Australia’s Westpac Banking reports steady profit on mortgage growth

[Illuminated Westpac Bank sign]
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Westpac Banking (OTCPK:WEBNF [https://seekingalpha.com/symbol/WEBNF]) (OTC:WBKCY [https://seekingalpha.com/symbol/WBKCY]) on Monday posted [https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/wbc-media-release-2025.pdf] annual earnings broadly in line with expectations, supported by steady demand in its home-loan portfolio despite a competitive lending environment.

Net profit for the 12 months ending September 30 edged down 1% to A$6.9 billion ($4.5 billion), matching the average analyst estimate compiled by Bloomberg. The result reflects stable lending margins and resilient credit quality across the bank’s retail and business divisions.

Chief Executive Anthony Miller, who took charge in December, has moved swiftly to overhaul the lender’s operations. The former Goldman Sachs banker has reshaped his leadership team, recruited senior talent from rival institutions, and accelerated efforts to cut costs and modernize aging technology systems.

“We’ve managed margins in a competitive environment and our capital position is strong, providing us with plenty of flexibility as we execute our strategy,” Miller said in a statement. “Australia remains well positioned in light of ongoing global disruption and economic uncertainty.”

Westpac, Australia’s second-largest lender by market value, has been focusing on efficiency gains after years of restructuring and regulatory scrutiny. Miller’s strategy aims to sharpen performance in the consumer business and streamline operations to lift returns.

MORE ON WESTPAC BANKING CORPORATION, WESTPAC BANKING CORP - ADR

* Seeking Alpha’s Quant Rating on Westpac Banking Corporation [https://seekingalpha.com/symbol/WEBNF/ratings/quant-ratings]
* Historical earnings data for Westpac Banking Corporation [https://seekingalpha.com/symbol/WEBNF/earnings]
* Dividend scorecard for Westpac Banking Corporation [https://seekingalpha.com/symbol/WEBNF/dividends/scorecard]
* Financial information for Westpac Banking Corporation [https://seekingalpha.com/symbol/WEBNF/income-statement]
* Seeking Alpha’s Quant Rating on Westpac Banking Corp - ADR [https://seekingalpha.com/symbol/WBKCY/ratings/quant-ratings]