Westpac New Zealand Limited Analysis

Overview

The WNZL Group provides banking and financial services. In particular, WNZL provides a wide range of consumer, business and institutional banking products and services to consumers, small to medium sized businesses, large corporate and institutional customers and the New Zealand Government.

Information about WNZL and WNZL's financial statements are published half-yearly in disclosure statements required under the BPS Act. WNZL's disclosure statements can be viewed and downloaded from WNZL's website at www.westpac.co.nz/about-us/legal-informationprivacy/disclosure-statements.

Performance

The following information was extracted from Westpac New Zealand Limited's full year results, released on 4 November 2024:

Key financials

(All comparisons are for the 12 months ended 30 September 2024 versus the same period last year)

• Pre-provision profit of $1,491 million, up 1% (up 1% excluding Notable Items).
• Net profit of $1,055 million, up 10% (up 9% excluding Notable Items).
• Net operating income of $2,860 million, up 3% (up 3% excluding Notable Items).
• Operating expenses of $1,369 million, up 6% (up 6% excluding Notable Items).
• Net impairment charge of $27 million, compared with an impairment charge of 135 million in the previous period.
• Net interest margin 2.17%, up 4 basis points excluding Notable Items.
• Home lending up 3% to $68.0 billion, Business lending up 2% to $33.4 billion, Deposits flat at $79.7 billion.