large58
Markets income4504394903(8)
a.Includes the impact of credit valuation adjustment and funding value adjustment.
Markets income comprises sales and risk management revenue derived from the creation, pricing and distribution of risk
management products to Westpac's customers. Dedicated relationship specialists provide product solutions to these
customers to help manage their interest rate, foreign exchange, commodity, credit and structured products exposures.
First Half 2025 – Second Half 2024
Markets income increased by 3% to $450 million.
Sales and risk management income increased by 8% to $469 million. This was largely driven by higher FX trading income.
DVA had a negative impact of $19 million compared to a $4 million positive contribution in the prior period.
First Half 2025 – First Half 2024
Markets income decreased by 8% to $450 million.
Sales and risk management income decreased by 7% to $469 million. This was driven by lower trading income in fixed
income products partly offset by higher sales revenue.
DVA had a negative impact of $19 million compared to a negative $12 million impact in the prior corresponding period.
1.
Markets income includes financial markets income derived by WIB, Business & Wealth and Westpac New Zealand.

18WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Review of earnings (Continued)
Operating expenses
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Staff expenses(3,115)(2,968)(2,931)56
Occupancy expenses(318)(348)(352)(9)(10)
Technology expenses(1,480)(1,441)(1,323)312
Other expenses(785)(792)(789)(1)(1)
Total operating expenses(5,698)(5,549)(5,395)36
Expense to income ratio (Ex Notable Items)51.83%50.69%49.88%114 bps195 bps
Full Time Equivalent (FTE) employees
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 25Mar 25
Number of FTE202520242024- Sept 24- Mar 24
Permanent employees34,16833,58333,39522
Temporary employees1,8011,6571,9539(8)
FTE35,96935,24035,34822
Average FTE35,52235,17135,33711
First Half 2025 – Second Half 2024
Total operating expenses increased 3% to $5,698 million reflecting the step up in UNITE investment, salary and wage
growth along with increased software amortisation. Cost Reset actions and seasonally lower spend across other
investments provided a partial offset.
Staff expenses increased by 5% to $3,115 million. Key movements included:
•Wages growth and the increase in the superannuation contribution rate to 11.5%;
•Higher average FTE which increased by 1% to support UNITE and the investment in bankers; and
•Benefits from Cost Reset actions.
Occupancy expenses decreased by 9% to $318 million reflecting the reduction of the Group’s corporate and
branch footprint.
Technology expenses increased 3% to $1,480 million due to increased costs related to UNITE and software amortisation
following the completion of major projects. Seasonally lower spend across other investments provided a partial offset.
Other expenses decreased 1% to $785 million due to lower litigation and remediation costs. Additional costs related to
the closure of RAMS to new business were lower than Second Half 2024.
First Half 2025 – First Half 2024
Total operating expenses increased 6% to $5,698 million. The increase reflects the step up in UNITE investment, salary
and wage growth, higher costs of third party technology vendors along with increased software amortisation. Cost
Reset actions and lower risk and regulatory investment spend provided a partial offset.
Staff expenses increased 6% to $3,115 million. Key movements included:
•Wages growth and the increase in the superannuation contribution rate to 11.5%;
•Higher average FTE which increased by 1% to support UNITE and the investment in bankers; and
•Benefits from Cost Reset actions.
Occupancy expenses decreased by 10% to $318 million. This reflects the reduction of the Group’s Corporate and
branch footprint.
Technology expenses increased 12% to $1,480 million due to higher third-party vendor costs, step up in UNITE
investment and increased software amortisation following the completion of major projects. Lower risk and regulatory
investment spend provided a partial offset.
Other expenses decreased 1% or $4 million to $785 million.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
19
Review of earnings (Continued)
Investment spend
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Expensed521578414(10)26
Capitalised software, fixed assets and prepayments327442322(26)2
Total8481,020736(17)15
UNITE25111433120large
Growth and productivity244339211(28)16
Risk and regulatory353567492(38)(28)
Total8481,020736(17)15
Total investment spend of $848 million was 15% higher than the prior corresponding period. The growth is primarily
attributed to the increased investment in UNITE.  Seasonality and the completion of risk and regulatory projects were
the main factors in the 17% decline relative to the prior period.
Of the investment spend, 61% was expensed in the First Half 2025 compared to 57% in the prior period and 56% in
the prior corresponding period of total spend. UNITE projects accounted for 29%, growth and productivity initiatives
accounted for 29% and 42% was directed towards risk and regulatory activities.
UNITE investment spend increased to $251 million with 77% expensed in the First Half 2025. Of the 60 initiatives, 4 have
completed and 41 are in progress.
Key achievements:
•Consolidated 20 Consumer identity verification processes to one;
•Introduced multiple offset accounts for all eligible home loan customers, providing customer greater choice and
control over their finances; and
•Consolidated two versions of Asia BankTrade into one best system, simplifying processes while reducing risk
and complexity.
Spend in the period focused on prioritised initiatives, including:
•Mortgage simplification to a single suite of products, processes and applications;
•Consolidating deposit origination pathways for Cash and Transaction banking customers;
•Extending Digital Banker capabilities to all bankers;
•Consolidating seven collections systems to one system; and
•Streamlining fraud operations from four workflow systems to one solution.
Growth & Productivity investments included:
•Continued development of BizEdge, the integrated business lending originations platform with the initial rollout to
Westpac business bankers in March 2025;
•The Westpac One Core transaction banking platform achieved New Payments Platform (NPPA) certification,
representing significant progress towards delivering real-time treasury management;
•Launch of a new digital invoice finance solution to help commercial customers manage their cashflow;
•New features in the Westpac App and enhancements to the Westpac New Zealand online banking app;
•Enhancing transactional banking and merchant service experience; and
•Continued development of AI platforms with the launch of Relationship Banker Assistant, FM Virtual Assistant and
Financial Crime Coworkers.
Risk and Regulatory spend included:
•Compliance with the 2025 Banking Code of Practice (BCOP), providing additional protections for small business
customers, guarantors, vulnerable customers and customers requiring additional support;
•Continuing to expand scam prevention capabilities to enhance customer protection;
•Upgraded the ageing core platform and migrated domestic high value payments to a new application with more
advanced capabilities;
•Achieving ISO 20022 compliance for high value payments;
•Implementing changes to comply with Prudential Standard CPS 230, Operational Risk Management. The new
standard requires entities to better manage operational risks and respond to business disruptions; and
•Continuing to enhance records management systems and processes.

20WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Review of earnings (Continued)
Capitalised software
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Balance as at beginning of period2,6752,6582,7971(4)
Total additions347463329(25)5
Amortisation expense(485)(447)(442)910
Impairment expense--(19)-(100)
Foreign exchange movements(5)1(7)large(29)
Balance as at end of period2,5322,6752,658(5)(5)
Average amortisation period (years)2.83.03.2(0.2) years(0.4) years
Capitalised software decreased by 5% on both the prior period and the prior corresponding period to $2,532 million. The
decrease reflects increased amortisation due to the completion of key projects such as One Banking Platform, Payments
and investment to comply with RBNZ's outsourcing policy, BS11. Additions included ongoing investment in payment
systems and UNITE. The average amortisation period reduced by 0.4 years to 2.8 years from First Half 2024 and by 0.2
years from Second Half 2024.
Credit impairment charges
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Individually assessed provisions (IAPs)
New IAPs(251)(210)(213)2018
Write-backs89633041197
Recoveries115100901528
Total IAPs, write-backs and recoveries(47)(47)(93)-(49)
Collectively assessed provisions (CAPs)
Write-offs(279)(275)(211)132
Other changes in CAPs76147(58)(48)large
Total CAPs(203)(128)(269)59(25)
Total credit impairment (charges)/benefits(250)(175)(362)43(31)
Impairment charges/(benefits) to average loans6 bps4 bps9 bps2 bps(3 bps)
Net write-offs to average gross loans6 bps6 bps5 bps-1 bps
First Half 2025 – Second Half 2024
The credit impairment charge of $250 million remains historically low and represents 6 basis points of average loans, up
from 4 basis points. An increase in the downside scenario weight was the predominant driver of the higher charge.
The CAP charge of $203 million comprised write-offs of $279 million partly offset by a benefit in other changes in CAP of
$76 million. The other changes in CAP were due to:
•A reduction in portfolio overlays of $49 million from the release of the construction sector overlay and a reduction of
the Australian mortgages overlay;
•A reduction from an improved outlook for commercial property prices and interest rates; and
•An increase in the downside scenario weight of 2.5% reflecting a rise in geopolitical instability including deterioration
in international trading relationships.
The IAP charge of $47 million comprised:
•New IAPs of $251 million, mostly in the services and trade sectors;
•Recoveries of $115 million, mostly in credit card and personal loan portfolios; and
•Write-backs of $89 million.
First Half 2025 – First Half 2024
The credit impairment charge of $250 million represents 6 basis points of average loans, down from 9 basis points. The
reduction in the impairment charge was due to a 25% lower CAP charge and 49% lower IAP charge as credit quality
metrics have improved.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
21
Review of earnings (Continued)
Income tax expense
First Half 2025 – Second Half 2024
The effective tax rate of 31.4% in First Half 2025 was higher than the Second Half 2024 effective tax rate of 30.8%. The
increase was primarily due to prior period tax adjustments.
First Half 2025 – First Half 2024
The effective tax rate of 31.4% in First Half 2025 was higher than the effective tax rate of 30.9% in First Half 2024. The
increase was primarily due to the impact of prior period tax adjustments and higher non-deductible expenses in First
Half 2025.
The effective tax rate is above the Australian corporate tax rate of 30%, primarily due to the non-deductibility of
distributions paid on hybrid capital instruments.
Credit quality
Credit quality key metrics
As atAs atAs at
31 March30 Sept31 March
202520242024
Stressed exposures by credit grade as a % of TCE:
Impaired0.16%0.16%0.12%
Non performing, 90+ days past due0.37%0.47%0.46%
Non performing, less than 90 days past due0.28%0.23%0.24%
Watchlist and substandard0.55%0.59%0.54%
Total stressed exposures1.36%1.45%1.36%
Gross impaired exposures to TCE for business and institutional:
Business Australia0.54%0.65%0.47%
Business New Zealand0.31%0.32%0.38%
Institutional0.07%0.04%0.03%
Mortgage 90+ day delinquencies:
Group0.83%1.05%1.00%
Australia0.86%1.12%1.06%
New Zealand0.54%0.49%0.47%
Other consumer loans 90+ day delinquencies:
Group1.26%1.40%1.40%
Australia1.30%1.47%1.45%
New Zealand0.95%0.87%0.96%
Other:
Gross impaired exposures to gross loans0.25%0.24%0.19%
Gross impaired exposure provisions to gross impaired exposures40.88%41.28%46.60%
Total provisions to gross loans61 bps63 bps65 bps
Collectively assessed provisions to credit risk weighted assets
a
126 bps130 bps136 bps
Total provisions to credit risk weighted assets
a
144 bps145 bps149 bps
a.Comparatives have been revised to align with current period presentation.

22WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Credit quality (Continued)
Movement in gross impaired exposures
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Balance as at beginning of period1,9551,5001,3023050
New and increased - individually managed418417284-47
Write-offs(364)(343)(277)631
Returned to performing or repaid(128)(166)(122)(23)5
Portfolio managed - new/increased/
returned/repaid217552318(61)(32)
Exchange rate and other adjustments-(5)(5)(100)(100)
Balance as at end of period2,0981,9551,500740
First Half 2025 – Second Half 2024
Stressed exposures as a percentage of total committed exposures decreased by 9 basis points to 1.36%.
The composition and drivers of stressed exposures were:
•Impaired exposures of 16 basis points: no change compared to 30 September 2024;
•Non-performing, 90+ days past due and not impaired exposures of 37 basis points: a 10 basis point reduction
reflecting lower mortgage 90+ day delinquencies;
•Non-performing not 90 days past due and not impaired exposures of 28 basis points: a 5 basis point increase,
reflecting a rise in mortgages categorised as non performing after exiting 90+ days past due;
•Watchlist and substandard exposures of 55 basis points: a 4 basis point reduction mostly within the mining and
trade sectors.
Gross impaired exposures to gross loans were 1 basis point higher at 0.25%, with the reduction in impaired exposures
in Australian business more than offset by an increase in WIB, mainly from one customer in the service sector. The
provision coverage of the impaired portfolio was stable at 41%. Impaired exposures have an appropriate level of
provision cover.
Portfolio segments First Half 2025 – Second Half 2024
Stressed exposures in WIB increased by 2 basis points to 0.78%, driven by higher watchlist exposures in the
property sector. Impaired exposures remained low at 0.12% of TCE with the 7 basis point increase mostly within the
services sector.
Australian business stressed exposures decreased by 25 basis points to 4.99% of TCE, driven by lower watchlist
exposures in the property and trade sectors. Impaired exposures to TCE decreased 11 basis points to 0.54% with
improvement in the services and agricultural sectors.
Australian mortgage 90+ day delinquencies decreased 26 basis points to 0.86% due to a reduction in hardship and a
change to serviceability treatment.
Properties in possession were 176, a reduction of 25 compared to 30 September 2024 reflecting fewer properties being
repossessed and a strong market resulted in faster inventory sales.
Australian other consumer 90+ day delinquencies decreased 17 basis points to 1.30% driven by the sale of the auto
finance portfolio. Excluding the impact of the sale, other consumer 90+ day delinquencies increased by 7 basis points,
mostly within the credit card portfolio.
In New Zealand, stressed exposure to TCE decreased by 10 basis points to 1.63%. This was mostly driven by a reduction
in watchlist exposures in the mining sector. 
New Zealand mortgage 90+ day delinquencies were up 5 basis points to 0.54%. Other consumer 90+ day delinquencies
were 8 basis points higher at 0.95%. This reflects the lagged impact of high interest rates, inflation and weakening of the
labour market.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
23
Credit quality (Continued)
Provisioning First Half 2025 – Second Half 2024
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Provision for expected credit losses (ECL) on
loans and credit commitments
Collectively assessed provisions
Modelled provision4,3214,3694,400(1)(2)
Overlays130179260(27)(50)
Total collectively assessed provisions4,4514,5484,660(2)(4)
Individually assessed provisions6115364611433
Total provision for ECL on loans and
credit commitments5,0625,0845,121-(1)
Provision for ECL on debt securities at
amortised cost
468(33)(50)
Provision for ECL on debt securities at FVOCI
a
666--
Total provision for ECL5,0725,0965,135-(1)
a.FVOCI represents fair value through other comprehensive income.
Total provisions of $5,072 million were stable with the reduction in CAPs of $97 million offset by higher IAPs.
The decrease in modelled CAPs of $48 million was due to:
•Sale of the auto finance portfolio; and
•An improved outlook for commercial property prices and interest rates.
This was partly offset by a 2.5% increase in the downside scenario weight reflecting a rise in geopolitical instability,
including deterioration in international trading relationships.
Overlays were $49 million lower. Key movements included:
•Release of the construction sector overlay and a reduction of the Australian mortgages overlay as the expected risks
did not materialise or are reflected in modelled outcomes.
•A new overlay to address risks for the accommodation and trade sectors in certain states.
The $70 million overlay related to the impact of extreme weather events was reviewed following Tropical Cyclone Alfred
and the Queensland floods and remained unchanged.
The increase in IAPs of $75 million was mainly driven by one new IAP in the services sector.
As atAs atAs at
31 March30 Sept31 March
Scenario weightings (%)202520242024
Upside5.05.05.0
Base50.052.552.5
Downside45.042.542.5

24WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Balance sheet and funding
Balance sheet
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Assets
Loans824,808806,767784,83925
Housing573,711566,081557,26313
Personal10,44011,23811,951(7)(13)
Business245,235234,016220,207511
Provision for expected credit losses(4,578)(4,568)(4,582)--
Liquid assets204,249200,682201,36421
All other assets69,83670,09566,458-5
Total assets1,098,8931,077,5441,052,66124
Liabilities
Customer deposits696,762673,615650,94637
Transactions123,096119,944123,3543-
Savings228,929216,256206,391611
Term199,612197,230187,62516
Non-interest bearing145,125140,185133,57649
Certificates of deposit42,48846,87451,280(9)(17)
Debt issues171,864169,284159,78128
Term funding from central banks2,7402,77712,507(1)(78)
Loan capital40,70337,88337,28079
All other liabilities71,98375,05968,307(4)5
Total liabilities1,026,5401,005,492980,10125
Equity
Total equity attributable to owners of WBC72,01571,70572,522-(1)
Non-controlling interest33834738(3)large
Total equity72,35372,05272,560--

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
25
Balance sheet and funding (Continued)
Funding and liquidity risk management
Liquidity risk is the risk that a bank will be unable to fund assets and meet obligations as they become due. This risk is
inherent for all banks as intermediaries between depositors and borrowers. Westpac has a Liquidity Risk Management
Framework which seeks to ensure we meet our cash flow obligations under a wide range of market conditions and
scenarios, as well as meeting the requirements of the LCR and NSFR.
The Liquidity Risk Management Framework is approved by the Board and sets out the funding and liquidity risk appetite.
It also determines the roles and responsibilities of key people managing funding and liquidity risk, risk reporting and
control processes. In addition, it sets out the limits and targets used to manage Westpac’s balance sheet, including
wholesale funding limits, liquidity risk limits and stress testing.
A strong liquidity position and a conservative funding profile were maintained during the half, with strong growth in
deposits and key ratios remaining well above regulatory requirements, which the Group believes is appropriate given
the current market backdrop.
LCR
QuarterQuarterQuarter% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
High Quality Liquid Assets (HQLA)182,824172,722181,53061
Total LCR liquid assets182,824172,722181,53061
Cash outflows in a modelled 30-day APRA
defined stressed scenario
Customer deposits97,84195,13395,01733
Wholesale funding12,2648,71513,52141(9)
Other flows
a
24,82526,06728,570(5)(13)
Total134,930129,915137,1084(2)
LCR135%133%132%255 bps310 bps
a.Other flows include credit and liquidity facilities, collateral outflows, inflows from customers and TFF maturities.
The LCR is designed to enhance banks’ short-term resilience, by measuring the level of HQLA, as defined, held against
its liquidity needs for a 30 calendar day period under a regulator-defined stress scenario.
The average LCR for the quarter ended 31 March 2025 was 135%, an increase of 255 basis points compared to the
quarter ended 30 September 2024. The increase in liquid assets more than offset the impact of the modelled rise in net
cash outflows. The ratio was well above the regulatory minimum of 100% throughout the First Half 2025 and provides
flexibility during periods of market disruption. 
The average HQLA held in the March 2025 quarter was $183 billion, which provides approximately $48 billion in HQLA
above the 100% LCR minimum. The portfolio of HQLA provides a buffer against periods of liquidity stress, as well as
meeting regulatory requirements. HQLA include cash, deposits with central banks, government and semi-government
securities, and are recognised in the LCR calculation at market value.
Derivatives are used to hedge the interest rate risk of the liquid asset portfolio and reduce exposure to changes in fair
value. Changes in the fair value of liquid assets are recognised in Other Comprehensive Income through the relevant
equity reserve.
Westpac also has access to non-HQLA and other assets that are eligible for re-purchase with a central bank under
certain conditions and provide a source of additional liquidity. These assets include private securities and self-originated
AAA-rated mortgage-backed securities.

26WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Balance sheet and funding (Continued)
NSFR
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Available stable funding767,463736,202720,48347
Required stable funding666,726654,798632,77525
Net stable funding ratio115%112%114%268 bps125 bps
The NSFR is designed to encourage banks’ longer-term funding resilience. To comply, banks are required to maintain an
NSFR of at least 100% at all times. The NSFR was 115% at 31 March 2025, well above the 100% minimum and above the
Group's normal operating range. There has been little change to our liquidity risk or structural term profile.
The ratio was up from 112% at 30 September 2024. Available stable funding increased by $31 billion due to growth in
customer deposits. This was greater than the increase in required stable funding of $12 billion from customer lending.
Funding
The composition and stability of the Group's funding is monitored to comply with its funding risk appetite and the
regulatory requirements of both the LCR and NSFR. A conservative funding profile was maintained during the half with
deposits providing the primary funding source for new lending growth, with wholesale market activities focussed on
refinancing wholesale maturities and remaining responsive to balance sheet needs.
Funding by residual maturity
As at 31 March 2025As at 30 Sept 2024As at 31 March 2024
$mRatio %$mRatio %$mRatio %
Customer deposits696,76267.5673,61566.9650,94665.9
Wholesale funding
Short term82,0667.982,5908.280,2898.1
Long term - less than
or equal to one year
residual maturity
a
29,3902.831,7903.244,1454.5
Long term - more
than one year
residual maturity
a
145,48014.2140,45813.9133,89513.5
Securitisation6,5020.65,5390.66,0970.7
Total wholesale funding263,43825.5260,37725.9264,42626.8
Equity
b
72,1317.072,0527.272,4077.3
Total funding1,032,331100.01,006,044100.0987,779100.0
a.Comparatives have been revised to align with current period presentation.
b.Includes total share capital, share-based payment reserve and retained profits.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
27
Balance sheet and funding (Continued)
Long term wholesale funding
Long term funding with a residual maturity greater than 12 months made up 14.2% of total funding at 31 March 2025,
up from 13.9% at 30 September 2024, due to movements in exchange rates. Funding from securitisation accounted for a
further 0.6% of total funding.
In total, $15.3 billion of long term wholesale funding was raised in the First Half 2025, including $1.2 billion issued by
Westpac New Zealand Limited. This compares to $19.8 billion in First Half 2024. Growth in household deposits together
with lower wholesale funding maturities reduced the bank's long-term wholesale funding needs in the First Half 2025.
New term issuance included senior unsecured bonds, RMBS and Tier 2 capital securities and was raised across a range
of tenors and currencies.
Short term wholesale funding
Short term wholesale funding accounted for 7.9% of total funding at 31 March 2025, down from 8.2% in 30 September
2024. Long term funding where the residual maturity is less than one year, reduced to 2.8% at 31 March 2025, from 3.2%
at 30 September 2024. The short term wholesale funding portfolio, including long-term funding with a residual maturity
of less than one year, had a weighted average maturity of 157 days, up from 151 days at 30 September 2024.
Deposit to loan ratio
As at 31 March 2025As at 30 Sept 2024As at 31 March 2024
$mRatio %$mRatio %$mRatio %
Customer deposits696,762673,615650,946
Loans824,80884.48806,76783.50784,83982.94
Customer deposits
Customer deposits accounted for 67.5% of total funding at 31 March 2025, compared to 66.9% at 30 September 2024.
Over First Half 2025, customer deposits increased by $23.1 billion or 3%, providing the primary funding source for new
lending.  Loans grew by $18.0 billion or 2% and this resulted in the deposit to loan ratio increasing to 84.5%, a new high
for the Group.
Equity
Funding from equity made up 7.0% of total funding at 31 March 2025, compared to 7.2% at 30 September 2024. This
reflects the impact of the on market share buyback conducted during First Half 2025.

28WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Capital and dividends
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 25Mar 25
202520242024- Sept 24- Mar 24
Level 2 regulatory capital structure
Common equity Tier 1 (CET1) capital after
deductions ($m)55,00754,64855,7641(1)
Risk weighted assets (RWA) ($m)449,495437,430444,41731
CET1 capital ratio12.24%12.49%12.55%(25 bps)(31 bps)
Additional Tier 1 capital ratio2.31%2.33%2.46%(2 bps)(15 bps)
Tier 1 capital ratio14.55%14.82%15.01%(27 bps)(46 bps)
Tier 2 capital ratio7.06%6.56%6.42%50 bps64 bps
Total regulatory capital ratio21.61%21.38%21.43%23 bps18 bps
APRA leverage ratio5.20%5.30%5.49%(10 bps)(29 bps)
Level 1 regulatory capital structure
CET1 capital after deductions ($m)51,08750,45451,9991(2)
Risk weighted assets ($m)408,792397,719406,39731
Level 1 CET1 capital ratio12.50%12.69%12.80%(19 bps)(30 bps)
Capital management strategy
Westpac's capital management strategy is reviewed on an ongoing basis, including through an annual Internal Capital
Adequacy Assessment Process (ICAAP). Key considerations include:
•Regulatory capital minimums together with the capital conservation buffer and countercyclical capital buffer
comprise the Total CET1 Requirement. The Total CET1 Requirement for D-SIBs, including Westpac, is at
least 10.25%
1
;
•Strategy, business mix and operations and contingency plans;
•Perspectives of external stakeholders including rating agencies as well as equity and debt investors; and
•A stress testing framework that tests our resilience under a range of adverse economic scenarios.
The Board has determined a target CET1 operating capital range of between 11.0% and 11.5%, in normal
operating conditions.
APRA announcement to phase out Additional Tier 1 (AT1) capital as eligible bank capital
On 9 December 2024, APRA confirmed it will phase out AT1 capital instruments from the bank prudential framework.
Under APRA’s proposed approach, large internationally active banks such as Westpac will replace 1.5% AT1 capital with
1.25% Tier 2 capital and 0.25% CET1 capital which would see the total CET1 requirement, including regulatory buffers,
increase from 10.25% to 10.50%.
APRA intends to finalise changes to relevant prudential standards before the end of 2025, with the updated framework
to come into effect from 1 January 2027. In addition, from this date, existing AT1 capital instruments would be eligible
to be included as Tier 2 capital, until their first scheduled call date. All existing AT1 capital instruments issued by an
Australian bank would reach their first scheduled call date by 2032 at the latest.
1.
Noting that APRA may apply higher CET1 requirements for an individual ADI.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
29
Capital and dividends (Continued)
LEVEL 2 CET1 CAPITAL RATIO MOVEMENT FOR FIRST HALF 2025
12.49%
74bps
(58bps)
(31bps)
3bps(13bps)
12.24%
Sep-24Net profitDividendsRWA movementCapital
deductions and
other items
Capital returnMar-25
The Level 2 CET1 capital ratio was 12.24% at 31 March 2025, 25 basis points lower than 30 September 2024. Key
movements included:
•First Half 2025 net profit: 74 basis points increase;
•Payment of the 2024 final ordinary dividend: 58 basis points reduction;
•RWA movement: 31 basis points decrease mainly due to higher non-credit RWA;
•Capital deductions and other items: 3 basis points increase mainly due to a decrease in capitalised software and
capitalised expenditure balances; and
•Capital return: 13 basis points reduction comprising approximately $0.6 billion of on market share buybacks.
The Level 1 CET1 capital ratio was 12.50% at 31 March 2025, 19 basis points lower than 30 September 2024 with
movements broadly in line with Level 2.
Tier 2
Westpac issued $3.6 billion of Tier 2 capital instruments and redeemed $2.4 billion over the half. The net impact of these
transactions was an increase in the total regulatory capital ratio of approximately 25 basis points.
Domestic systemically important banks (D-SIBs), including Westpac, have a total capital requirement of 18.25% from
1 January 2026. Westpac's total regulatory capital ratio was 21.61% at 31 March 2025.
Leverage ratio
The leverage ratio represents the percentage of Tier 1 capital relative to the Exposure Measure
1
. At 31 March 2025,
Westpac's leverage ratio was 5.20%, down 10 basis point from 30 September 2024. The ratio remains well above APRA's
regulatory minimum requirement of 3.5%. The decrease in the leverage ratio is mainly due to an increase in total
exposures of $34.8 billion from higher lending.
Internationally comparable capital ratios
APRA’s capital adequacy requirements are more conservative than those of the Basel Committee on Banking
Supervision, leading to lower reported capital ratios when compared to international peers.
International comparable capital ratios have been calculated using the methodology outlined in the Australian Banking
Association study released on 10 March 2023.
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 25Mar 25
%202520242024- Sept 24- Mar 24
Internationally comparable capital ratios
CET1 capital ratio18.22%18.27%18.55%(5 bps)(33 bps)
Tier 1 capital ratio21.31%21.33%21.83%(2 bps)(52 bps)
Total regulatory capital ratio30.76%29.93%30.41%83 bps35 bps
Leverage ratio5.66%5.78%5.95%(12 bps)(29 bps)
1.As defined under Attachment D of APS 110: Capital Adequacy.

30WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Capital and dividends (Continued)
Risk Weighted Assets (RWA)
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Credit risk:
Corporate30,14025,97625,2691619
Business lending26,37325,03323,426513
Property finance31,61232,19630,386(2)4
Large corporate20,47121,03520,558(3)-
Sovereign2,1732,0471,919613
Financial institution15,17413,69413,0881116
Residential mortgages116,954116,228115,91811
Australian credit cards3,5233,5653,789(1)(7)
Other retail3,3953,9954,259(15)(20)
Small business16,53117,12317,378(3)(5)
Specialised lending4,5883,6953,2762440
Securitisation8,0107,8217,31729
Standardised19,95125,41426,668(21)(25)
New Zealand
a
48,34548,14246,490-4
Other assets5,9935,7604,892423
Total credit risk
b
353,233351,724344,633-2
Market risk8,4789,55511,251(11)(25)
Operational risk48,52148,19654,9341(12)
Interest rate risk in the banking book (IRRBB)39,26327,95533,5994017
Total risk weighted assets449,495437,430444,41731
a.Includes credit and securitisation exposures regulated under RBNZ prudential requirements.
b.Includes counterparty credit risk, credit valuation adjustment, securitisation exposures in the banking book and settlement risk. Comparatives
have been revised to include RWAs relating to Other assets.
Total RWA increased by 2.8% to $449.5 billion over the half largely due to the increase in non-credit RWA.
Credit RWA increased by $1.5 billion. Key movements included:
•A $9.1 billion increase from higher lending primarily in corporate, business lending, property finance and
residential mortgages;
•A $0.3 billion increase from foreign currency translation impacts, predominantly the depreciation of the A$ against
the US$;
•A $4.1 billion decrease from data refinements mainly related to property finance and residential mortgages
1
;
•A $2.0 billion decrease from counterparty credit risk and credit valuation adjustments;
•A $1.1 billion decrease mainly due to improvements in residential mortgages delinquency rates; and
•A $1.0 billion decrease from sale of the auto finance portfolio.
Non-credit RWA increased by $10.6 billion. Key movements included:
•IRRBB RWA: $11.3 billion increase from:
–A $13.2 billion increase in repricing and yield curve, basis and optionality risk primarily driven by a $8.8 billion
increase in RWA due to the Group's decision to extend the duration of its core non-rate sensitive (NRS) hedge
from 4 years to 5 years
2
and underlying banking book positions; and
–A $1.9 billion decrease from lower interest rates resulting in a regulatory embedded gain of $3.1 billion as at
31 March 2025 compared to $1.3 billion gain as at 30 September 2024.
•Market RWA: $1.1 billion decrease mainly from lower market risk exposures.
1.
This includes a $1 billion APRA RWA overlay pending rectification of the usage of a customer risk grade proxy on a small sub-set of
non-retail exposures.
2.Westpac is seeking approval from APRA for its revised NRS model to allow the approved profile to move to 5 years from 4 years which, subject
to APRA's approval, would remove this capital. APRA is reviewing this model and is expected to respond after September 2025 as part of the
implementation of the revisions to APS117.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
31
Capital and dividends (Continued)
Capital adequacy
As atAs atAs at
31 March30 Sept31 March
$m202520242024
Tier 1 capital
CET1 capital
Paid up ordinary capital37,35437,95838,944
Treasury shares(877)(815)(815)
Equity based remuneration2,1162,0281,994
Foreign currency translation reserve(385)(471)(332)
Accumulated other comprehensive income(625)(617)(238)
Non-controlling interests - other3838
Retained earnings33,45132,77332,179
Less retained earnings in life and general insurance, funds management and
securitisation entities(387)(357)(399)
Deferred fees356350305
Total CET1 capital71,00670,85771,676
Deductions from CET1 capital
Goodwill(8,066)(8,071)(8,050)
Deferred tax assets(2,343)(2,377)(2,186)
Capitalised expenditure(2,289)(2,349)(2,333)
Capitalised software(2,527)(2,668)(2,658)
Investments in subsidiaries not consolidated for regulatory purposes(175)(154)(136)
Regulatory expected downturn loss in excess of eligible provisions---
Securitisation(1)(9)(16)
Defined benefit superannuation fund surplus(211)(215)(146)
Equity investments(219)(235)(234)
Regulatory adjustments to fair value positions(168)(131)(153)
Total deductions from CET1 capital(15,999)(16,209)(15,912)
Total CET1 capital after deductions55,00754,64855,764
Additional Tier 1 capital
Basel III complying instruments10,41310,22510,956
Total Additional Tier 1 capital10,41310,22510,956
Deductions from Additional Tier 1 capital
Holdings of own and other financial institutions Additional Tier 1
capital instruments(26)(30)(26)
Total deductions from Additional Tier 1 capital(26)(30)(26)
Net Additional Tier 1 regulatory capital10,38710,19510,930
Net Tier 1 regulatory capital65,39464,84366,694
Tier 2 capital
Basel III complying instruments31,53128,29328,067
Eligible general reserve for credit loss729770896
Total Tier 2 capital32,26029,06328,963
Deductions from Tier 2 capital
Holdings of own and other financial institutions Tier 2 capital instruments(518)(368)(410)
Total deductions from Tier 2 capital(518)(368)(410)
Net Tier 2 regulatory capital31,74228,69528,553
Total regulatory capital97,13693,53895,247
Risk weighted assets449,495437,430444,417
CET1 capital ratio12.24%12.49%12.55%
Additional Tier 1 capital ratio2.31%2.33%2.46%
Tier 1 capital ratio14.55%14.82%15.01%
Tier 2 capital ratio7.06%6.56%6.42%
Total regulatory capital ratio21.61%21.38%21.43%

32WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Capital and dividends (Continued)
Dividends
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
202520242024- Sept 24- Mar 24
Ordinary dividend - Interim (cents per share)76-75-1
Ordinary dividend - Final (cents per share)-76-(100)-
Total ordinary dividend (cents per share)767675-1
Special dividend (cents per share)--15-(100)
Ordinary dividend payout ratio78.39%71.60%77.83%large56 bps
Ordinary dividend payout ratio (ex Notable Items)75.22%72.41%74.19%281 bps103 bps
Adjusted franking credit balance ($m)3,5223,5043,32116
The Board has determined to pay a fully franked 2025 interim ordinary dividend of 76 cents per share, to be paid on
27 June 2025 to shareholders on the register at the record date of 9 May 2025. The 2025 interim ordinary dividend
represents a payout ratio of 78.39%.
In addition to being fully franked, the 2025 interim ordinary dividend will carry NZ$0.06 in New Zealand imputation
credits that may be used by New Zealand tax residents.
The Board has determined to satisfy the DRP for the 2025 interim ordinary dividend by arranging for the purchase of
shares in the market by a third party. The market price used to determine the number of shares to be provided to DRP
participants will be set over the 17 trading days commencing 14 May 2025 and will not include a discount.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
33
Sustainability performance
Westpac’s sustainability approach
Our Sustainability Strategy is aligned to our Purpose and designed to create better futures for our people, customers,
communities and the environment. It is guided by the UN Sustainable Development Goals and supported by a
broad range of policies, procedures, and plans which are detailed on our website. It has six objectives: enhancing
financial inclusion and equality; strengthening data security and protection; becoming a net-zero, climate resilient bank;
becoming a nature positive bank; respecting and advancing human rights; and enabling diversity and inclusion.
Our sustainability disclosures are available on our website, of which most are updated and reported annually. Our
Sustainability Index and Datasheet consolidates most of our sustainability metrics and outlines our alignment with
key reporting initiatives including the Global Reporting Initiative, and initiatives led by the International Sustainability
Standards Board.
First Half 2025 highlights
•Elevated the role of the newly appointed Chief Sustainability Officer to report directly to the CEO;
•Included sustainability and climate-related measures in the Group Short Term Variable Reward Scorecard for the
CEO and certain Group Executives;
•Continued engagement via a Sustainability Market Update and a separate Sustainability Town Hall with
approximately 4,800 employees participating;
•Released our 2024 Modern Slavery Statement, outlining our actions to assess and address risks across our
operations and supply chain;
•Completed a Human Rights Risk Assessment which reviewed salient human rights risks to help us mitigate possible
impacts across our operations and supply chain;
•Launched a Safety by Design Toolkit, in collaboration with the Australian Banking Association (ABA), to support
banks in designing products and services with safeguards aimed at mitigating financial harms such as hardship, loss
or abuse;
•Launched Australia’s first Social Tailored Deposit to help fund lending that seeks to improve specific social issues;
•Provided 278 disaster relief packages to support customers impacted by Ex-Tropical Cyclone Alfred;
•Published our 2024 Westpac New Zealand Climate Report, the first report under the mandatory Aotearoa New
Zealand Climate Standards; and
•Released the Westpac New Zealand 2027 Sustainability Commitments which are focused on: supporting a
low-emissions, climate-resilient, and nature positive future; enhancing financial inclusion and independence; and
helping customers and local communities thrive.
Climate strategy
Our 2024 Climate Report outlines our ambition to become a net-zero, climate resilient bank, with three areas of focus.
1.  Net-zero and climate resilience in our operations
In Full Year 2024 we achieved our 2030 target of a 76% reduction in scope 1 and 2 absolute emissions from our 2021
baseline, six years ahead of schedule. We also reached our objective of sourcing the equivalent of 100% of our direct
operational Australian electricity demand from renewables, 12 months ahead of plan.
First Half 2025 highlights:
•Continued to source the equivalent of 100% of our direct electricity demand from renewables in Australia;
•Helped employees reduce their carbon footprint through the launch of two additional renewable electricity offers in
partnership with Flow Power and Energy Australia;
•Sought to further reduce waste to landfill from our Victoria and New South Wales corporate sites through new
collection services for soft plastics and other hard-to-recycle materials; and
•Retired carbon credits to offset our 2024 residual direct operational emissions as required under the Australian
Government's Climate Active Carbon Neutral standard for Organisations. Certification for Australia for 2024 is
pending. Maintained Toitū Net Carbon Zero certification for our New Zealand direct operations since 2019.

34WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
GROUP PERFORMANCE
Sustainability performance (Continued)
Progress on direct operational emissions and renewable energy targets
First Half
2025 (estimated)Full Year 2024
Full Year 2021
baseline
Market-based direct operational Scope 1 and Scope 2 greenhouse gas
(GHG) emissions
a,b
before carbon credits (tCO
2
-e)
3,7038,56562,360
Reduction to 2021 baseline (Half Year annualised) (%)(88)(86)n/a
Share of Australian operational electricity demand sourced from
renewables (% equivalent)
b
100100n/a
Share of global operational electricity demand sourced from renewables
(% equivalent, RE100)
b
9696n/a
a.For our scope 1 & 2 direct operational emissions we are using a market-based accounting method for emissions calculation. The 2021 baseline
for this target was adjusted for COVID-19 pandemic and other impacts.
b.Refer to our 2024 Sustainability Index and Datasheet for metric definition. For our Pacific Island businesses, Westpac surrendered additional
large-scale generation certificates (LGCs) in the Australian market to achieve the equivalent of 100% renewable electricity sourced globally.
2.  Supporting customers’ transition to net-zero and to build their climate resilience
We have 13 interim 2030 emission targets across all nine emissions-intensive sectors under our NZBA commitment, as
detailed in our 2024 Climate Report.
First Half 2025 highlights:
•Continued to engage customers on their climate transition plans and refined our engagement approach, focusing
more on climate opportunities and sharing insights;
•Completed ESG risk assessments for more than 5,000 Australian commercial banking customers (circa 3,800 since
October 2024), and our 50 largest business customers in Fiji and PNG;
•Increased sustainable finance lending
1
to $33.3 billion at 31 March 2025 (up 16% since September 2024);
•Increased sustainable bond facilitation by $3.2 billion in First Half 2025 (up 20% since 30 September 2024), bringing
total facilitation to $19.1 billion since October 2021
2
; and
•Made progress on other sustainable products and services outside our Sustainable Finance Framework including
providing 739 loans for EV/hybrid vehicles to Australian customers totalling $31 million.
Green Tailored Deposits decreased to $1.34 billion at 31 March 2025 ($1.97 billion at 30 September 2024) as customers
opted for shorter dated deposit products. These Deposits are not available for terms less than six months.
3.  Collaborate for impact on initiatives towards net-zero and climate resilience
We participated in a range of sustainability discussions and initiatives, including with ABA, ASIC, APRA, ASFI, New
Zealand’s FMA, NZBA and UNEP FI
3
.
1.
Total committed exposure, or balance for mortgages, assessed as sustainable finance in accordance with our Sustainable Finance Framework
at 31 March 2025.
2.Bond facilitation target and progress is measured as the cumulative sum of our proportionate share of qualifying bonds facilitated from
1 October 2021. Prior years are restated following data quality reviews which identified additional bonds not previously included.
3.The Australian Banking Association, the Australian Securities and Investments Commission, the Australian Prudential Regulation Authority,
the Australian Sustainable Finance Institute, the New Zealand Financial Markets Authority, the Net-Zero Banking Alliance and the UN
Environment Programme Finance Initiative.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
35
SEGMENT REPORTING
For reporting purposes, Westpac identifies the impact of Notable Items on income and expenses and includes a subtotal
titled “Pre-provision profit”. Pre-provision profit represents profit before impairment charges and income tax expenses.
ConsumerBusiness & Wealth
Westpac
Institutional Bank
Westpac
New Zealand
(A$)
a
Group BusinessesGroup$m
Half Year March 2025
Net interest income3,8522,6971,1771,2366079,569
Non-interest income28039661912181,424
Notable Items---(1)(199)(200)
Net operating income4,1323,0931,7961,35641610,793
Operating expenses(2,420)(1,368)(791)(665)(454)(5,698)
Total operating expenses(2,420)(1,368)(791)(665)(454)(5,698)
Pre-provision profit1,7121,7251,005691(38)5,095
Impairment (charges)/benefits(142)(117)39(30)-(250)
Profit before income tax
(expense)/benefit1,5701,6081,044661(38)4,845
Income tax (expense)/benefit
and NCI
b
(482)(490)(286)(185)(85)(1,528)
Net profit/(loss)1,0881,118758476(123)3,317
Net profit includes impact of:
Notable Items (post tax)
b
---(1)(139)(140)
Half Year September 2024
Net interest income3,8612,7221,1501,2176159,565
Non-interest income273389599135(14)1,382
Notable Items---(2)5351
Net operating income4,1343,1111,7491,35065410,998
Operating expenses(2,422)(1,370)(756)(616)(385)(5,549)
Total operating expenses(2,422)(1,370)(756)(616)(385)(5,549)
Pre-provision profit1,7121,7419937342695,449
Impairment (charges)/benefits(104)(47)(19)(3)(2)(175)
Profit before income tax
(expense)/benefit1,6081,6949747312675,274
Income tax (expense)/benefit
and NCI
b
(482)(513)(288)(203)(140)(1,626)
Net profit/(loss)1,1261,1816865281273,648
Net profit includes impact of:
Notable Items (post tax)
b
---(2)4341
a.Refer to Westpac New Zealand NZ$ segment reporting (page 46) for further details.
b.Includes tax benefit on Notable Items of $60 million in First Half 2025 (Second Half 2024: $10 million expense).

36WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
ConsumerBusiness & Wealth
Westpac
Institutional Bank
Westpac
New Zealand
(A$)
a
Group BusinessesGroup$m
Half Year March 2024
Net interest income3,7712,6161,0901,1717039,351
Non-interest income255409666122131,465
Notable Items---(6)(220)(226)
Net operating income4,0263,0251,7561,28749610,590
Operating expenses(2,365)(1,256)(709)(646)(419)(5,395)
Total operating expenses(2,365)(1,256)(709)(646)(419)(5,395)
Pre-provision profit1,6611,7691,047641775,195
Impairment (charges)/benefits(144)(95)(101)(22)-(362)
Profit before income tax
(expense)/benefit1,5171,674946619774,833
Income tax (expense)/benefit
and NCI
b
(459)(499)(265)(174)(94)(1,491)
Net profit/(loss)1,0581,175681445(17)3,342
Net profit includes impact of:
Notable Items (post tax)
b
---(4)(160)(164)
a.Refer to Westpac New Zealand NZ$ segment reporting (page 46) for further details.
b.Includes tax benefit on Notable Items of $62 million.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
37
Consumer
The Consumer segment provides banking products and services to customers in Australia. Products and services are
provided through a portfolio of brands comprising Westpac, St.George, BankSA and Bank of Melbourne using digital
channels, call centres, mobile bankers, branches and third-party brokers. It also includes the RAMS business, which is
closed to new business.
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Net interest income3,8523,8613,771-2
Non-interest income280273255310
Net operating income4,1324,1344,026-3
Operating expenses(2,420)(2,422)(2,365)-2
Total operating expenses(2,420)(2,422)(2,365)-2
Pre-provision profit1,7121,7121,661-3
Impairment (charges)/benefits(142)(104)(144)37(1)
Profit before income tax expense1,5701,6081,517(2)3
Income tax expense and NCI(482)(482)(459)-5
Net profit1,0881,1261,058(3)3
Expense to income ratio58.57%58.59%58.74%(2 bps)(17 bps)
Net interest margin1.70%1.70%1.69%-1 bps
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 25Mar 25
$bn202520242024- Sept 24- Mar 24
Customer deposits
Transactions46.346.647.4(1)(2)
Savings170.5159.0148.0715
Term66.265.666.01-
Mortgage offsets68.063.359.9714
Total customer deposits351.0334.5321.359
Loans
Housing484.6473.5461.925
RAMS (in runoff)25.629.833.3(14)(23)
Other8.88.89.0-(2)
Provisions(1.8)(1.8)(1.8)--
Total loans517.2510.3502.413
Deposit to loan ratio67.86%65.54%63.95%232 bps391 bps
Total assets529.0521.8514.713
TCE600.6594.2586.412
Risk weighted assets165.1174.4174.8(5)(6)
Average interest earning assets454.9453.7446.1-2
Average allocated capital23.324.024.0(3)(3)
Credit quality
Impairment charges/(benefits) to average loans0.06%0.04%0.06%2 bps-
Mortgage 90+ day delinquencies0.86%1.12%1.06%(26 bps)(20 bps)
Other consumer loans 90+ day delinquencies1.28%1.23%1.17%5 bps11 bps
Total stressed exposures to TCE0.99%1.10%1.04%(11 bps)(5 bps)

38WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
Consumer (Continued)
First Half 2025 – Second Half 2024
Net profit decreased 3% to $1,088 million.
Pre-provision profit was stable at $1,712 million. Flat operating income reflected a stable net interest margin while
flat operating expenses reflected lower costs from a smaller property footprint and seasonally lower investment spend
offset by higher salaries and wages and technology spend including the step up in UNITE investment.
Net interest income flat•The net interest margin was stable at 1.70%. Key drivers included:
–Lending competition to both retain and attract new mortgage customers
was partly offset by higher lending spreads as customers switched
from lower spread fixed rate mortgages to higher spread variable
rate mortgages;
–A deposit mix shift towards higher interest rate, lower margin savings
accounts which was offset by higher returns on hedged deposits;
–Higher funding costs from the widening of the spread between the bank
bill and overnight index swap rates; and
–Higher returns on hedged capital provided a benefit to margin.
•Net loans increased by 1% to $517.2 billion. Mortgage growth of 1% was
below APRA housing system growth, reflecting the decision to close RAMS
to new business. Excluding this impact, mortgages grew 2%, representing
0.9x system;
•Deposits were up 5% to $351.0 billion representing 1.0x APRA household
deposits system growth. Savings accounts grew by $11.5 billion as customer
preference shifted towards higher yielding flexible products. Mortgage offset
balances rose 7% to $68.0 billion, as customers continue to recognise the
benefits of offset accounts; and
•Deposit to loan ratio improved 232 basis points as customer deposit growth
exceeded lending growth and provided the main source of new funding.
Non-interest income up 3%
•Non-interest income was up 3% with higher credit card fees partly offset by
lower account keeping and settlement fees.
Expenses flat•Operating expenses were flat reflecting:
–Benefits from a simpler operating model and a smaller property footprint,
including branches and ATMs;
–The step up in UNITE spend partly offset by seasonally lower spend across
other investments;
–Higher salaries and wages and higher technology costs as we responded
to additional demand and delivered new capabilities; and
–Costs related to the closure of RAMS to new business were lower than
Second Half 2024.
Impairment charge of
$142 million
•Impairment charges to average loans were 6 basis points, up 2 basis points
from the prior period. The charge reflects an increase in the downside
scenario weight and write-offs in cards and personal lending, partly offset
by lower underlying delinquencies.
•Stressed exposure to TCE improved by 11 basis points to 0.99% reflecting the
continued resilience of customers. Mortgage 90+ day delinquencies decreased
26 basis points to 0.86% due to a reduction in hardship and a change
to serviceability treatment. Other consumer loan 90+ day delinquencies
increased 5 basis points to 1.28%.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
39
Consumer (Continued)
First Half 2025 – First Half 2024
Net profit increased 3% to $1,088 million.
Pre-provision profit increased 3% to $1,712 million with operating income up 3% and operating expense growth of 2%.
The improvement in operating income was driven by solid balance sheet growth and a 1 basis point increase in the net
interest margin. The rise in operating expenses reflected higher salaries and wages and technology costs including a
step up in UNITE spend partly offset by productivity benefits.
Net interest income up 2%•The net interest margin increased 1 basis point. Key drivers included:
–Lower lending spreads as competition to both retain and attract new
mortgage customers was partly offset by customers switching from lower
spread fixed rate mortgages to higher spread variable rate mortgages;
–Flat deposit spreads as a mix shift towards higher interest rate, lower
margin savings accounts was offset by higher returns on hedged deposits;
–Higher funding costs primarily due to the widening of the spread between
the bank bill and overnight index swap rates and maturing TFF being
replaced with more expensive wholesale funding; and
–Higher returns on hedged capital balances provided a benefit.
•Net loans increased by 3% to $517.2 billion. Mortgage growth of 5%, excluding
RAMS, was mostly achieved in owner occupied variable rate mortgages.
Variable rate mortgages increased from 85% to 95% of the portfolio with
most of the $46.6 billion of expiring fixed rate loans being retained and rolling
onto variable rates, coupled with almost all new loans on variable rates;
•Deposits were up 9% to $351.0 billion. Growth was mostly in savings with
balances increasing by $22.5 billion as customers continued to shift towards
higher yielding products. Term deposits were flat as customers largely
preferred the flexibility of similar rate saving accounts. Mortgage offset
balances rose by 14% to $68.0 billion, as almost all new loans were to variable
rate mortgages with an offset feature; and
•With deposit growth continuing to exceed loan growth, the deposit to loan
ratio improved 391 basis points to 67.9%.
Non-interest income up 10%
•Non-interest income rose 10% to $280 million driven by higher currency
conversion fees from a rise in overseas card spend and an increase in annual
credit card fees.
Expenses up 2%•Operating expenses increased 2% to $2,420 million. Key drivers included:
–Higher salaries and wages and higher technology costs as we responded
to additional demand and delivered new capabilities;
–Increased UNITE investment spend, that was partly offset by the
completion of investments in the prior corresponding period.
•Expense increases were partly offset by the benefits from a simpler operating
model and a smaller property footprint, including branches and ATMs.
Impairment charge of
$142 million
•Impairment charge to average loans of 6 basis points was flat to the
prior corresponding period. The charge reflects an increase in the downside
scenario weight and write-offs in cards and personal lending.
•Stressed exposure to TCE improved by 5 basis points to 0.99%. Mortgage
90+ day delinquencies decreased 20 basis points reflecting fewer customers
needing hardship support and a change to the serviceability treatment. Other
consumer loan 90+ day delinquencies increased 11 basis points.

40WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
Business & Wealth
The Business & Wealth segment provides banking products and services to customers in Business Banking, Wealth
Management, Private Wealth and Westpac Pacific. Business Banking offers lending generally up to $200 million in
exposure, merchant services using eCommerce solutions and transaction banking services. Customers are categorised
by commercial businesses, small to medium businesses and agribusiness. The segment includes Private Wealth,
supporting the needs of high-net-worth individuals, as well as BT Financial Group, which provides wealth management
platform services. It also includes Westpac Pacific and for part of the period included our auto finance portfolio, which
has been in runoff and was sold in March 2025. The segment operates under the Westpac, St.George, BankSA, Bank of
Melbourne and BT brands.
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Net interest income2,6972,7222,616(1)3
Non-interest income3963894092(3)
Net operating income3,0933,1113,025(1)2
Operating expenses(1,368)(1,370)(1,256)-9
Total operating expenses(1,368)(1,370)(1,256)-9
Pre-provision profit1,7251,7411,769(1)(2)
Impairment (charges)/benefits(117)(47)(95)14923
Profit before income tax expense1,6081,6941,674(5)(4)
Income tax expense and NCI(490)(513)(499)(4)(2)
Net profit1,1181,1811,175(5)(5)
Expense to income ratio44.23%44.04%41.52%19 bps271 bps
Net interest margin5.09%5.37%5.34%(28 bps)(25 bps)
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 25Mar 25
$bn202520242024- Sept 24- Mar 24
Customer deposits
Transactions65.665.262.914
Savings30.529.130.151
Term52.150.047.649
Total customer deposits148.2144.3140.635
Loans
Commercial/SME105.899.193.0714
Pacific1.51.31.31515
Business lending107.3100.494.3714
Other1.41.41.4--
Auto finance
a
-2.13.1(100)(100)
Provisions(1.9)(1.9)(1.9)--
Total loans106.8102.096.9510
Deposit to loan ratio138.74%141.48%145.10%(274 bps)large
Total assets112.1107.1102.459
TCE141.9137.8131.238
Risk weighted assets91.392.989.1(2)2
Average interest earning assets106.2101.398.058
Average allocated capital12.011.711.534
Total funds152.1150.8147.013
Credit quality
Impairment charges/(benefits) to average loans0.22%0.09%0.20%13 bps2 bps
Impaired exposures to TCE0.57%0.68%0.54%(11 bps)3 bps
Total stressed exposures to TCE5.26%5.56%5.52%(30 bps)(26 bps)
a.Portfolio was sold in March 2025. Balances included personal and business auto finance loans.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
41
Business & Wealth (Continued)
First Half 2025 – Second Half 2024
Net profit decreased 5% to $1,118 million.
Pre-provision profit decreased 1% to $1,725 million reflecting a 1% decline in operating income and flat operating
expenses. Excluding a provision release in Second Half 2024, operating income increased 1% supported by 5% lending
growth which was largely offset by a 28 basis point lower net interest margin. For operating expenses, higher UNITE
costs were offset by lower litigation and restructuring costs.
Net interest income down 1%•The net interest margin contracted 28 basis points. This included the impact
of provision releases in the prior period and the completion of the sale of the
auto finance portfolio in First Half 2025. These items detracted 6 basis points.
Excluding these items, drivers in descending order were:
–Unfavourable portfolio mix as lending growth outpaced deposit growth,
reflected in a lower deposit to loan ratio;
–The mix shift towards lower margin term deposits and an increase in
customers switching to higher yielding accounts. Higher returns on hedged
deposits partly offset these impacts;
–Lower lending spreads reflecting competitive market dynamics; and
–Higher returns on hedged capital balances provided a benefit to margin.
•Net loans increased 5% to $106.8 billion. Business lending grew 7% with
growth across most sectors. Target sectors of health, professional services
and agriculture all performed well, growing between 8% and 12%. This was
partly offset by the wind down and subsequent sale of the $2.1 billion auto
finance portfolio; and
•Deposits were up 3% to $148.2 billion. The business grew both term deposits
and at-call balances, with term deposits increasing $2.1 billion and at-call up
$1.8 billion. Within the business segment, growth was in commercial, private
wealth and small to medium business. Micro business balances decreased
slightly due to softer economic and trading conditions.
Non-interest income up 2%
•Non-interest income increased 2%, including a $8 million net loss on
sale of the auto finance portfolio. Excluding this impact, non-interest
income increased 4% reflecting higher platform revenue and lending volume
which was partly offset by lower merchants income reflecting lower
customer spend.
Expenses flat•Operating expenses were flat reflecting:
–Lower litigation and restructuring costs;
–The step up in UNITE investment which was partly offset by seasonally
lower investment spend across other projects; and
–Higher salaries and wages including an investment in 73 business bankers
to drive growth and coverage.
Impairment charge of
$117 million
•The impairment charge of 22 basis points of average loans compared to 9
basis points in the prior period. The charge reflected new IAPs in the trade
and property services sectors, a small CAP charge from an increase in the
downside scenario weight and higher overlays.
•Credit quality metrics improved with stressed exposures to TCE decreasing 30
basis points to 5.26%, mostly within the property and retail trade sectors. The
proportion of impaired loans to TCE decreased 11 basis points to 0.57%.

42WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
Business & Wealth (Continued)
First Half 2025 – First Half 2024
Net profit decreased 5% to $1,118 million.
Pre-provision profit decreased 2% to $1,725 million with a 2% increase in operating income more than offset by a 9% rise
in operating expenses. Operating expenses increased reflecting higher investment spend in UNITE, higher wages and
third party technology costs and 119 additional bankers. The rise in operating income from strong lending growth was
tempered by a lower net interest margin.
Net interest income up 3%•The net interest margin contracted 25 basis points. Drivers in descending
order were:
–Unfavourable portfolio mix as lending growth outpaced deposit growth,
reflected in a lower deposit to loan ratio;
–The mix shift towards lower margin term deposits and an increase in
customers switching to higher yielding accounts. Higher returns on hedged
deposits partly offset these impacts;
–Lower lending spreads reflecting competitive market dynamics and the
runoff of the higher margin auto finance portfolio; and
–Higher returns on hedged capital balances provided a benefit to margin.
•Net loans increased by 10% to $106.8 billion. Business lending growth of 14%
was diversified with strong growth in target areas of health, professional
services, agriculture and SME. This was partly offset by the runoff from the
wind down and subsequent sale of the auto finance portfolio; and
•Deposits increased 5% to $148.2 billion as the business grew both term
deposits and at-call balances. Within the business segment, growth was in
commercial, private wealth and small to medium business. Micro business
balances decreased slightly due to softer economic and trading conditions.
Non-interest income down 3%
•Non-interest income decreased 3%. Excluding the impact of the loss on
sale of the auto finance portfolio, income decreased 1% due to lower
merchant income reflecting lower customer spend partly offset by higher
platform revenue.
Expenses up 9%•Operating expenses were up 9% reflecting:
–The step up in UNITE investment;
–Higher salaries and wages and third-party technology vendor costs; and
–Investment in 119 additional business bankers to drive growth
and coverage.
Impairment charge of
$117 million
•The impairment charge of 22 basis points of average loans was an increase
of 2 basis points from the prior corresponding period. The charge reflects new
IAPs in the trade and property services sectors and a small CAP charge from
an increase in the downside scenario weight and higher overlays.
•Credit quality metrics improved with stressed exposures to TCE decreasing
26 basis points to 5.26%, mostly due to portfolio growth. The proportion of
impaired loans to TCE increased 3 basis points to 0.57%.
Platforms and Investments
BT & Private Wealth platforms funds under administration increased 1% to $152.1 billion over the half reflecting higher
equity markets.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
43
Westpac Institutional Bank (WIB)
Westpac Institutional Bank (WIB) services predominantly corporate, institutional and government clients through
three areas of specialisation: Corporate & Institutional Banking (CIB); Global Transaction Services (GTS); and Financial
Markets (FM). CIB uses dedicated industry relationship and specialist product teams to support clients’ borrowing
needs. GTS provides payments and liquidity management solutions to WIB’s clients and Westpac's domestic and
international payments infrastructure. FM provides a range of risk management, investment and debt capital markets
solutions to WIB clients and access to financial markets products for consumer and business customers. Clients are
supported throughout Australia and via branches and subsidiaries located in New Zealand, New York, London, Frankfurt
and Singapore.
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Net interest income1,1771,1501,09028
Non-interest income6195996663(7)
Net operating income1,7961,7491,75632
Operating expenses(791)(756)(709)512
Total operating expenses(791)(756)(709)512
Pre-provision profit1,0059931,0471(4)
Impairment (charges)/benefits39(19)(101)largelarge
Profit before income tax expense1,044974946710
Income tax expense and NCI(286)(288)(265)(1)8
Net profit7586866811011
Expense to income ratio44.04%43.22%40.38%82 bps366 bps
Net interest margin1.76%1.82%1.85%(6 bps)(9 bps)
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 25Mar 25
$bn202520242024- Sept 24- Mar 24
Customer deposits
Transactions and others66.564.266.24-
Savings10.010.49.8(4)2
Term45.845.239.3117
Total customer deposits122.3119.8115.326
Loans
Loans107.5101.093.4615
Provisions(0.5)(0.4)(0.4)2525
Total loans107.0100.693.0615
Deposit to loan ratio114.35%119.10%124.00%largelarge
Total assets140.6137.2123.1214
TCE231.0216.2215.777
Risk weighted assets86.783.081.047
Average interest earning assets134.2126.6117.9614
Average allocated capital10.39.79.667
Credit quality
Impairment charges/(benefits) to average loans(0.07%)0.04%0.22%largelarge
Impaired exposures to TCE0.12%0.05%0.05%7 bps7 bps
Total stressed exposures to TCE0.78%0.76%0.63%2 bps15 bps

44WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
Westpac Institutional Bank (WIB) (Continued)
Net operating income contribution
1
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Lending and deposit revenue1,2961,2891,27212
Sales and risk management income4213914558(7)
DVA(19)4(12)large58
Other
a
98654151139
Net operating income contribution1,7961,7491,75632
a.Includes capital benefit and the Bank Levy.
First Half 2025 – Second Half 2024
Net profit was up 10% to $758 million.
Pre-provision profit increased 1% to $1,005 million, reflecting a 3% increase in operating income which was partly
offset by a 5% rise in operating expenses. The growth in operating income reflects lending growth and higher
earnings on capital partly offset by a lower net interest margin. The 5% increase in operating expenses was driven
by higher investment spend and software amortisation in addition to higher staffing and third party vendor costs to
support growth.
Net interest income up 2%
•The net interest margin decreased 6 basis points, including the benefit from
lower trading securities in Markets. Excluding this, the net interest margin
decreased 11 basis points reflecting an increase in funding costs as lending
growth outpaced deposit growth, resulting in a lower deposit to loan ratio,
and competitive market dynamics contracted loan spreads. This was partly
offset by higher returns on hedged capital;
•Net loans increased 6% to $107.0 billion from strengthening relationships
with existing clients, predominantly in the energy, infrastructure, and property
sectors; and
•Deposits increased 2% to $122.3 billion driven by growth in transactional
accounts and term deposits. The growth reflects a targeted strategy to
maintain strength in the public sector, and to deepen customer relationships.
Non-interest income up 3%•Non-interest income increased 3% to $619 million. Key drivers included:
–Higher sales and risk management income including foreign exchange;
–Higher fee income from increased underwriting activity and a larger loan
book; and
–A $21 million reduction from DVA.
Expenses up 5%•Expenses increased 5% to $791 million. Movements reflected:
–Higher salaries and wages and third-party technology vendor costs; and
–Higher investment spend and software amortisation costs from prior
investments, in particular payments.
Impairment benefit of $39 million•The impairment benefit to average loans was 7 basis points, compared to a 4
basis point charge in the prior period. The benefit was driven by revisions to
economic projections and upgrades to customer risk ratings.
•Stressed exposures to TCE increased 2 basis points to 0.78%, reflecting
higher watchlist exposures in the property sector. The proportion of
impaired exposures to TCE increased 7 basis points to 0.12%, mostly in the
services sector.
1.DVA includes Funding Value Adjustment (FVA) and Credit Value Adjustment (CVA). Sales and risk management income includes both customer
and non-customer income.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
45
Westpac Institutional Bank (WIB) (Continued)
First Half 2025 – First Half 2024
Net profit was up 11% to $758 million.
Pre-provision profit decreased 4% to $1,005 million with a 2% increase in operating income more than offset by
operating expense growth of 12%. The growth in operating income reflects lending and deposit growth and higher
earnings on capital. The growth in operating expenses reflects higher investment spend and software amortisation and
higher wages costs including more frontline bankers to support growth.
Net interest income up 8%•The net interest margin was down 9 basis points, including the impact of
an increase in trading securities to support customer activity in Markets.
Excluding this, the net interest margin decreased 6 basis points reflecting
an increase in funding costs as lending growth outpaced deposit growth,
resulting in a lower deposit to loan ratio. This was partly offset by the benefit
of higher returns on hedged capital;
•Net loans increased 15% to $107.0 billion, driven by strengthening
relationships with existing clients, predominantly in the energy, infrastructure,
property, and industrial sectors. Offshore lending where there is a clear nexus
to Australia or New Zealand also contributed to growth; and
•Deposits increased by 6% to $122.3 billion driven by term deposit growth
reflecting a strategy to deepen customer relationships. Transaction and
savings accounts were up slightly.
Non-interest income down 7%
•Non-interest income declined by 7% to $619 million. Key drivers include:
–Lower sales and risk management income, from lower fixed income
trading; and
–A $12 million reduction from DVA.
Expenses up 12%•Expenses increased 12% to $791 million, reflecting: 
–Higher investment spend including technology simplification and an
increase in software amortisation costs from prior year investments; and
–Higher salaries and wages costs including an increase of 37 front-line staff
to support relationships and lending growth.
Impairment benefit of $39 million•The impairment benefit to average loans was 7 basis points, compared to a
22 basis point charge in the prior year. The benefit was driven by revisions in
economic forecasts and upgrades to customer risk ratings.
•Stressed exposures to TCE increased 15 basis points to 0.78%, mostly from
higher substandard exposures in the trade sector. The proportion of impaired
exposures to TCE increased 7 basis points, mostly in the services sector.

46WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
Westpac New Zealand
Westpac New Zealand provides banking and wealth products and services for consumer, business and institutional
customers in New Zealand.
All figures are in NZ$ unless noted otherwise.
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
NZ$m202520242024- Sept 24- Mar 24
Net interest income1,3651,3321,25829
Non-interest income133148131(10)2
Notable Items(1)(3)(6)(67)(83)
Net operating income1,4971,4771,38318
Operating expenses(734)(674)(695)96
Total operating expenses(734)(674)(695)96
Pre-provision profit763803688(5)11
Impairment (charges)/benefits(33)(4)(23)large43
Profit before income tax expense730799665(9)10
Income tax expense and NCI(205)(221)(188)(7)9
Net profit525578477(9)10
Notable Items (post tax)(1)(1)(5)-(80)
Expense to income ratio (Ex Notable Items)49.00%45.54%50.04%346 bps(104 bps)
Net interest margin (Ex Notable Items)2.26%2.23%2.11%3 bps15 bps
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 25Mar 25
NZ$bn202520242024- Sept 24- Mar 24
Customer deposits
Transactions and others21.420.821.032
Savings20.719.420.173
Term38.839.537.7(2)3
Total customer deposits80.979.778.823
Loans
Mortgages69.568.067.423
Business33.033.432.7(1)1
Other1.21.21.2--
Provisions(0.5)(0.5)(0.5)--
Total loans103.2102.1100.812
Deposit to loan ratio78.39%78.06%78.17%33 bps22 bps
Total assets125.3123.5123.511
TCE153.0147.3148.143
Risk weighted assets61.162.060.1(1)2
Liquid assets17.917.818.61(4)
Average interest earning assets121.3119.4119.122
Average allocated capital8.48.28.124
Total funds13.313.212.616
Credit quality
Impairment charges/(benefits) to average loans0.06%0.01%0.05%5 bps1 bps
Mortgage 90+ day delinquencies0.54%0.49%0.47%5 bps7 bps
Other consumer loans 90+ day delinquencies0.95%0.87%0.96%8 bps(1 bps)
Impaired exposures to TCE0.17%0.16%0.12%1 bps5 bps
Total stressed exposures to TCE1.63%1.73%1.55%(10 bps)8 bps

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
47
Westpac New Zealand (Continued)
First Half 2025 – Second Half 2024
Net profit decreased 9% to $525 million.
Pre-provision profit decreased 5% to $763 million, with a 1% increase in operating income more than offset by a 9%
increase in operating expenses. Operating income reflected modest growth in lending balances of 1% and a 3 basis
point increase in net interest margin, while operating expenses were driven by higher staff and technology costs,
including software amortisation and investment spend.
Net interest income up 2%•The net interest margin was up 3 basis points reflecting improved lending
spreads and the continued benefit from prior interest rate increases on capital
balances. This was partly offset by competition for term deposits;
•Net loans increased 1% to $103.2 billion, driven entirely by mortgages. System
growth was slower reflecting a challenging macroeconomic environment
reducing demand for credit. Key drivers included:
–Mortgage growth of 2%, represents 0.9x RBNZ housing system growth.
Expectations for the RBNZ to continue to cut interest rates drove a shift
in customers preference to shorter fixed rate tenors and variable rate
loans; and
–Business lending fell 1% reflecting challenged macroeconomic conditions
and subdued business confidence. Agriculture lending fell 3% with farmers
deleveraging following record milk prices.
•Deposits increased 2% to $80.9 billion with growth predominantly in savings
accounts. Term deposits decreased as customers elected to maintain some
flexibility given the uncertain economic environment. Growth was primarily in
household deposits while business deposits remained stable.
Non-interest income down 10%
•Non-interest income decreased 10% to $133 million reflecting lower cards
income and lower business activity.
Expenses up 9%•Operating expenses increased 9% to $734 million reflecting:
–Higher staff expenses and third-party technology vendor costs;
–Increase in technology investment to enhance core infrastructure and
digital capability; and
–Higher software amortisation.
Impairment charge of $33 million•Impairment charges to average loans of 6 basis points, up 5 basis points, was
driven by a small CAP charge relating to an increase in the downside scenario
weight and weaker economic projections.
•Stressed exposures to TCE decreased 10 basis points to 1.63% mostly due to
lower watchlist exposures. Impaired exposures to TCE increased 1 basis point
to 0.17%.

48WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
Westpac New Zealand (Continued)
First Half 2025 – First Half 2024
Net profit increased 10% to $525 million.
Pre-provision profit increased 11% to $763 million, reflecting an 8% increase in operating income, more than offsetting
a 6% increase in operating expenses. Operating income benefited from a higher net interest margin, while operating
expenses increased due to higher staff and technology costs, including software amortisation.
Net interest income up 9%•The net interest margin was up 15 basis points reflecting improved lending
spreads and benefits from a mix shift to higher margin variable rate lending.
Higher returns on capital balances from the impact of prior interest rate
increases also provided a benefit. This was partly offset by competition for,
and customers switching to, higher yielding term deposits;
•Net loans increased 2% to $103.2 billion. Key drivers included:
–Mortgage growth of 3%, mostly to owner occupiers. Expectations for the
RBNZ to continue to cut interest rates drove a shift in customer preference
to short-dated fixed rate tenors and variable rate loans; and
–Business lending growth of 1%, was primarily driven by growth in
corporate lending. Agriculture lending fell 3% with farmers deleveraging
following record milk prices.
•Deposits increased 3% to $80.9 billion. Growth was primarily in term deposits
and savings accounts as customers preferences shifted to higher yielding
accounts. Term deposit growth was entirely in Second Half 2024, while growth
shifted to savings accounts in First Half 2025 as term deposit rates declined.
Non-interest income up 2%
•Non-interest income increased 2% to $133 million driven by higher investment
income and business fees which were partly offset by lower cards income.
Expenses up 6%•Operating expenses increased 6% to $734 million driven by:
–Higher staff and third-party technology vendor costs to enhance digital
capabilities; and
–Higher software amortisation.
Impairment charge of $33 million•Impairment charge to average loans of 6 basis points, up 1 basis point, was
driven by a small CAP charge relating to an increase in the downside scenario
weight and weaker economic projections.
•Stressed exposures to TCE increased 8 basis points to 1.63% mostly due
to higher non-performing exposures in the retail and manufacturing sectors.
Impaired exposures to TCE increased 5 basis points to 0.17%.

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
49
Westpac New Zealand (Continued)
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 2025: $1.1042 (Second Half 2024: $1.0932; First Half 2024: $1.0759). Unless otherwise stated, assets and liabilities
have been translated at spot rates as at the end of the period,
31 March 2025: $1.1001 (30 September 2024: $1.0885;
31 March 2024: $1.0892).
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Net interest income1,2361,2171,17126
Non-interest income121135122(10)(1)
Notable Items(1)(2)(6)(50)(83)
Net operating income1,3561,3501,287-5
Operating expenses(665)(616)(646)83
Total operating expenses(665)(616)(646)83
Pre-provision profit691734641(6)8
Impairment (charges)/benefits(30)(3)(22)large36
Profit before income tax expense661731619(10)7
Income tax expense and NCI(185)(203)(174)(9)6
Net profit476528445(10)7
Notable Items (post tax)(1)(2)(4)(50)(75)
Expense to income ratio (Ex Notable Items)
a
49.00%45.54%50.04%346 bps(104 bps)
Net interest margin (Ex Notable Items)
a
2.26%2.23%2.11%3 bps15 bps
a.Ratios calculated using NZ$.
As atAs atAs at% Mov't
31 March30 Sept31 MarchMar 25Mar 25
$bn202520242024- Sept 24- Mar 24
Customer deposits73.673.272.412
Loans93.893.892.6-1
Deposit to loan ratio
a
78.39%78.06%78.17%33 bps22 bps
Total assets113.9113.5113.4--
TCE139.0135.3136.032
Risk weighted assets55.656.955.1(2)1
Liquid assets16.216.317.0(1)(5)
Average interest earning assets
b
109.7109.3110.7-(1)
Average allocated capital
b
7.77.57.533
Total funds12.012.111.5(1)4
a.Ratios calculated using NZ$.
b.Averages are converted at applicable average rates.

50WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
SEGMENT REPORTING
Group Businesses
The segment comprises:
•Treasury, which is responsible for the management of Westpac’s balance sheet including wholesale funding, capital,
and liquidity. Treasury also manages interest rate risk and foreign exchange risk associated with wholesale funding;
•Enterprise services, which include earnings on capital not allocated to segments, certain intra-group transactions
and gains/losses from asset sales, earnings and costs associated with Westpac’s fintech investments; and
•Other costs not directly attributable to segments include Corporate Affairs, a portion of enterprise technology costs
related to UNITE in prior periods, certain customer remediation expenses and enterprise provisions.
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Net interest income607615703(1)(14)
Non-interest income8(14)13large(38)
Notable Items(199)53(220)large(10)
Net operating income416654496(36)(16)
Operating expenses(454)(385)(419)188
Total operating expenses(454)(385)(419)188
Pre-provision profit(38)26977largelarge
Impairment (charges)/benefits-(2)-(100)-
Profit before income tax expense(38)26777largelarge
Income tax expense and NCI(85)(140)(94)(39)(10)
Net profit/(loss)(123)127(17)largelarge
Notable Items (post tax)(139)43(160)large(13)
Treasury
Half YearHalf YearHalf Year% Mov't
MarchSeptMarchMar 25Mar 25
$m202520242024- Sept 24- Mar 24
Net interest income502500554-(9)
Non-interest income6713(14)(54)
Notable Items(217)62(220)large(1)
Net operating income291569347(49)(16)
Net profit117316168(63)(30)

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
51
Group Businesses (Continued)
First Half 2025 – Second Half 2024
Net loss of $123 million compared to a profit of $127 million in the prior period.
Pre-provision loss of $38 million compared to a profit of $269 million in the prior period. Excluding Notable Items,
pre-provision profit was $161 million compared with a $216 million profit in the prior period.
Net operating income down 36%Excluding Notable Items, income was up 2% or $14 million.
Expenses up 18%Operating expenses increased 18% or $69 million driven by an increase in
employee and remediation costs partly offset by a decrease in UNITE spend as all
costs are now allocated to divisions.
First Half 2025 - First Half 2024
Net loss of $123 million compared to a loss of $17 million in the prior corresponding period.
Pre-provision loss of $38 million was lower than a profit of $77 million in the prior corresponding period.
Excluding Notable Items, pre-provision profit was $161 million compared with a $297 million profit in the prior
corresponding period.
Net operating income down 16%
Excluding Notable Items, income was down 14% or $101 million.
Movements included:
•Interest rate volatility positioning during First Half 2024 outperformed First
Half 2025; and
•Lower capital income as unallocated balances reduced following the share
buyback and special dividend.
Expenses up 8%Operating expenses increased 8% or $35 million primarily driven by an increase in
employee and remediation costs partly offset by a decrease in UNITE spend as all
costs are now allocated to divisions.

52WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
DIRECTORS’
REPORT
DIRECTORS’ REPORT
Directors
Review and results of the Group’s operations
Significant developments
Risk factors
Rounding of amounts
Auditor's Independence Declaration
Responsibility Statement

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
53
DIRECTORS’ REPORT
The Directors of Westpac present their report together
with the financial statements of Westpac and its
controlled entities (collectively referred to as ‘the Group’)
for the half year ended 31 March 2025.
Directors
The names of the Directors of Westpac holding office at
any time during, and since the end of, the half year and
the period for which each has served as a Director are set
out below:
NamePosition
Steven
Gregg
Director since November 2023 and
Chairman since December 2023.
Anthony
Miller
Managing Director and Chief Executive
Officer since December 2024.
Tim
Burroughs
Director since March 2023.
Nerida
Caesar
Director since September 2017.
David
Cohen
Director since April 2025.
Debra
Hazelton
Director since March 2025.
Andy
Maguire
Director since July 2024.
Peter NashDirector since March 2018.
Margaret
Seale
Director since March 2019.
Michael
Ullmer AO
Director since April 2023.
Peter KingRetired 15 December 2024. Managing
Director and Chief Executive Officer from
December 2019.
Audette
Exel AO
Retired 13 December 2024. Director since
September 2021.
Nora
Scheinkestel
Retired 6 November 2024. Director since
March 2021.
Review and results of the
Group’s operations
Net profit attributable to owners of Westpac for First
Half 2025 was $3,317 million, 1% lower than First Half
2024, with Net operating income up 2% from higher net
interest income and lower impairment expenses, partly
offset by a reduction in Non-interest income largely
due to lower gains from trading activities, and higher
operating expenses from rising staff and technology
costs. Compared to Second Half 2024, net profit was
9% lower.
A summary of the movements in the major line items in
Net profit for First Half 2025 compared to First Half 2024
is discussed below.
Net interest income was up 2% at $9,351 million, with
a 3% increase in average interest earning assets and
a 1 basis point decline in the net interest margin.
The main contributors to the movement in net interest
margin included:
•Tighter spreads on loans in response to competition;
•The impact of increased costs of deposits and
wholesale funding; and
•Higher benefits on capital balances as a result of
higher hedge interest rates.
Non-interest income was 1% lower at $1,442 million
compared to First Half 2024, mostly due to:
•Trading income which was down $65 million; partly
offset by
•A rise of $21 million from Net wealth management
income, reflecting higher platform revenues; and
•A rise of $25 million from Other income mostly due to
fair value gains on commodities swaps.
Operating expenses were $5,698 million, 6% higher
compared to First Half 2024. The increase was mainly
due to:
•Staff costs which rose $184 million from wages
growth, higher average FTEs and superannuation
rates; and
•Technology costs which rose $157 million from
technology services, and software maintenance and
licence costs.
Impairment charges were lower at $250 million compared
to $362 million in First Half 2024, with both individually
assessed and collectively assessed charges down. The
reduction in collectively assessed impairment included the
impacts of:
•An increase in the downside scenario weighting,
reflecting greater uncertainty in international trading
relations and geopolitical instability;
•An improvement in credit quality;
•Improvement in economic outlook on commercial
property prices and interest rates; and
•The release of certain overlays.
Overall, credit quality remains sound with stressed
exposures as a percentage of TCE stable, and mortgage
and consumer delinquency lower than First Half 2024.

54WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
DIRECTORS’ REPORT
The effective tax rate of 31.37% was higher compared to
the 30.85% of First Half 2024 with the primary drivers
related to tax provision adjustments for prior periods and
higher non-deductible expenses in First Half 2025.
The Board has determined an interim ordinary dividend of
76 cents which will be fully franked.
A review of the operations and results of the Group and
its segments for the half year ended 31 March 2025 is set
out in Performance review (see pages 2-51) of this Results
Announcement which form part of the Directors' Report.
Further information about our financial position and
financial results is included in the financial statements
and accompanying notes, which form part of the 2025
Interim Financial Report.
Significant developments
Westpac significant developments – Australia
Changes to Board of Directors
On 16 December 2024, Anthony Miller commenced as CEO
and Managing Director.
Independent Non-executive Directors, Dr Nora
Scheinkestel and Ms Audette Exel AO, retired from
the Board on 6 November 2024 and 13 December
2024, respectively.
Debra Hazelton and David Cohen commenced as
Independent Non-executive Directors of the Board on
4 March 2025 and 1 April 2025, respectively.
Changes to Executive Team
On 4 February 2025, Westpac announced the appointment
of Paul Fowler as the Chief Executive of Business &
Wealth, commencing on 12 May 2025. In the interim, Peter
Herbert continues to act in this role.
On 3 March 2025, Peter Herbert commenced as the Chief
Transformation Officer.
On 5 November 2024, Westpac announced the retirement
of Christine Parker, Group Executive of Human Resources
and on 2 April 2025, Westpac announced the appointment
of Kate Dee as the new Chief People Officer, who will
commence in the role later this year.
On 17 December 2024, Westpac announced the retirement
of Michael Rowland, Chief Financial Officer, and on
17 March 2025 announced the appointment of Nathan
Goonan as the new Chief Financial Officer, subject to
regulatory approval. Mr Rowland will remain in his role
until Mr Goonan commences in his role.
On 7 March 2025, Westpac announced that Jason Yetton,
Group Executive of Consumer, has decided to leave the
bank and on 29 April 2025, Westpac announced the
appointment of Carolyn McCann, who is the current
Group Executive of Customer & Corporate Services (CCS)
as Acting Chief Executive, Consumer, while an external
search is underway for a permanent replacement. As a
result, Carolyn Hoy, who is currently the General Manager,
Property, Procurement and Resilience, will act as Group
Executive, CCS. These changes will be effective from
12 May 2025.
On market buyback
As at 31 March 2025, Westpac had completed $2.4 billion
of the $3.5 billion on market share buyback previously
announced, with 85.9 million Westpac shares purchased
at an average price of $27.87. The shares bought back
were subsequently cancelled. Westpac reserves the right
to vary, suspend or terminate the buyback at any time.
External auditor rotation
Following approval by Westpac’s shareholders at the
2024 AGM on 13 December 2024, KPMG commenced as
Westpac’s external auditor for the 2025 financial year.
Regulatory and risk developments
Enforceable undertaking on risk governance
remediation, Integrated Plan and CORE program
Following completion of the Integrated Plan (IP), as
committed, in December 2023 (required under the
enforceable undertaking (EU) entered into with APRA
in December 2020 in relation to our risk governance
remediation), Westpac continued to focus on the
sustainability and effectiveness of the IP uplifts via a
transition phase. On 31 December 2024, we completed the
transition phase, as confirmed by Promontory Australia
(as Independent Reviewer) in February 2025.
APRA releases final Prudential Standard CPS230
Operational Risk Management
On 17 July 2023, APRA released the final version
of Prudential Standard CPS 230 Operational Risk
Management which will come into effect from 1 July 2025.
CPS 230 brings new and enhanced requirements for our
operational risk management, material service provider
management and business continuity planning; and
we are undertaking a programme of work to assist
in implementing these requirements. Details about
operational risk and the consequences of failing to comply
with regulatory requirements are set out in Risk factors
(pages 57-70).
Financial crime
Westpac continues to make progress on improving
our financial crime risk management with significant
ongoing work, as we implement a multi-year program
of work (including AML/CTF, Sanctions, Anti-Bribery and
Corruption, the US Foreign Account Tax Compliance
Act (FATCA) and Common Reporting Standard (CRS)).
Through this work, we continue to undertake activities to
strengthen and remediate our Financial Crime Program
and to improving regulatory reporting, including in
relation to International Funds Transfer Instructions,
Threshold Transaction Reports, Suspicious Matter Reports
(including ‘tipping off’ controls), and FATCA and
CRS reporting and equivalent reports in jurisdictions
outside Australia.
On 29 November 2024, the Australian Parliament
passed the Anti-Money Laundering and Counter-Terrorism
Financing Amendment Act 2024 (Cth) (AML/CTF
Amendment Act). The AML/CTF Amendment Act and
proposed associated rules modernise and overhaul

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Significant developments (Continued)
the AML/CTF regime, to ensure Australia continues to
effectively deter, detect and disrupt financial crime.
We will make amendments to our policies, procedures,
systems and controls as appropriate and in accordance
with the specified compliance timeframes.
With increased focus on financial crime, further areas of
potential non-compliance have been, and may continue to
be identified, and we continue to liaise with the Australian
Transaction Reports and Analysis Centre (AUSTRAC) and
the Australian Taxation Office (ATO) and local regulators
in jurisdictions outside Australia, as appropriate, including
to remediate findings and adopt recommendations from
regulators with significant ongoing programmes of work
across the Group. Details about the consequences of
failing to comply with financial crime obligations are set
out in Risk factors (pages 57-70).
Scams
On 21 February 2025, the Scams Prevention Framework
Act 2025 (Cth) came into effect. This implements the
Scams Prevention Framework (SPF) through amendment
to the Competition and Consumer Act 2010 (Cth). The SPF
outlines the responsibilities of designated sectors (initially
banks, telecommunications, and digital platform service
providers) to prevent, detect, report, disrupt and respond
to scams in Australia. We are considering the potential
impacts of the new legislation, including on our policies,
procedures, systems and controls.
New climate reporting standards
New mandatory climate-related reporting standards were
approved in September 2024 by the Australian Accounting
Standards Board and legislation requiring compliance has
been passed by the Australian Parliament. Westpac will
report against these new requirements from its financial
year ending 30 September 2026.
US Securities and Exchange Commission (SEC) rules on
the disclosure of climate-related information expected to
apply to Westpac from FY26 have been stayed following
a lawsuit challenging the rules. On 27 March 2025, the
SEC notified the court it was withdrawing its defence of
the rules and on 24 April 2025 the court suspended the
lawsuit until the SEC advises whether it intends to review
or reconsider the rules. 
APRA capital requirements
Operational risk capital overlays
In 2019, APRA applied $1 billion of additional capital
overlays to our operational risk capital requirement.
These overlays were applied through an increase in risk
weighted assets (RWA).
On 19 July 2024, APRA announced its decision to reduce
Westpac’s total operational risk capital overlay from
$1 billion to $500 million.
The impact of the remaining $500 million overlay on our
Level 2 common equity Tier 1 (CET1) capital ratio at
31 March 2025 was a decrease of 17 basis points.
APRA announcement to phase out AT1 capital as
eligible bank capital
On 9 December 2024, APRA confirmed that it will proceed
with its proposal to phase out AT1 capital instruments
from the bank prudential framework. Further details
about this change are set out in
Capital and dividends
(pages 28-32).
Westpac significant developments – New Zealand
RBNZ review of overseas bank branches
On 21 August 2024, the RBNZ released the proposed
Branch Standard under the Deposit Takers Act 2023
which will implement decisions made as part of the
review of its policy for branches of overseas banks. The
proposed Branch Standard will require that overseas bank
branches only conduct business with wholesale clients;
the total size of an overseas bank’s branch cannot exceed
NZ$15 billion in total assets; and dual-operating branches
(such as Westpac’s New Zealand Branch) only conduct
business with “large” corporate and institutional clients.
It is proposed that “large” means those with consolidated
annual turnover of over NZ$50 million, total assets of over
NZ$75 million or total assets under management of over
NZ$1 billion (for funds management entities only). The
implementation date is expected to be in July 2028.
Westpac’s New Zealand Branch currently provides
financial markets, trade finance and international
payment products and services to customers referred
by WNZL. We expect the RBNZ’s Branch Standard will
require changes to the activities Westpac’s New Zealand
Branch undertakes, and as a result, WNZL may also make
changes to the scope of the activities it undertakes.
RBNZ review of capital settings for deposit takers
On 31 March 2025, the RBNZ announced that it intends
to conduct a review of the capital settings applicable
to New Zealand incorporated deposit takers (including
WNZL). The planned Prudential Capital Buffer increase
of 1% will proceed on 1 July 2025, with the review to
be conducted promptly to allow for any changes prior
to the next capital requirement increase scheduled for
1 July 2026. The review will include:
•an assessment of how New Zealand’s capital settings
compare internationally;
•a reassessment of the appropriate risk appetite for
capital settings in New Zealand;
•reviewing the degree of proportionality in the
framework and considering changes; and
•considering the balance between going concern and
gone concern capital and the role of ‘AT1’ capital.  
General regulatory changes affecting our businesses
Cyber security
We continue to work on enhancing our systems and
processes to mitigate cyber security risks, including
those related to third parties, and to respond to
changes in regulation, including from the legislation
passed by the Australian Parliament in November 2024,
which implemented certain measures proposed by the

56WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
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Significant developments (Continued)
Federal Government in its 2023-2030 Australian Cyber
Security Strategy.
Regulators have continued their focus on cyber security
following high profile cyber-related incidents. APRA
is seeking to ensure that regulated entities further
strengthen their cyber security practices, focusing on
the effective implementation and ongoing compliance
with Prudential Standard CPS 234 Information Security
and Prudential Standard CPS 230 Operational Risk
Management (which, as noted above, will come into
effect from 1 July 2025). Similarly, ASIC is emphasising
strengthened cybersecurity at the companies it regulates
and has indicated a focus on strengthening cyber
resilience through proposed testing strategies. The
Australian Signals Directorate and the Australian
Cyber Security Centre are increasingly providing threat
intelligence and tailored guidance to help organisations
enhance their information security measures. We
will continue to engage with regulators and the
government more broadly regarding cyber-related
regulation, legislation and policy.
Details about operational risks and information security
risks, including cyberattacks, are set out in Risk factors
(pages 57-70).
Revised Banking Code of Practice
On 28 February 2025, the new version of the Australian
Banking Association’s (ABA) Banking Code of Practice (the
Code) came into effect.
The strengthened Code includes uplifts to existing
provisions and additional safeguards and protections
for small business customers, guarantors, vulnerable
customers and customers requiring additional support.
These updates include:
•an expanded small business definition that increases
the aggregate borrowing limit from $3 million to
$5 million, which is anticipated to provide up to
10,000 more small businesses with access to the
Code protections;
•a new obligation to take reasonable steps to ensure
that a meeting is held with a guarantor in the absence
of the borrower before signing a guarantee;
•a new obligation to do all things necessary to
ensure banking services under the Code are provided
‘efficiently, honestly and fairly’;
•an updated vulnerability definition that expands the
categories of vulnerability and recognises that a
customer can become vulnerable at any time;
•updated provisions to improve the process for
managing deceased estates; and
•an uplift of the inclusivity and accessibility provisions
to expressly include LGBTQIA+ persons and a new
commitment to organise or refer customers to free
external support services.
Legal proceedings
Our entities are parties to legal proceedings from time
to time arising from the conduct of our business.
Certain litigation (including regulatory proceedings) and
class actions are described as required in Note 13
(pages
101-105) to the financial statements in this
Results Announcement.

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Risk factors
Our business is subject to risks that can adversely impact our financial performance, financial condition and future
performance. Our 2024 Annual Report sets out the 11 major risk categories that impact our business, our approach
to managing risks, as well as key focus areas. This section provides our investors (and potential investors) with
further information in relation to the current and future risks we face, as well as potential consequences if those
risks materialise. The content of this section is current as of the date of publication, and it is important to note that
subsequent developments may impact its relevance. Risks and risk management strategies are inherently dynamic,
evolving alongside changes in the external environment, market conditions and organisational priorities. The risks and
uncertainties described below can emerge together or quickly in succession in a fashion that is uncorrelated with the
order in which they are presented below, and they are not the only ones we face. Additional risks and uncertainties that
we are unaware of, or that we currently deem to be immaterial, may also become important factors that affect us.
If any of the following risks materialise, our business, prospects, reputation, financial performance or financial condition
could be materially adversely affected, which may subsequently cause the price of our securities or the level of
dividends to decline and, as a security holder, you could lose all, or part, of your investment. You should carefully
consider the risks described (individually and in combination) and the other information in this Results Announcement
and in our 2024 Annual Report and subsequent disclosures before investing in, or continuing to own, our securities.
Risks relating to our business
We have experienced, and could in the
future experience, information security risks,
including cyberattacks
- Cyber risk
- Cyber attacks
- Operational risk
- Information security risks
- Data breaches
- Third party risk
Our operations depend on the secure processing, storage and transmission of information on our systems and
those of external suppliers. Despite our measures to protect the confidentiality, availability and integrity of our
information, our information assets may face security breaches, unauthorised access, malware, social engineering,
denial of service attacks, ransomware, destructive attacks, employee misconduct, human error or other external and
internal threats. These could adversely impact our and others’ confidential information and system availability.
Information security risks are heightened by factors such as new technologies, increased digitisation, larger volumes
of sensitive data, sophisticated cyber crime, supply chain disruptions, remote and hybrid working, targeting of critical
infrastructure providers, geopolitical tensions, terrorism, state sponsored attacks, and the use of AI in cyberattacks
(which can increase the speed, complexity and effectiveness of cyberattacks). These factors could compromise our
information assets and interrupt usual operations for us, our customers, suppliers and counterparties.
Adverse events such as data breaches, cyberattacks, espionage and errors (including human-related), are increasing
in frequency and impact, potentially causing financial instability, reputational damage, service disruption, contagion
risk, in addition to economic and non-economic losses to us, our customers, shareholders, suppliers, counterparties
and others. Our systems and processes designed to protect against and respond to these threats have not always
been, and may not always be, effective and human error can occur.
Westpac, our customers and other stakeholders could suffer losses from cyberattacks, information security breaches
or ineffective cyber resilience. Consequences could be severe if customer data is being held in breach of legal or
regulatory obligations and that data is compromised as part of an information security incident. We may not always
be able to anticipate and prevent or effectively respond to such incidents, or effectively respond to and/or rectify the
resulting damage. Our suppliers, counterparties, and other parties involved in or who facilitate our activities, financial
platforms and infrastructure as well as our customers’ suppliers and counterparties are also at risk, which could
impact us.
As cyberattacks increase globally, the likelihood of regulatory enforcement and legal action for information security
failures from customers or shareholders increases. This could include class action litigation for issues such as
information security risk management failures, misleading statements about our information security practices or
for deficiencies in our response to cyberattacks and information security threats (including any delayed, deficient or
misleading notifications).
Consequences of successful attacks could include damage to technology infrastructure, government intervention,
service disruptions, loss of customers and market share, data loss, cyber extortion, customer remediation and/or
compensation, breaches of the law, vulnerability to fraud or scams, litigation, fines, and increased regulatory scrutiny
or other enforcement action.
Such outcomes could negatively affect our business, prospects, reputation, financial performance or financial
condition. As cyber threats evolve, we may need to allocate significant resources and incur additional costs to
enhance our systems, address vulnerabilities or incidents and respond to regulatory changes.

58WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
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Risk factors (Continued)
We could suffer losses due to
geopolitical events
- Geopolitical risks
- Conflicts
- Operational risk
- Credit risk
We, our customers and our suppliers operate businesses, engage in trade with and hold assets in different
geographic locations. Significant risks subsist including from geopolitical instability, conflicts, trade tensions, tariffs,
sanctions, social disruption, civil unrest, war, terrorist activity, acts of international hostility, and complicity with or
reluctance to take action against certain types of crimes.
Such events or the uncertainty related to the potential for such events are and could continue to directly and
indirectly impact our and our customers’ operations, affect domestic and international economic stability and impact
consumer and investor confidence, which in turn could disrupt industries, businesses, service providers and supply
chains and ultimately adversely impact economic activity. This could lead to shortages of materials and labour, higher
energy costs and commodity prices, volatility in markets and damage to property. This in turn could affect asset
values and impact customers’ ability to repay amounts owing to us, and our ability to recover amounts owing. All of
these impacts could adversely affect our business, prospects, financial performance or financial condition. The current
global landscape is marked by significant and prolonged conflicts, increasing protectionist policies (and uncertainties
surrounding such policies) and heightened tensions, which have the potential to further intensify these impacts.
We could be adversely affected by legal or
regulatory change
- Compliance and conduct risk
- Regulators' expectations
- Legal and regulatory change
- Fines, penalties, other costs and
capital overlays
We operate in a highly regulated industry with an environment of sustained legal and regulatory change and ongoing
scrutiny of financial services providers. Our business, prospects, reputation, financial performance and financial
condition have been, and could in the future be, adversely affected by domestic and international changes to
laws, regulations, policies, supervisory activities, regulator expectations, and industry codes of practice, such as the
Banking Code of Practice.
Such changes may affect how we operate and have altered, and may in the future alter, the way we provide our
products and services, in some cases requiring us to change, suspend or discontinue our offerings. Industry-wide
reviews and inquiries could further reshape laws, regulations, policy or regulatory expectations. The effects of such
reviews and inquiries in the past have included, and could continue to include, limiting our flexibility, requiring us to
incur substantial costs (e.g. system changes, incurring Compensation Scheme of Last Resort levies, liabilities related
to scams, fraud or operational costs relating to scam management or other industry wide issues), absorbing specialist
resources, impacting profitability and requiring us to retain additional capital, which impacts our ability to pursue
strategic initiatives or implement other changes, resulting in us being unable to increase or maintain market share
and/or creating pressure on margins and fees.
A failure to manage legal or regulatory changes effectively and in the timeframes required has resulted, and could
in the future result, in the Group not meeting its compliance obligations. It could also result in enforcement actions,
penalties, fines, civil litigation, capital impacts, and ultimately loss of or variations to business licences. Frequent and
large volumes of regulatory change also contribute to execution risk, as technology and system and process updates
may not always be successful in keeping pace with such change and there is heightened risk of flaws, human error
or unintended consequences.  Managing these changes may require significant management attention, costs and
resources, including the availability of skilled personnel, which may be limited.
There is additional information on certain aspects of regulatory changes affecting the Group in Significant
Developments (pages 54-56) and in the sections ‘Critical accounting assumptions and estimates’ and ‘Future
developments in accounting standards’ in Note 1 (pages 79-80) to the financial statements.

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Risk factors (Continued)
We have been and could be adversely affected
by failing to comply with laws, regulations or
regulatory policy
- Compliance and conduct risk
- Regulators' expectations
- Legal and regulatory
- Industry codes
- Fines, penalties and capital overlays
We are responsible for complying with all applicable legal and regulatory requirements and industry codes of
practice in the jurisdictions where we operate or obtain funding.
We are subject to compliance and conduct risks, which are exacerbated by the complexity and volume of regulation,
as well as ongoing regulatory change. These risks increase when there is ambiguity or multiple ways of interpreting
our obligations and rights, conflicting laws between jurisdictions or regimes, or where there is limited industry
consultation or a lack of regulatory guidance, particularly with respect to new or untested regulations.
Our compliance and conduct management system, which is designed to mitigate compliance and conduct risks,
has not always been, and may not always be, effective. Breakdowns have occurred, and may in the future occur
due to factors such as poor judgement, flaws in the design or implementation of controls or processes, or the
implementation of new measures. Such issues can lead to non-compliance, including failures to meet obligations
to report or provide information to regulators.  Ongoing reviews and change programs continue to identify
compliance issues.
Conduct risk has occurred, and could continue to occur, through the provision of products and services that may not
meet customer needs or market or regulator expectations, especially for vulnerable customers, customers in hardship
and indigenous customers. This risk has occurred, and could continue to occur, from deliberate, reckless, negligent,
accidental or unintentional conduct of our employees, officers, contractors, agents, authorised representatives, credit
representatives and/or external service providers, resulting in circumvention of, or inadequate implementation of,
controls, processes, policies or procedures. This could occur through a failure to meet professional obligations
(including fiduciary, suitability and responsible lending requirements), human error or weaknesses in risk culture,
corporate governance or organisational culture or poor product design and implementation (including failing in
whole or in part to consider customer needs or selling products and services outside of target markets). Inadequate
supervision and oversight of our distribution channels can heighten these risks. Non-compliance by our people may
negatively impact other employees, leading to outcomes including litigation and reputational damage. Additionally,
third party conduct (e.g. where customers misrepresent their position on product applications and we have failed to
identify it) may limit our recourse and regulatory outcomes may not be mitigated by third party culpability.
These factors have resulted, and could continue to result, in poor customer outcomes (including for vulnerable
customers and customers in hardship), failure to meet compliance obligations (or to promptly detect, report and/or
remedy non-compliance), impacts which may compromise the integrity of the markets in which we operate or data
we report, reputational damage, increased regulatory surveillance or investigation and employment disputes. We
are currently subject to a number of investigations, reviews and industry inquiries by, and have and continue to
respond to a number of requests from, domestic and international regulators including APRA, ASIC, the ATO, the
ACCC, AUSTRAC, BCCC, FINRA, AFCA, the OAIC, RBNZ, New Zealand Financial Markets Authority, New Zealand
Commerce Commission, the Fair Work Ombudsman, the SEC, BaFin and BPNG’s Financial Analysis and Supervision
Unit, involving significant resources and costs (which may divert specialist resources from other programs of work).
Regulatory reviews and investigations have in the past, and may in the future, result in a regulator taking
administrative or enforcement action against us and/or our representatives. Regulators have broad powers and may
issue directions (e.g. for product design and distribution and remedial action), pursue civil or criminal proceedings,
seek substantial fines and penalties, and other compliance or enforcement outcomes. These risks are heightened (and
penalties have been and may be higher) where contraventions are not promptly detected or addressed, where we fail
to meet our obligations (or the expectations of regulators), where there are patterns of behaviour indicating systemic
conduct or where there has been an awareness of contraventions, especially in areas of heightened regulatory
focus, such as vulnerable customers, customers in hardship and indigenous customers. Additionally, regulatory
investigations may lead to adverse findings against directors and management, including potential disqualification.
The resources allocated to these reviews and investigations can impede other activities, including change and
remediation programs.
APRA can also require the Group to hold additional capital either through a capital overlay or higher risk weighted
assets (including in response to a failure to comply with prudential standards and/or expectations in relation to,
for example, stress testing and liquidity management). Following the commencement of civil penalty proceedings,
APRA imposed a A$500 million Culture, Governance and Accountability Review overlay and a further A$500 million
Risk Governance overlay to our required operational risk capital in 2019. Although APRA reduced the Group’s capital
overlay from A$1 billion to A$500 million in 2024, additional capital overlays could have an adverse impact on our
financial performance.
The evolving political and regulatory landscape has seen (and may continue to see) expansion of regulators’
powers, materially increased civil penalties and fines and increased criminal prosecutions against institutions

60WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
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Risk factors (Continued)
and/or their employees and representatives (including where there is no fault element). This could also result in
reputational damage and impact the willingness of customers, investors and other stakeholders to deal with us.
Given our size and scale of activities, a failure by us may result in multiple contraventions, which could lead to
significant penalties, remedial action and other consequences (e.g. regulatory damage). The introduction of the
Financial Accountability Regime has further intensified these risks through imposing strengthened responsibility and
accountability frameworks.
Regulatory investigations or actions commenced against the Group have exposed, and may in the future expose, the
Group to an increased risk of litigation brought by third parties (including through class action proceedings), which
may require us to pay (sometimes substantial) compensation to third parties and/or to undertake further remediation
activities. Market developments suggest there is an expanding scope for potential claims, including in relation to
cyber incidents, financial crime and ESG issues. We have incurred significant remediation costs on a number of
occasions (including compensation payments and costs of correcting issues) and new issues may arise requiring
remediation. We have faced, and may continue to face, challenges in effectively and reliably scoping, quantifying and
implementing remediation activities, including determining how to compensate impacted parties properly, fairly and
in a timely way. Investigation of the underlying issue may be impeded due to the passage of time, technical system
constraints, or inadequacy of records. Delays in remediation may occur due to factors such as the number of affected
parties and their responsiveness, ongoing investigations or litigation, and regulatory requirements. Remediation
programs may not prevent regulatory action or investigations, litigation or other proceedings from being pursued, or
sanctions being imposed.
Regulatory investigations, inquiries, litigation, fines, penalties, infringement notices, revocation, suspension or
variation of conditions of regulatory licences or other enforcement or administrative action or agreements (such as
enforceable undertakings) have and could, either individually or in aggregate with other regulatory action, adversely
affect our business, prospects, reputation, financial performance or financial condition and increase class action risk.
There is additional information on certain regulatory and other matters that may affect the Group (including class
actions) in Significant Developments (pages 54-56) and in Note 13 (pages 101-105) to the financial statements.
We have suffered, and in the future could
suffer, losses and be adversely affected by the
failure to implement effective risk management
- Risk management
- Controls and processes
- Risk culture
- Risk governance
- Fines, penalties
Our risk management framework has not always been, and may not in the future be, fully effective. The resources
we allocate to identifying, measuring, evaluating, monitoring, reporting, controlling or mitigating material risks
may sometimes be inadequate. This may arise due to inadequacies in the design of the framework or key
risk management policies, controls and processes, the design or operation of our remuneration structures and
consequence management processes, technology failures, our corporate structure, incomplete implementation
or embedment, or failure by our people (including contractors, agents, authorised representatives and credit
representatives) to comply with or properly implement our policies and processes. The potential for these types
of failings is heightened if we lack sufficiently skilled, trained or qualified personnel or capacity, including people,
processes and technology, to appropriately manage risks.
Although we periodically review our risk management framework to determine if it remains appropriate, all risk
management frameworks have inherent limitations (and may also be ineffective because of weaknesses in risk culture
or governance), and some risks may exist or emerge that we have not anticipated or identified. For example, where
there is a lack of awareness of our policies, controls and processes or where they are not adequately complied with,
monitored, audited or enforced. This may result in poor decision-making or risk and control weaknesses not being
identified, escalated or acted upon. 
Risks are measured and monitored against our risk appetite, and when outside of appetite, we aim to take steps
to bring such risks back into appetite, including framework and policy design improvements. However, bringing risks
back within appetite may be delayed or ineffective, due to factors including complexity, information technology
system enhancement delays, staffing constraints (including where staff are occupied by other regulatory change or
remediation projects), operational failures or external factors beyond our control, resulting in certain risks remaining
outside of appetite for periods of time.
As part of the Enforceable Undertaking with APRA in December 2020 in relation to our risk governance remediation
and to support the strengthening of our risk governance, accountability and culture, we developed the Integrated
Plan (IP). As committed, the IP was completed in December 2023 and in April 2024, Promontory Australia (as
Independent Reviewer) confirmed our completion. IP reports issued by Promontory Australia are published on our
website at https://www.westpac.com.au/about-westpac/media/core/. Westpac continued to focus on the sustainability

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Risk factors (Continued)
and effectiveness of the uplift delivered by the IP through a transition phase that was completed in December 2024
and confirmed as complete by Promontory Australia in February 2025.
If any of our governance or risk management processes and procedures prove ineffective or inadequate or are not
appropriately implemented or we fail to bring risks into appetite, we may face sustained or increased regulatory
scrutiny and action. While a stronger risk culture fosters early self-identification and remediation, it may also
highlight concerns that trigger further regulatory action. This may result in financial losses, additional capital
requirements, compliance breaches, fines, reputational damage, and/or significant remediation, which could adversely
affect our business, prospects, financial performance or financial condition.
We could suffer losses due to
technology failures
- Operational risk
- Information and technology
- Change management
- Technology failure
- Outages
Maintaining the reliability, availability, integrity, confidentiality, security and resilience of our information and
technology is crucial to our business. Despite existing processes to preserve, monitor and facilitate the availability
of and recovery of, our systems, there is a risk that our information and technology systems may be inadequate,
could be compromised, fail to operate properly or result in outages, including from events wholly or partially beyond
our control.
A technology failure could lead to failures to meet compliance obligations (such as a requirement to retain records
and/or data for a certain period, or to destroy records and/or data after a certain period, or other risk management,
privacy, business continuity management or outsourcing obligations). Our stakeholders, including employees and
customers may be adversely affected, including by being unable to access our products and services, as a result
of privacy breaches, or the loss of personal data. This could result in business disruption, reputational damage,
remediation costs, regulatory investigations and/or action, or others commencing litigation. Technology issues in the
financial sector can also affect multiple institutions, meaning we could impact, or be impacted by, other institutions.
The use of legacy systems, as well as work underway to uplift our technological capabilities, may heighten the risk
of a technology failure, change management issues and the risk of non-compliance with our regulatory obligations
or poor customer outcomes. Projects aimed at simplifying/streamlining our systems (including our UNITE program)
will require significant resources (including specialist expertise) and incur costs. These risks may be heightened
while those projects are being undertaken, or post-implementation where there are unanticipated outcomes or
impacts. These projects may also not be completed on time, may not deliver the expected benefits or may
require further resources or funding than anticipated. The success of such projects relies in part on having robust
governance arrangements and appropriate oversight at Board and senior executive level. Shortcomings in these
areas could elevate the risk of regulatory non-compliance, poor customer outcomes, delays, increased costs or
demand on resources. 
Failure to regularly renew and enhance our technology to deliver new products and services, comply with regulatory
obligations and ongoing regulatory changes, improve automation of systems and controls, meet our customers’
and regulators’ expectations, or to effectively implement new technology projects, could result in cost overruns,
technology failures (including due to human error in implementation), reduced productivity, outages, operational
failures or instability, compliance failures, reputational damage and/or loss of market share.
Climate change and other sustainability factors
such as human rights and natural capital may
have adverse effects on our business
- Climate and nature risks
- Physical and transition risks
- Social and human rights risks
- Credit risk
- Operational risk
- Reputational and sustainability risk
- Compliance and conduct risks
Climate and other sustainability-related risks have had and are likely to have adverse effects on us, our customers,
external suppliers, and the communities in which we operate. Managing these risks is challenging given significant
uncertainties in modelling and assessing their impact.
Climate related risks may manifest as physical risks, transition risks, and liability risks.
Physical risks include direct risks to us, as well as those to our customers, suppliers and other stakeholders. These
risks could arise from increases and variability in temperatures, precipitation changes, rising sea levels, loss of

62WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
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Risk factors (Continued)
natural capital (including biodiversity loss), and more severe and frequent climatic events, including fires, storms,
floods and droughts. Such events could also increase human rights risk and/or increase customer vulnerability.
Impacts may arise through damage, disruption or changes to business activities, operations, asset values and
insurability of assets (or insurance availability/affordability), resulting in higher costs and/or reduced revenues, and, in
turn, lower Group income caused by increased default rates, delinquencies, write-offs and impairment charges in the
Group’s portfolios.
Transition risks may arise through the transition to a lower carbon economy, which in turn could impact Westpac
through changes such as in consumer behaviour and market sentiment. These risks could unfold in various ways –
gradually and orderly, abruptly and disorderly, or a combination of both. Impacts could result from climate change
mitigation efforts, the obsolescence of certain businesses due to the energy transition, changes in investor appetite,
shifting customer preferences, technology developments and regulatory changes. Such risks could also emerge
through lending to customers facing reduced revenues, asset devaluation and rising costs, thereby increasing our
credit risk. Additionally, Westpac may be indirectly impacted by transition risks, from adverse effects to the broader
economy (interest rates, inflation and growth) or adverse asset pricing and valuations.
Our ambition to become a net-zero, climate resilient bank, has led and will continue to lead to changes in policies
and processes which may present associated execution risk. Our ability to meet our commitments and targets is in
part dependent on the orderly transition of the broader economy to net-zero, which may be impacted by external
factors including (but not limited to) government policies, investment levels, electricity grid capacity, and constraints
in the development and supply of technology, infrastructure and skilled labour. Additionally, our ability to transition,
including to meet our targets and commitments, may also be impacted by the challenges faced by our customers in
executing their own transition plans and commitments.
Natural capital loss, referring to the depletion of renewable and non-renewable natural resources that combine to
yield a flow of benefits to people, poses a risk to us, primarily through our exposure to customers that are materially
dependent or impact on natural resources. This loss can contribute to, and be accelerated by, climate change.
Increasing recognition and responses to this risk also create heightened regulatory and stakeholder expectations
on Westpac. Our ambition to become a nature-positive bank may lead to changes to policies and processes, which
may present potential execution risk. Our ability to meet those ambitions will also be influenced by external factors
beyond our control. As global standards for natural capital are at an early stage, regulatory risk and uncertainty
remain elevated.
We may be exposed to social and human rights risks through our operations, supply chain and in the provision of
our products and services. Failure to identify and manage these risks may cause, contribute to, or be directly linked
to adverse social and human rights impacts. This includes the risk that we provide services to, or rely on services
provided by parties involved in human rights abuses or criminal activity, as well as the potential exploitation of our
platforms and products for illicit purpose. Our ability to identify, assess, and mitigate these risks may be constrained
by factors such as the sophistication of perpetrators.
Data relevant to our assessment and management of climate, and other sustainability-related risks continues to
mature. Reliance on third party data (which may not be sufficiently available or reliable), may affect our decision
making, target setting and reporting, and affect our ability to meet our targets and commitments. Associated risks
increase where disclosure of data is required by mandatory reporting.
Actual or perceived failure to adapt our strategy, governance, procedures, systems and/or controls to manage
or disclose climate and other sustainability-related risks and opportunities (including, for example, perceived
misstatement of, or failure to adequately implement or meet, sustainability claims, commitments and/or targets)
may give rise to business, reputational, legal and regulatory risks. This includes financial and credit risks that may
impact our profitability and outlook, and the risk of regulatory action or litigation (including class actions) against us
and/or our customers.
We may also be subject, from time to time, to legal and business challenges due to actions instituted by activist or
other groups. Examples of areas which have attracted activism and challenges include: the financing of businesses
perceived to be at greater risk from climate-related physical and transition risks and/or perceived not to demonstrate
responsible management of climate, human rights or other sustainability issues; the extent or quality of human rights
due diligence that is carried out; and climate and sustainability related disclosures (including net-zero or emissions
reduction strategies, targets and policies).
Scrutiny from regulators, shareholders, activists and other stakeholders on climate-related risk management
practices, lending policies, targets and commitments, and other sustainability products, claims and marketing
practices will likely remain high. Applicable legal and regulatory regimes, policies, and reporting and other standards
are also evolving. For example, in Australia, mandatory climate reporting has been introduced, and there is an
increased compliance and enforcement focus by ASIC and the ACCC on a range of issues related to sustainability,
sustainable finance, and monitoring/investigation of related claims. This increases compliance, legal and regulatory
risks, and costs.

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Risk factors (Continued)
For further detail on the identification, assessment and management of these risks, please refer to our 2024 Climate
Report, and the Creating Value for the Community, Creating Value for the Environment, Risk Management and
Sustainability Governance sections of the 2024 Annual Report.
The failure to comply with financial crime
obligations has had, and could have further,
adverse effects on our business and reputation
- Financial crime risk
- Bribery and corruption
- Tax evasion
- Money laundering and terrorism financing
- Economic and trade sanctions
The Group is subject to various laws and rules regarding anti-money laundering and counter-terrorism financing
(AML/CTF), anti-bribery and corruption, economic and trade sanctions and tax transparency across its operating
jurisdictions (Financial Crime Laws). Financial Crime Laws can be complex and, in some circumstances, impose a
diverse range of obligations. As a result, regulatory, operational and compliance risks are heightened. In some
jurisdictions (e.g. the Pacific region), financial crime risks are elevated beyond the Group’s risk appetite requiring
an appropriate action plan to reduce risk, and to return within appetite.
Financial Crime Laws require us to report certain matters and transactions to regulators (such as international funds
transfer instructions, threshold transaction reports, suspicious matter reports, Foreign Account Tax Compliance Act
(FATCA) and Common Reporting Standard (CRS) reports) and to ensure that we know who our customers are and
that we have appropriate ongoing customer due diligence in place. The failure to comply with some of these laws has
had, and in the future could potentially have, adverse impacts for the Group.
The Group operates within a landscape that is constantly changing, particularly with the emergence of new payment
technologies, ongoing legislative reform impacting Financial Crime Laws, increased regulatory focus on digital
assets, and increasing reliance on economic and trade sanctions to manage issues of international concern. These
developments may require updates to the Group’s systems, policies, processes and controls to address emerging
financial crime risks for the Group (as well as other risks including scams, fraud and technology-enabled crime).
There has been, and continues to be, a focus on compliance with financial crime obligations. Regulators globally
remain focused on continuing investigations and taking enforcement actions for identified non-compliance, often
seeking significant penalties. Due to our scale of operations, undetected failures or the ineffective implementation,
monitoring or remediation of a system, policy, process or control (including a regulatory reporting obligation) has
resulted, and could in the future result, in a significant number of breaches of AML/CTF or other Financial Crime Laws,
which could lead to significant financial penalties and other adverse impacts for the Group, such as reputational
damage and litigation risk.
While the Group has systems, policies, processes and controls in place designed to manage its financial crime
obligations (including reporting obligations), these have not always been, and may not in the future always be,
effective, due to reasons such as control deficiencies, technology failures or changes in financial crime risks or
typologies. Our analysis and reviews, in addition to regulator feedback, have highlighted that our systems, policies,
processes and controls are not always operating satisfactorily in a number of respects and require improvement.
We continue to have an increased focus on financial crime risk management and, as such, further issues requiring
attention have been identified and may continue to be identified.
Although the Group provides updates to various regulators on its remediation and other program activities, there
is no assurance that those or other regulators will agree that its remediation and program update activities will be
adequate or effectively enhance the Group’s compliance programs.
Failure to comply with our financial crime obligations has resulted, and could in the future result, in significant
regulatory enforcement actions, reputational risks and other consequences as detailed in other sections of these Risk
factors. There is additional information on financial crime matters in Significant Developments (pages 54-56).
Reputational damage has harmed, and could in
the future harm, our business and prospects
- Reputational and sustainability risk
- Negative customer outcomes
We face reputational risk where our plans, processes, performance and behaviours differ from the expectations,
beliefs and perceptions of our stakeholders.
Our actions or inactions (or those of our customers, employees, suppliers, contractors, agents, authorised
representatives, credit representatives, joint-venture partners, strategic partners or other counterparties) could
result in reputational damage when they cause, or are perceived to cause, a negative outcome for customers,
shareholders, the community or other stakeholders. This could arise from, for example, failure or perceived failure

64WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
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Risk factors (Continued)
to adequately monitor, prevent or respond to community, environmental, social and ethical issues or expectations
or failure to comply with regulatory requirements or expectations. We are also exposed to contagion risk from
incidents in (or affecting) other financial institutions and/or the financial sector more broadly (e.g. issues affecting the
cash-in-transit industry and the potential for disruption to the availability of cash, as well as flow on consequences
including runs on cash).
Failure, or perceived failure, to address issues that could or do give rise to reputational risk, has created, and could
in the future create, additional legal risk, including regulatory investigations, regulatory enforcement actions, fines
and penalties or litigation or other actions brought by third parties (including class actions), and the requirement
to remediate and compensate customers, including prospective customers, investors and the market. It could also
result in losing customers or restricting our ability to efficiently access capital markets. This could adversely affect
our business, prospects, financial performance or financial condition.
We have and could suffer losses due
to litigation
- Compliance and conduct risk
- Enforcement action
- Litigation
- Class actions
- Substantial fines and penalties
Litigation has been, and could in the future be, commenced against us by a range of plaintiffs, such as customers,
shareholders, employees, suppliers, counterparties, activists, receivers and regulators and may, either individually or
in aggregate, adversely affect the Group’s business, operations, prospects, reputation or financial condition.
Recently, there has been an increase in class action proceedings in the broader market, many of which have resulted
in significant monetary settlements. The risk of class actions has been heightened by a number of factors, including
regulatory enforcement actions and willingness by regulators to commence proceedings, increased regulatory
investigations and inquiries, media scrutiny, increased prospect of regulatory reforms (including those that may
eliminate any actual or perceived barriers to such litigation), and the growth of third party litigation funding. Class
actions commenced against competitors could also lead to similar proceedings against us, and may also impact
attitudes of counterparties to Westpac proceedings or Westpac’s standing more broadly. There has also been an
increase in proceedings related to third party scams and fraud activity, and the bank has been and may be joined to
such proceedings.
Activism strategies directed at financial institutions, particularly related to climate change, sustainability, diversity
equity and inclusion initiatives and energy transition, have also increased globally in recent years. These strategies
may involve litigation to highlight issues, enforce legal or regulatory standards, or influence the target’s operations
and activities. We are currently, and may continue to be, exposed to such litigation and/or activist strategies.
Litigation is subject to many uncertainties and the outcome may not be predicted accurately. Furthermore, the
Group’s ability to respond to and defend litigation may be adversely affected by inadequate record keeping. The
Group’s ability to settle litigation on reasonable terms will be affected by attitudes of counterparties. Costs will be
incurred associated with managing, responding to and/or defending litigation.
Depending on the outcome of any litigation, the Group has been, and may in the future be, required to comply
with broad court orders, including compliance orders, adverse publicity orders, enforcement orders or otherwise pay
significant damages, fines, penalties or legal costs. The actual amount paid following a settlement or determination
by a Court for any legal proceedings may be materially higher or lower than any relevant provision (where applicable)
or that any contingent liability may be larger than anticipated. There is also a risk that additional litigation
or contingent liabilities arise, all of which could adversely affect our business, prospects, reputation, financial
performance or financial condition.
There is additional information on certain legal proceedings that may affect the Group in Significant Developments
(pages 54-56) and in Note 13 (pages 101-105) to the financial statements.
We are exposed to adverse funding
market conditions
- Market risk
- Volatility and disruption
- Funding and liquidity risk
- Credit risk
We rely on deposits and global funding markets to fund our business and source liquidity. Our funding costs are
subject to funding market and general economic and geopolitical conditions, in addition to our credit profile.
Funding market conditions, and the behaviour of market participants, can shift significantly over very short periods
of time, resulting in extreme volatility, disruption and decreased liquidity. The main risks we face relate to reduced

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Risk factors (Continued)
market confidence, market access, appetite for exposure to Westpac; increased cost of funding; and impacts from
deterioration in macroeconomic conditions. Additionally, shifts in investment preferences could result in deposit
withdrawals, increasing our reliance on other funding sources. These other sources may offer lower levels of liquidity
at higher costs.
If market conditions deteriorate due to economic, political, regulatory, or other reasons (including those idiosyncratic
to Westpac), there may be a loss of confidence in bank deposits, leading to unexpected withdrawals. These events
can transpire quickly and be exacerbated by information transmission on social media. This could increase funding
costs, constrain our liquidity, funding and lending activities and threaten our financial solvency. In such events, even
robust levels of capital may not be sufficient to safeguard Westpac against detrimental loss of funding.
If our current sources of funding become insufficient, we may need to seek alternatives, subject to market conditions,
our credit ratings, reputation and confidence issues, and market capacity. These alternatives may be more expensive
or on unfavourable terms. If we are unable to source appropriate funding, we may be forced to reduce or suspend
business activities (e.g. lending) or operate with smaller liquidity buffers. If we are unable to source funding or
generate liquidity for an extended period, we may not be able to pay our debts as and when they fall due or
meet other contractual obligations. These outcomes may adversely affect our financial performance, liquidity, capital
resources or financial condition.
We also enter into collateralised derivative obligations, which may require us to post additional collateral based
on market movements. This has the potential to adversely affect our liquidity or ability to use derivatives to hedge
interest rate, currency and other financial risks.
We could be adversely affected by the risk of
inadequate capital levels
- Capital adequacy
- Capital risk
- Regulatory capital requirements
The Group is subject to the risk of an inadequate level or composition of capital to support business activities, meet
regulatory capital requirements under normal or stressed conditions, and to maintain our solvency. Even robust levels
of capital may not be sufficient to ensure our ongoing sustainability in the event of a bank run, where depositors
quickly withdraw funds because of concerns about bank failure.
Our capital levels are determined by regulation and risk appetite and informed by stress testing. We establish buffers
on regulatory requirements to maintain capital adequacy during stressed periods by considering factors such as our
balance sheet, forecasts, portfolio mix, potential capital headwinds (including real estate valuations, inflation and
rising interest rates) and stressed outcomes. Stress testing models and assumptions may or may not accurately
predict the nature and magnitude of particular stress events. The macroeconomic environment, stressed conditions
and/or regulatory framework could result in a material increase to risk weighted assets, impact our capital adequacy,
trigger capital distribution constraints, threaten our financial viability and/or require a highly dilutive capital raising.
Capital distribution constraints apply when an ADI’s Common Equity Tier 1 Capital (CET1) ratio falls within the
prudential capital buffer range (consisting of the Capital Conservation Buffer plus any Countercyclical Capital Buffer).
This could impact future dividends and distributions on Additional Tier 1 (AT1) capital instruments. If AT1 and Tier 2
capital securities we have issued convert into ordinary shares (e.g. where our CET1 ratio falls below a certain level
or APRA determines we would become non-viable without conversion of capital instruments or equivalent support),
existing shareholders could face significant value dilution. Additionally, APRA has announced its intention to phase
out AT1 capital instruments (see further discussion in Significant Developments (pages 54-56)).
Our business is substantially dependent
on the Australian and New Zealand
economies, and could be adversely
affected by a material downturn or
shock to these economies or other
financial systems
- Strategic risk
- Macroeconomic risks
- Market disruption
- Domestic and international economic conditions
- Geopolitical risks
- Credit risk
Our revenues and earnings are dependent on domestic and international economic activity, business conditions
and the level of financial services our customers require. Most of our business is conducted in Australia and New
Zealand so our performance is influenced by the level and cyclical nature of activity in these countries. The financial
services industry and capital markets have been, and may continue to be, adversely affected by volatility, global
economic conditions (including inflation and rising interest rates), external events, geopolitical instability, political
developments, cyberattacks or a major systemic shock.

66WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
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Risk factors (Continued)
Market and economic disruptions (or the possibility of interest rates remaining higher for longer than anticipated)
could cause consumer and business spending to decrease, unemployment to rise, demand for our products and
services to decline and credit losses to increase, thereby reducing our earnings. These events could undermine
confidence in the financial system, reduce liquidity, impair access to funding and adversely affect our customers and
counterparties. Conversely, an environment with falling interest rates could reduce margins and also impact earnings.
Given Australia’s reliance on exports, a slowdown in economic growth or change in policy settings of Australia’s
major trading partners, which may be caused by their foreign policies (including the adoption of protectionist trade
measures such as tariffs or sanctions) could negatively impact the Australian economy. This could result in reduced
demand for our products and services and affect supply chains, the level of economic activity and the ability of our
borrowers to repay their loans.
The nature and consequences of any such events are difficult to predict but each of these factors could adversely
affect our business, prospects, financial performance or financial condition.
Declines in asset markets could adversely
affect our operations or profitability and an
increase in impairments and provisioning could
adversely affect our financial performance or
financial condition
- Market risk
- Decline in asset values
- Impairments
- Credit risk
Declines in Australian, New Zealand or other asset markets, including equity, bond, residential and commercial
property markets, have adversely affected, and could in the future adversely affect, our operations and profitability.
Declining asset prices including as a result of change in taxation policies and potential legislation to restrict rents,
could also impact customers and counterparties and the value of security (including residential and commercial
property) we hold. This may impact our ability to recover amounts owing to us if customers or counterparties default.
It may also affect our impairment charges and provisions, in turn impacting our financial performance, financial
condition and capital levels. Declining asset prices could also impact our wealth management business as its earnings
partly depend on fees based on the value of securities and/or assets held or managed.
We establish provisions for credit impairment based on accounting standards using current information and our
expectations. If economic conditions deteriorate beyond our expectations, some customers and/or counterparties
could experience higher financial stress, leading to an increase in impairments, defaults and write-offs, and higher
provisioning. Changes in regulatory expectations in relation to the treatment of customers in hardship could lead to
increased impairments and/or higher provisioning. Such events could adversely affect our liquidity, capital resources,
financial performance or financial condition.
Credit risk also arises from certain derivative, clearing and settlement contracts we enter into, and from our dealings
in, and holdings of, debt securities issued by other institutions and government agencies, the financial conditions of
which may be affected to varying degrees by economic conditions in global financial markets.
Sovereign risk may destabilise financial
markets adversely
- Sovereign risk
- Defaults
Potential sovereign contractual defaults, sovereign debt defaults and the risk that governments will nationalise parts
of their economy including assets of financial institutions (such as Westpac) could negatively impact the value of our
holdings of assets. Such an event could also destabilise global financial markets, adversely affecting our liquidity,
financial performance or financial condition.
We could be adversely affected by the failure
to maintain our credit ratings
- Availability of funding
- Cost of funding
- Downgrade
Credit ratings are independent opinions on our creditworthiness. Our credit ratings can affect the cost and availability
of our funding and may be important to investors, certain institutional customers and counterparties when evaluating
their investments in the Group, our products and services.
A rating downgrade could be driven by a downgrade of Australia’s sovereign credit rating, a material weakening in
our financial performance, or one or more of the risks identified in this section or by other events including regulatory

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Risk factors (Continued)
changes or changes to the methodologies rating agencies use to determine credit ratings. A credit rating or rating
outlook could be downgraded or revised where credit rating agencies believe there is a very high level of uncertainty
on the impact to key rating factors from a significant event.
A downgrade to our credit ratings could have an adverse effect on our cost of funds, collateral requirements, liquidity,
competitive position, our access to capital markets and our financial stability. The extent and nature of these impacts
would depend on various factors, including the extent of any rating change, differences across agencies (split ratings)
and whether competitors or the sector are also impacted.
We face intense competition in all aspects of
our business
- Margins
- Regulatory scrutiny
- Strategic risk
- New entrants
The financial services industry is highly competitive, with a range of firms, including retail and commercial banks,
investment banks, other financial service companies, fintech companies and businesses in other industries with
financial services aspirations (including those who are not subject to the same capital and regulatory requirements or
who derive substantial revenue from other markets, which may allow them to operate more flexibly and with lower
costs of funds).
Emerging competitors are also increasingly altering the competitive environment by adopting new business models
or seeking to use new technologies to disrupt existing business models.
The competitive environment may also change due to increased scrutiny by regulators in the sector and other
legislative reforms, which will stimulate competition, improve customer choice and may prompt increased competition
from new and existing firms.
Competition in the various markets in which we operate has led, and may continue to lead, to a decline in our margins
or market share.
Deposits fund a significant portion of our balance sheet and have been a relatively stable source of funding. If we fail
to successfully compete for deposits, we may face increased funding costs, leading us to seek access to other types of
funding, or result in reduced lending.
Our ability to compete depends on our ability to offer products and services that meet evolving customer preferences.
Failure to adapt could result in lost customers, which could negatively impact our business, prospects, financial
performance or financial condition. For more detail refer to Our Operating Environment section in the 2024
Annual Report.
We have suffered, and could continue to suffer,
losses due to operational risk
- Operational risk
- Change execution
- Records management
- Ineffective processes and controls
- Fraud and scams
- Third parties
- AI
Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or
from external events. It includes, among other things, model, data, operations, change execution and third party
risks. While we have policies, processes and controls to manage these risks, they have not always been, or may not
be, effective.
Ineffective processes and controls (including those of our contractors, agents, authorised representatives and credit
representatives, or inadequate supervision and oversight of their activities) have resulted in, and could continue to
result in, adverse outcomes for customers, employees or other third parties.
Operational breakdowns can occur if measures are implemented too quickly without sufficient validation (or not
quickly enough) in response to external events, potentially leading to financial losses, customer remediation,
regulatory scrutiny and intervention, fines, penalties and capital overlays and, depending on the nature of the failure,
litigation, including class action proceedings.
Examples of operational risks include:
•Fraud and scams. We have incurred, and could in the future incur, losses from fraud and scams, including
fraudulent applications for loans (including misrepresentations by customers), or from incorrect or fraudulent

68WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
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Risk factors (Continued)
payments and settlements. Such losses, including the potential for additional customer compensation and
financial penalties, could increase significantly due to regulatory change. This includes if the Group does not
adhere to obligations set out in the Scams Prevention Framework within the Competition and Consumer Act 2010
(Cth), which was introduced by the Scams Prevention Framework Act 2025 (Cth). Fraudulent conduct can also arise
from external parties seeking to access our systems or customer accounts, the use of mule accounts, the use
of accounts to commit investment scams and where identification records are compromised due to third party
cybersecurity events. These risks are heightened by real-time transaction capability, and we are also exposed
to contagion risk from incidents affecting other institutions. If systems, procedures and protocols for preventing
and managing fraud, scams or improper access to our systems and customer accounts fail, or are inadequate or
ineffective, they could lead to losses which could adversely affect our customers, business, prospects, reputation,
financial performance or financial condition. Regulatory and compliance requirements can impede the ability to
swiftly identify or respond to a fraud or scam, or to communicate with affected parties.
•Records management. A failure to adequately implement and monitor effective records management policies
and processes could impact our ability to safeguard information, locate records, respond to regulatory notices,
conduct remediation, and meet record retention and destruction obligations. Where there are inadequacies in
implementation of the records management lifecycle in our systems or embedding records management across
the Group, these risks are further heightened. Where records are retained for longer than required this could
increase the impacts of cyber and privacy incidents such as data breaches.
•Artificial Intelligence (AI). As AI adoption to support our customers and business increases, we may become
more exposed to risks associated with the use of this technology, such as lack of transparency, inaccurate data
input, unintentional bias, breaches of confidentiality and privacy obligations, inaccurate outputs and decisions or
other unintended consequences that are inconsistent with our policies or values. In addition, failure or delays in
adopting AI could lead to competitive disadvantages or otherwise not leveraging capability that could support
management of risk or improve customer outcomes. Leveraging AI could have financial, regulatory, conduct,
reputational and customer impacts.
•Third party. We rely on third parties, both in Australia and overseas, to provide services to us and our customers.
Failures by these third parties, including our authorised representatives and credit representatives, to deliver
services as required and in accordance with law, regulation and regulatory expectations could disrupt our ability
to provide products and services and adversely impact our customers, operations, financial performance or
reputation. For example, we rely on third parties to provide cash transport, handling and storage services. With
reduced demand for cash placing pressure on the cash-in-transit (CIT) industry, we are exposed to operational
risk including loss of (or delays in accessing) significant amounts of cash held by CIT providers on our behalf
(this risk is exacerbated for us as we currently provide commercial cash distribution for the industry under an
arrangement with one key industry participant which terminates in July 2025), reduced availability of cash in the
system generally (which could lead to a run on cash), potential increased costs (for example, to enable us/third
party providers to meet regulatory requirements or satisfy orders made by a tribunal), and related consequences
where we or our customers suffer loss or damage due to disruptions to CIT services.
•Change execution. We face risks in delivering technology and other change programs, including the risks that
a change program fails to deliver the desired outcomes, or fails to reduce, pre-empt, mitigate and manage
the challenges associated with transformation delivery. This could result in business disruption and delays,
technology challenges, financial loss or further regulatory scrutiny. If our technology systems or financial
infrastructure do not operate correctly, this may also cause loss or damage to us or our customers. This can
also arise from complexities in our systems, and the interaction between those systems. This could include, for
example, where systems issues result in incorrect fees or charges being applied to customers, or other poor
customer outcomes. This could potentially lead to financial losses, customer remediation, regulatory scrutiny and
intervention, fines, penalties and capital overlays and, depending on the nature of the failure, litigation, including
class action proceedings.
•Insurance coverage. There is a risk that we will not be able to obtain and/or have not obtained appropriate
insurance coverage for the risks that we may be exposed to. This could be due to lack of available or adequate
insurance, an increase in the cost of insurance, or failure of the insurance underwriter. If an insurance policy is not
available or does not respond to a loss, we will not have the ability to recover such loss from an insurance policy.
We could suffer losses due to market volatility
- Market risk
- Geopolitical risks
- Volatility and disruption
- Credit risk
Market risk is the risk of an adverse impact on the Group’s financial performance, financial position, capital and
liquidity, resulting from changes in market factors, such as foreign exchange rates, commodity prices, equity prices,
credit spreads and interest rates. Market risk is present in both banking book and trading book. We are exposed

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Risk factors (Continued)
to market risk due to our financial markets businesses, asset and liability management, our holdings in liquid asset
securities, dependence on accessing capital markets and our defined benefit plan.
Changes in market factors could be driven by a variety of developments including economic disruption, geopolitical
events, trade tensions, market liquidity or concerns relating to major market participants or sectors. The resulting
market volatility could potentially lead to losses and may adversely affect our financial performance and
capital position.
As a financial intermediary, we underwrite listed and unlisted debt securities. We could suffer losses if we fail to
syndicate or sell down this risk to others. This risk is more pronounced in times of heightened market volatility.
Poor data quality could adversely affect our
business and operations
- Operational risk
- Data quality
- Poor customer and risk outcomes
Having accurate, complete and reliable data, supported by appropriate data controls, retention and, destruction
methods and access to internal frameworks and processes, is critical to the effective operation of our businesses.
Data plays a key role in determining how we provide products and services to customers, the effectiveness of our
systems and risk management frameworks, strategic planning and our ability to make effective decisions.
Some of our businesses are, and may continue to be, affected by poor data quality and/or limited data availability due
to a number of factors, including inadequacies across systems, processes and policies, or ineffectively implemented
data management frameworks.
This could lead to poor customer service outcomes, adverse risk management outcomes, deficient system outputs
and processes. This is because data quality inadequacies render such data unreliable to assist in making informed
business decisions. Deficiencies with internal systems and processes could negatively impact our decision-making in
areas such as the provision of credit to a customer, and the terms on which a credit facility is provided. The production
of accurate data is also critical for other functions across the Group, such as financial and other reporting (internal
and external).
Poor data quality and availability impacts our ability to effectively monitor and manage operations across the
Group, comply with production notices, respond to regulatory notices, defend and respond to litigation and conduct
remediation activities. Conflicting data retention or destruction obligations may increase such risks.
Poor data and/or poor data retention/destruction methods and deficient controls that result in control gaps and
weaknesses, could negatively impact our ability to meet compliance obligations (including regulatory reporting
obligations). Previously, this has led to regulatory investigations or adverse findings and actions against the Group,
and such risks remain if we fail to maintain an acceptable level of data quality and effective oversight practices.
Our data related frameworks and processes must be continuously reviewed, and improved where required, to ensure
our data quality and data management practices remain relevant, fit for purpose and sustainable. This is because
outdated or unsustainable practices may lead to inefficient data management practices and/or poor quality data.  
Potential consequences from holding poor quality data and/or having poor data oversight and controls include
adverse impacts to the Group’s ability to effectively operate our existing businesses, securing prospective business
from third parties, and our reputation, financial performance and financial condition.
Certain strategic decisions may have adverse
effects on our business
- Strategic risk
- Warranties and indemnities
- Divestments and acquisitions
- Implementation risk
We evaluate and implement strategic decisions, priorities and objectives including where we can simplify or
streamline, diversify or innovate our business or products. These activities can be complex, costly and may not
proceed as planned. For example, we may experience difficulties completing certain transactions, separating or
integrating businesses in the scheduled timeframe or at all, disruptions to operations, diversion of management
resources or higher than expected transaction costs, impacts on third parties, and there may be differing market
views about a strategic choice, which may cause reputational damage.
Any failure to successfully divest businesses may expose us to higher operating costs and higher inherent risks in
those businesses. Decisions to retain businesses may also expose us to the higher inherent risks in those businesses.
For example, our Pacific businesses face several risks including heightened operational, sovereign, financial crime
and exchange control risks which could adversely affect our customers, business, prospects, reputation, financial

70WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
DIRECTORS’ REPORT
Risk factors (Continued)
performance or financial condition. In divesting businesses, we have given (and could in future divestments give)
warranties and indemnities in favour of counterparties relating to certain pre-completion matters and certain other
commitments, including in relation to transitional services. These could result in a liability to make significant
payments to these counterparties while these obligations remain on foot. To manage risks related to conduct
and customer redress associated with divestments, we hold additional operational risk capital pursuant to APRA’s
published guidance. These contingent liabilities are described in Note 13 (pages 101-105) to the financial statements.
Acquiring and investing in businesses also comes with risks and costs, including underperformance, assumption of
unknown and unaccounted for liabilities, regulatory risks or overvaluation of a target business.
Operational, cultural, governance, compliance and risk appetite differences between us and an acquired business may
lead to longer and costlier integration.
Internal factors, for example, inadequate funding, resourcing, business capabilities or operating model, or failing to
identify, understand or respond effectively to changes in the external business environment, including economic,
geopolitical, regulatory, consumer sentiment, technological, environmental, social and competitive factors, may
hinder successful strategy implementation. This could adversely affect us, including our ability to increase or maintain
market share or resulting pressure on margins and fees.
These risks could negatively impact our business, growth prospects, reputation, engagement with regulators,
financial performance or financial condition.
Other risks
•Failure to recruit and retain key executives, employees and Directors may have adverse effects on our business,
prospects, reputation, financial performance or financial condition. Macro-environmental factors including low
unemployment, restricted migration levels, on-shoring of work and the competitive talent market, may also have
an adverse impact on attracting specialist skills for the Group.
•Changes to the critical accounting assumptions and estimates (outlined in Note 1 (pages 79-80) to the
financial statements) could expose the Group to losses greater than those anticipated or recognised, which
could adversely affect our financial performance, financial condition and reputation.
Rounding of amounts
ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 applies to Westpac and in accordance
with that Legislative Instrument all amounts have been rounded to the nearest million dollars unless otherwise stated.

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Lead Auditor’s Independence Declaration under
Section 307C of the Corporations Act 2001
To the Directors of Westpac Banking Corporation
I declare that, to the best of my knowledge and belief, in relation to the review of Westpac
Banking Corporation for the half year ended 31 March 2025 there have been:
i. no contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the review; and
ii. no contraventions of any applicable code of professional conduct in relation to the
review
.



KPMG Kim Lawry
Partner
Sydney
4 May 2025


PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
71

72WESTPAC GROUP 2025 INTERIM FINANCIAL RESULTS
DIRECTORS’ REPORT
The Directors of Westpac Banking Corporation confirm that to the best of their knowledge:
(i)the interim financial statements have been prepared in accordance with AASB 134 Interim Financial Reporting
and are in compliance with IAS 34 Interim Financial Reporting issued by the International Accounting Standards
Board; and
(ii)the Directors’ report includes a fair review of the information required by DTR 4.2.7 R of the Disclosure Guidance and
Transparency Rules of the United Kingdom Financial Conduct Authority.
The Directors’ report is signed in accordance with a resolution of the Board of Directors.
Steven Gregg
Chairman

Anthony Miller
Managing Director and Chief Executive Officer
Sydney, Australia
4 May 2025

PERFORMANCE REVIEWDIRECTORS’ REPORT
2025 INTERIM
FINANCIAL REPORTOTHER INFORMATION
73
2025 INTERIM
FINANCIAL
REPORT
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated statement of changes in equity
Consolidated cash flow statement
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 1.Financial statements preparation
Note 2.Segment reporting
Note 3.Net interest income and average balance sheet and
interest rates
Note 4.Non-interest income
Note 5.Operating expenses
Note 6.Income tax
Note 7.Earnings per share
Note 8.Loans
Note 9.Provision for expected credit losses
Note 10.Credit quality
Note 11.Deposits and other borrowings
Note 12.Fair values of financial assets and
financial liabilities
Note 13.Provisions, contingent liabilities, contingent assets
and credit commitments
Note 14.Shareholders’ equity
Note 15.Notes to the consolidated cash flow statement
Note 16.Subsequent events
STATUTORY STATEMENTS
Directors’ declaration
Independent auditor's review report to the members of
Westpac Banking Corporation