Slide 1: 2024 Full Year Financial Results Presentation and Investor Discussion Pack
2024 FULL YEAR FINANCIAL RESULTS FOR THE 12 MONTHS ENDED 30 SEPTEMBER 2024 PRESENTATION AND INVESTOR DISCUSSION PACK Westpac Banking Corporation ABN 33 007 457 141
Slide 2: Results Index
WESTPAC 2024 Full Year Results Presentation 3 2024 FULL YEAR Investor Discussion Pack 35 Earnings drivers 37 RESULTS INDEX Credit quality and provisions 50 Capital, funding and liquidity 71 Supporting our customers 82 Sustainability 93 Segment results 100 Economics 107 Appendix 113 Contact us 119 Di
Slide 3: Peter King, Chief Executive Officer
PETER KING CHIEF EXECUTIVE OFFICER
Slide 4: FY24 Highlights
FY24 HIGHLIGHTS DISCIPLINED IMPROVING CUSTOMER STRONG BALANCE SHEET, PERFORMANCE SERVICE RETURNING CAPITAL 4 Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Slide 5: FY24 Financial Performance
FY24 FINANCIAL PERFORMANCE FY23 FY24 FY24 - FY23 Change Net profit1 $7,195m $6,990m (3%) Return on tangible equity2 11.4% 11.0% (38 bps) Excluding Notable Items Net Profit $7,368m $7,113m (3%) Revenue $21,542m $21,763m 1% Net Interest Margin 1.96% 1.95% (1 bp) Expenses ($10,232m) ($10,944m) 7% Impai
Slide 6: Consumer: Improving Service
CONSUMER: IMPROVING SERVICE IMPROVING CUSTOMER EXPERIENCE HOUSEHOLD DEPOSIT GROWTH COMPARED TO SYSTEM5 • #1 mobile banking app1 September 2022 – September 2024 ($bn) 8.4 • Best overall loyalty program2 • NPS3, up 2 points to #34 (0.3) (5.9) (10.7) GROWING QUALITY DEPOSITS Westpac Peer 1 Peer 2 Peer
Slide 7: Mortgages: Consistent Growth in Mortgages
MORTGAGES: CONSISTENT GROWTH IN MORTGAGES CONSISTENT GROWTH IN MORTGAGES ($BN)1 NEW OWNER OCCUPIED LENDING RATE RELATIVE TO PEERS 473 WBC 450 432 Up 4% Up 5% higher 0.9x 1.2 x WBC system system lower 3 Sep-22 Sep-23 Sep-24 FY23 FY24 TIME TO DECISION BY CHANNEL (DAYS)2 11.6 9.6 7.9 5.2 5.2 5.7 FY22 F
Slide 8: Business: Emerging Growth
BUSINESS: EMERGING GROWTH COMPETITIVE CUSTOMER PROPOSITION New transaction New merchant points accounts (#, 000s) of presence(#, 000s) • Bringing the whole bank to the client 118.7 36.1 • TTD down 5 days to 9 days over last 2 years1 Up 16% • More bankers 19.7 Up 83% 102.2 INVESTING AND SIMPLIFYING F
Slide 9: Institutional: Stronger Client Relationships
INSTITUTIONAL: STRONGER CLIENT RELATIONSHIPS SOLID PROGRESS LENDING • Strong growth in Corporate & Institutional Banking 9%3 • Leading Fixed Income Franchise in Australia & NZ1 • Leading lender to renewable energy projects in Australia NIM EX MARKETS 2.10%, 4bps4 INVESTING FOR THE FUTURE #1 IN GOVER
Slide 10: New Zealand: Supporting Customers
NEW ZEALAND: SUPPORTING CUSTOMERS CHALLENGING OPERATING CONDITIONS • Low growth environment LENDING − Mortgages up 3%1 3%1 − Business lending up 2%1 • Credit quality resilient NIM 2.17%, 4bps3 CUSTOMER FOCUS • Proactive engagement with customers needing support NEW ZEALAND AGRI AND INSTO NPS #2 • Di
Slide 11: Support and Safety
SUPPORT AND SAFETY SUPPORTING CUSTOMERS SUPPORTING THE COMMUNITY ENHANCING SAFETY 47,500 ~$330M $237M support packages1 cost to provide cash services customer scams stopped >1M $177M $150M customers using in payments abandoned in community investments4 money management tools2 thanks to Saferpay aler
Slide 12: UNITE: Technology Simplification
UNITE: TECHNOLOGY SIMPLIFICATION: BUSINESS LED, TECHNOLOGY ENABLED PROGRAM OBJECTIVES FY24 PROGRESS 1 • • Governance model established and operating Initiatives consolidated to 61 from ~85 BETTER CUSTOMER NPS • 39 initiatives commenced; 2 complete EXPERIENCE • Deposit processor consolidation confi
Slide 13: UNITE Example: Electronic Identity Verification
UNITE EXAMPLE: ELECTRONIC IDENTITY VERIFICATION CONSOLIDATING 18 PROCESSES BIOMETRICS 22 PROCESSES TO 1 COMPLETED IN 2024 ENABLED EXPECTED OUTCOMES 1 BETTER CUSTOMER EXPERIENCE 2 IMPROVED EMPLOYEE EXPERIENCE 3 INCREASED SHAREHOLDER RETURN • Quicker and easier way to • Faster and easier to onboard •
Slide 14: Strong Financial Position
STRONG FINANCIAL POSITION CAPITAL CREDIT IMPAIRMENT PROVISIONS CET1 capital ratio (%) Sep-24 12.5 $1.5bn above $5.1bn base case 8.1 9.0 $3.6bn Sep-09 Sep-14 Sep-24 Total impairment provisions ECL base case LIQUID ASSETS FUNDING COMPOSITION Liquid assets as a % of total assets $1tn Equity 19% 11% $68
Slide 15: Capital and Dividends
CAPITAL AND DIVIDENDS CAPITAL RETURNS REDUCING SHARE COUNT THROUGH BUYBACKS (#BN) • CET1 capital ratio 12.5% 3.7 $3.5bn − Proforma 12.1%1, $2.7bn of capital above top end 3.6 (off market) $1.5bn of target range2 $1.0bn $1.0bn 3.5 • On market share buyback program: − FY23 and 1H243: $2.5bn, 23% remai
Slide 16: Michael Rowland, Chief Financial Officer
MICHAEL ROWLAND CHIEF FINANCIAL OFFICER
Slide 17: 2H24 Financial Performance
2H24 FINANCIAL PERFORMANCE 1H24 2H24 Change Net profit $3,342m $3,648m 9% Earnings Per Share 96c 105c 10% Excluding Notable Items: Net profit $3,506m $3,607m 3% Revenue $10,816m $10,947m 1% Expenses ($5,395m) ($5,549m) 3% Pre-provision profit $5,421m $5,398m - Impairment charges to average loans ann
Slide 18: Notable Items
NOTABLE ITEMS Notable Items1 ($m after tax) 1H24 2H24 Asset sales and revaluations - - Provisions for remediation, litigation, fines and penalties - - Restructuring costs - - Assets write-downs - - Hedging items (164) 41 Total Notable Items (164) 41 1 For further details of Notable Items refer to pa
Slide 19: 2H24-1H24 Net Profit
2H24-1H24 NET PROFIT ($M)1 214 (83) (154) 187 (63) 3,545 3,506 3,607 Pre-provision profit flat 1% lower 3% higher 2H23 1H24 Net interest Non-interest Expenses Impairment Tax 2H24 2 income income charges & NCI 1 Excludes the impact of Notable Items. 2 Non-controlling interests. 19 Westpac Group 2024
Slide 20: Net Loans
NET LOANS ($BN) 7.6 1.2 (0.3) (4.4) 806.8 6.1 11.7 784.8 Up $1.3bn 773.3 in NZ$ Up 1% Up 3% Sep-23 Mar-24 Mortgages 1 Business Institutional New Personal Portfolios in Sep-24 2 Zealand runoff (in A$) Chart may not add due to rounding. 1 Excluding RAMS. 2 RAMS and Auto finance. 20 Westpac Group 2024
Slide 21: Deposit Growth
DEPOSIT GROWTH ($BN) 5.0 0.8 673.6 3.7 13.2 650.9 641.0 Up $0.8bn in NZ$ Up 2% Up 3% Sep-23 Mar-24 Consumer Business WIB & Treasury New Zealand Sep-24 & Wealth (in A$) 21 Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Slide 22: Net Interest Margin
NET INTEREST MARGIN (%) +4bps Replicating portfolio -2bps Deposit mix -1bp Term deposit spreads 6bps 1.97 1.94 2bps (1bp) 1.89 (1bp) - (1bp) 3bps 0.01 0.11 0.13 0.14 Core NIM up 3bps 1.83 1.83 1.80 Sep-24 Exit Core NIM 1.83%2 (0.05) 2H23 1H24 Loans Deposits Wholesale Capital Liquid Treasury Notable
Slide 23: Non-Interest Income
NON-INTEREST INCOME1 NON-INTEREST INCOME BY TYPE ($M) 1,459 1,465 1,382 75 40 341 365 351 225 218 223 818 842 830 (22) 2H23 1H24 2H24 Fees Wealth Trading Other 1 Excludes the impact of Notable Items. 23 Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Slide 24: 2H24 Expenses
2H24 EXPENSES ($M)1 Higher technology UNITE investment services costs and $114m, 57% expensed wages and salaries 465 (391) 34 46 5,549 5,395 5,244 Simpler operating Seasonally higher model investment spend Reduced property footprint 3% increase 3% increase 2H23 1H24 Ongoing Cost reset UNITE Investme
Slide 25: Investment Spend
INVESTMENT SPEND RISK & REGULATORY INVESTMENT SPEND ($M) • Payments infrastructure Down 9% due to completion of large programs in 2023 • Cyber capability and customer fraud and scams protection 1,922 • CPS230 operational risk management 1,756 GROWTH AND PRODUCTIVITY 147 728 • Digital enhancements •
Slide 26: Credit Quality
CREDIT QUALITY STRESSED EXPOSURES AS A % OF TCE AUSTRALIAN MORTGAGE DELINQUENCIES (%) 1.45 30+ day delinquencies 90+ day delinquencies 1.36 4.00 90+ ex RAMS & 6 mth serviceability hold-out period 1.26 3.00 0.59 2.00 1.82 0.54 0.54 1.00 1.12 0.67 0.00 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 0.23 0.24 0.22
Slide 27: Impairment Provisions $1.5bn Above Base Case
IMPAIRMENT PROVISIONS $1.5BN ABOVE BASE CASE ($M) CAP to credit RWA of 1.32%, down 6bps 5,135 5,096 4,941 Overlays reduced $81m 260 179 Overlays 432 CAP $33m lower 705 768 • Runoff of auto finance balances Stage 1 CAP 692 • Lower cards balances IAP increased $75m due to single names in manufacturing
Slide 28: Credit Impairment Charge Composition
CREDIT IMPAIRMENT CHARGE COMPOSITION ($M) INDIVIDUALLY ASSESSED PROVISIONS (IAP) COLLECTIVELY ASSESSED PROVISIONS (CAP) TOTAL Write-backs Write-offs Other movement New IAP & recoveries direct in CAP 362 275 258 213 210 222 211 175 121 58 19 (104) (120) (163) (147) Higher Cards & Personal Overlays no
Slide 29: Capital Above Top End of Target Operating Range
CAPITAL ABOVE TOP END OF TARGET OPERATING RANGE CET1 CAPITAL RATIO % IRRBB: 16bps Market: 5bps Credit: (19bps) Buyback: $1.7bn2 83bps (60bps) 18bps (34bps) 1bps 12.55 (14bps) 12.49 (38bps) 12.38 12.11 Buyback: (22bps) Special dividend: (12bps) 1 Sep-23 Mar-24 Net profit Ordinary RWA Op risk Capital
Slide 30: 1H25 Considerations
1H25 CONSIDERATIONS • System credit growth similar to 2H24 REVENUE • Mortgage competition and deposit mix shift continuing • Replicating portfolio benefit slightly lower • Increased investment in UNITE, ~75% expensed • Wage growth and inflation moderating EXPENSES • Technology services cost pressure
Slide 31: Peter King, Chief Executive Officer
PETER KING CHIEF EXECUTIVE OFFICER
Slide 32: Australian Economy: Business
AUSTRALIAN ECONOMY: BUSINESS BUSINESS CASH FLOW TRENDS Change in share of business with positive cashflow, rolling 6-month average (ppts) 15 • Commercial – consistent SME Commercial improvement 10 5 • SME – more challenged - (5) (10) Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 UNEVEN CASH FLOW CONDITIONS BY INDU
Slide 33: Economy: Outlook Improving
ECONOMY: OUTLOOK IMPROVING1 Australia 2023 2024F 2025F GDP2 1.6 1.5 2.4 Cash rate3 4.35 4.35 3.35 Unemployment rate3 3.9 4.3 4.6 Total credit growth4 4.8 5.7 5.7 Housing4 4.2 5.2 5.4 Business4 6.5 7.2 7.0 New Zealand 2023 2024F 2025F GDP2 - - 2.3 Cash rate3 5.50 4.25 3.50 Unemployment rate3 4.0 5.3
Slide 34: FY24 Highlights
FY24 HIGHLIGHTS DISCIPLINED IMPROVING CUSTOMER STRONG BALANCE SHEET, PERFORMANCE SERVICE RETURNING CAPITAL 34 Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Slide 35: Investor Discussion Pack
Yl INVESTOR DISCUSSION PACK
Slide 36: Creating Value for Our Shareholders, Customers, People, Community and Environment
CREATING VALUE FOR OUR SHAREHOLDERS, CUSTOMERS, PEOPLE, COMMUNITY AND ENVIRONMENT IN FY24 OVERVIEW SHAREHOLDERS CUSTOMERS OUR PEOPLE COMMUNITY ENVIRONMENT $6,990m 13 million 80 $237m 86% Net Profit, down 3% Customers across the Organisational Health Stopped or recovered in Reduction in scope on FY23
Slide 37: Earnings Drivers
Vif EARNINGS DRIVERS
Slide 38: FY24 Net Profit
FY24 NET PROFIT EARNINGS NET PROFIT FY23 – FY24 ($M) Lower Markets income from lower FX trading, partly offset by higher Institutional lending fees Higher software amortisation, technology AIEA up 3% due to loan growth. expenses and one-off costs, partly offset by Core NIM down 4bps, Treasury cost r
Slide 39: 2H24 Net Profit
2H24 NET PROFIT EARNINGS NET PROFIT 1H24 – 2H24 ($M) Lower Markets income from a reduction in FX revenue and lower Higher technology costs, Lower CAP charge from a Institutional lending fees following a wages and salaries and reduction in overlays and strong first half UNITE costs lower IAP’s from a
Slide 40: Single Measure of Performance – Net Profit After Tax
SINGLE MEASURE OF PERFORMANCE – NET PROFIT AFTER TAX EARNINGS Westpac uses net profit after tax to assess financial performance at both a Group and segment level Notable Items are shown separately to clarify underlying operating performance and allocated to the following categories: • Large items th
Slide 41: Group Loans and Deposits
GROUP LOANS AND DEPOSITS COMPOSITION OF GROSS LOANS (% OF TOTAL) COMPOSITION OF CUSTOMER DEPOSITS (% OF TOTAL) Australian mortgages 4 1 Households 8 Australian business 18 1 Businesses Institutional Institutional 12 $811bn Australian personal $674bn New Zealand mortgages 24 58 12 62 New Zealand busi
Slide 42: Growth in Lending
GROWTH IN LENDING REVENUE MORTGAGES AND PERSONAL LENDING ($BN) BUSINESS AND INSTITUTIONAL LENDING ($BN) 12 1 (1) (3) 577 8 (1) 234 569 1 559 6 218 220 Up 1% Up 6% Up 3% Up 7% 2 Sep-23 Mar-24 Australian New Personal RAMS Sep-24 Sep-23 Mar-24 Australian New WIB Auto 2 Sep-24 mortgages Zealand business
Slide 43: Growth in Deposits
GROWTH IN DEPOSITS REVENUE CUSTOMER DEPOSITS BY TYPE (%)1 CUSTOMER DEPOSITS BY SEGMENT ($BN) 2 Term deposits Savings Transaction Mortgage offset NIB deposits Consumer Business & Wealth WIB New Zealand Other 651 674 641 651 674 641 1 2 12% 11% 11% 2 72 73 74 9% 9% 9% 120 116 115 19% 19% 18% 141 144 1
Slide 44: Net Interest Margin
NET INTEREST MARGIN REVENUE NET INTEREST MARGIN (%) Composition 1 of NIM (%) 1H24 2H24 FY23 FY24 Core NIM Treasury & Markets Notable Items 1.97 1.89 6bps (1bp) 3bps 2bps (1bp) 0.01 Core NIM 1.80 1.83 1.86 1.82 - (1bp) 0.14 0.13 Treasury & Markets 0.14 0.13 0.10 0.13 +4bps Replicating portfolio Sep-2
Slide 45: Non-Interest and Markets Income
NON-INTEREST AND MARKETS INCOME REVENUE NON-INTEREST INCOME BY TYPE ($M)1 NET FEE INCOME BY SEGMENT ($M) 818 842 830 2H23 1H24 2H24 842 9 (29) 18 830 818 (17) 7 341 365 351 225 218 223 75 40 -22 2H23 1H24 Consumer Business WIB New Other 2H24 Fees Wealth Trading Other & Wealth Zealand management NON-
Slide 46: Expenses
EXPENSES EXPENSES EXPENSES 1H24 – 2H24 ($M)1 Higher technology costs and 2H24 UNITE investment wages and salaries $114m, 57% expensed 465 (391) 34 46 5,549 5,395 5,244 Cost Reset benefits including: Seasonally higher • Simpler operating model investment spend • Reduced property footprint 3% increase
Slide 47: UNITE Initiatives Underway and Planned for FY25
UNITE INITIATIVES UNDERWAY AND PLANNED FOR FY25 UNITE 5 39 50 1 c. Mar-24 Sep-24 FY25 FY24 ACHIEVEMENTS FY25 FOCUS Consolidated 18 out of 22 electronic identity Digital Banker: platform integrating banker tools verification processes and features Consolidated 2 platforms supporting financial Mortgag
Slide 48: UNITE Governance & Oversight
UNITE GOVERNANCE & OVERSIGHT UNITE BOARD 3-IN-A-BOX OPERATING MODEL Director engagement and regular Board reporting at every meeting Business EXECUTIVE LEADERSHIP Monthly risk and performance tracking to committed outcomes Technology Data LINE 2 ASSURANCE PROGRAM LEADERSHIP A team of 30+ cross funct
Slide 49: Impairment Charges Composition
IMPAIRMENT CHARGES COMPOSITION IMPAIRMENT CHARGES IMPAIRMENT CHARGES ($M) Individually assessed Collectively assessed Total New Write-backs Write-offs Other movements IAPs & recoveries direct in CAP 362 275 258 213 210 Higher Cards & Personal 222 211 Overlays no longer Loans recoveries required 175
Slide 50: Credit Quality and Provisions
CREDIT QUALITY AND PROVISIONS
Slide 51: Provisions for Expected Credit Loss
PROVISIONS FOR EXPECTED CREDIT LOSS CREDIT QUALITY TOTAL PROVISIONS FOR EXPECTED CREDIT LOSSES1 ($M) EXPECTED CREDIT LOSS (ECL) ($M) $1.5bn in provisions Overlay Stage 1 CAP Stage 2 CAP above the base case ECL 7,207 Stage 3 CAP Stage 3 IAP 5,096 5,135 5,096 Decrease from 4,941 partial release of 3,5
Slide 52: Provision Cover
PROVISION COVER CREDIT QUALITY EXPOSURES AS A % OF TCE KEY RATIOS Stage 3 Stage 2 Stage 1 Sep-23 Mar-24 Sep-24 Provisions to gross loans (bps) 63 65 63 Impaired asset provisions 43 47 41 to impaired assets (%) Stage 1 – Lending Collectively assessed provisions 135 138 132 growth, mostly in to credit
Slide 53: Portfolio Composition
PORTFOLIO COMPOSITION CREDIT QUALITY TOTAL COMMITTED EXPOSURE (TCE) BY RISK GRADE AT 30 SEPTEMBER 2024 ($M) Standard and Poor’s risk grade1 Australia NZ / Pacific Other overseas Group % of total AAA to AA- 207,968 21,730 12,611 242,309 19% A+ to A- 42,663 7,663 10,788 61,114 5% BBB+ to BBB- 81,479 1
Slide 54: Credit Quality Metrics
CREDIT QUALITY METRICS CREDIT QUALITY STRESSED EXPOSURES AS A % OF TCE MOVEMENT IN STRESS BY SEGMENT (BPS) Impaired Non-performing, 90+ days 3 2 145 11 3 Non-performing, <90 days Watchlist & substandard 126 1.45 1.36 1.26 Sep-23 Consumer Business & WIB New Sep-24 1.07 0.59 Wealth Zealand 0.49 0.54 0
Slide 55: Credit Quality Across Sectors
CREDIT QUALITY ACROSS SECTORS CREDIT QUALITY CORPORATE AND BUSINESS STRESSED EXPOSURES BY INDUSTRY SECTOR (%) 8.0 Downgrades of a small Sep-23 Mar-24 Sep-24 7.0 number of customers 6.0 Large single name 5.0 downgrade Large single 4.0 name downgrade 3.0 2.0 1.0 0.0 Property Wholesale Services Manufac
Slide 56: Sectors in Focus: Commercial Property
SECTORS IN FOCUS: COMMERCIAL PROPERTY CREDIT QUALITY • Single credit policy, supported by industry COMMERCIAL PROPERTY EXPOSURES COMMERCIAL PROPERTY PORTFOLIO sector concentration limits (% OF TCE) COMPOSITION (TCE) (%) • Maintained credit standards, with close oversight of portfolio Sub-sector 6.6
Slide 57: Sectors in Focus: Commercial Property – Office; Construction
SECTORS IN FOCUS: COMMERCIAL PROPERTY – OFFICE; CONSTRUCTION CREDIT QUALITY COMMERCIAL PROPERTY – OFFICE S&P EQUIVALENT RISK GRADE Sep-233 Mar-24 Sep-24 TCE ($bn) 17.7 17.0 17.2 • Office exposure has reduced to 1.4% of A+ to A- Group TCE in Sep-24 from 2.1% in Sep-20 4 4 % of Group TCE 1.45 1.37 1.3
Slide 58: Sectors in Focus: Accommodation, Cafes and Restaurants; Retail Trade
SECTORS IN FOCUS: ACCOMMODATION, CAFES AND RESTAURANTS; RETAIL TRADE CREDIT QUALITY ACCOMMODATION, CAFES AND PORTFOLIO SECURITY COMPOSITION PORTFOLIO BY SUB-SECTOR RESTAURANTS (TCE) (%) (TCE) (%) Sep-233 Mar-24 Sep-24 Accommodation 4 5 TCE ($bn) 10.8 11.5 11.7 10 Fully secured 20 Pubs, taverns 37 an
Slide 59: Sectors in Focus: Agriculture; Mining; Manufacturing
SECTORS IN FOCUS: AGRICULTURE; MINING; MANUFACTURING CREDIT QUALITY AGRICULTURE MINING (INCL. OIL AND GAS) MANUFACTURING Sep- Mar- Sep- Sep- Mar- Sep- Sep- Mar- Sep- 233 24 24 233 24 24 23 24 24 TCE ($bn) 24.1 24.3 25.4 TCE ($bn) 8.1 7.6 7.9 TCE ($bn) 24.7 25.4 25.4 % of Group TCE 1.98 1.96 2.03 % o
Slide 60: Australian Consumer Finance
AUSTRALIAN CONSUMER FINANCE CREDIT QUALITY AUSTRALIAN CONSUMER AUSTRALIAN CONSUMER FINANCE FINANCE PORTFOLIO1 90+ DELINQUENCIES (%) Sep-23 Mar-24 Sep-24 6.0 Credit cards Personal loans 5.0 Lending ($bn) 8.7 8.8 8.5 4.0 As a % of Group loans 1.1 1.1 1.1 3.0 2.70 2.0 30+ day delinquencies (%) 1.98 2.4
Slide 61: Australian Mortgage Portfolio Composition
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION MORTGAGE CREDIT QUALITY Australian mortgage portfolio Sep-23 Mar-24 Sep-24 balance balance balance 2H24 flow1 BY PRODUCT AND REPAYMENT TYPE (%) Total portfolio ($bn) 485.6 495.2 503.3 55.2 Sep-23 (Portfolio) Mar-24 (Portfolio) Sep-24 (Portfolio) 2H24 Flows 6
Slide 62: Australian Mortgage Portfolio Composition and Performance
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION AND PERFORMANCE MORTGAGE CREDIT QUALITY PORTFOLIO BY STATE (%) 90+ DAY DELINQUENCIES BY STATE (%) 4.0 ALL NSW/ACT VIC/TAS 7 NSW/ACT QLD WA SA/NT 8 3.0 VIC/TAS 41 15 2.0 QLD WA 1.0 29 SA/NT 0.0 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 DEBT-TO-INCOME >=6X AT
Slide 63: Mortgage Portfolio LVRs and Offset Accounts
AUSTRALIAN MORTGAGE PORTFOLIO LOAN-TO-VALUE RATIOS (LVRS) AND OFFSET ACCOUNTS MORTGAGE CREDIT QUALITY LOAN-TO-VALUE RATIOS (%) SERVICEABILITY ASSESSMENT CREATES A BUFFER 100 2H24 drawdowns LVR at origination FOR BORROWERS 90 • Loans are assessed at the higher of: Portfolio LVR at origination 80 − Th
Slide 64: Mortgage Portfolio Repayment Buffers
AUSTRALIAN MORTGAGE PORTFOLIO REPAYMENT BUFFERS MORTGAGE CREDIT QUALITY BUFFER TO BALANCE RATIO1 (%) CHANGES IN CUSTOMER BUFFERS1 (%) Buffer = Current Limit – Outstanding Balance + Offset Balance Owner-occupied variable rate customers change in buffer over 12 months (by balances) 19.0 19.4 19.4 19.7
Slide 65: Mortgage Portfolio Fixed-Rate Loans
AUSTRALIAN MORTGAGE PORTFOLIO FIXED-RATE LOANS MORTGAGE CREDIT QUALITY • Approx. $174bn of fixed-rate loans have expired or refinanced FIXED RATE MORTGAGE EXPIRY SCHEDULE since 1 October 2021 ($BN, FOR THE 6MTHS TO) • Fixed-rate loans are now 9% of the Australian mortgage portfolio and new flows are
Slide 66: Mortgage Portfolio Underwriting
AUSTRALIAN MORTGAGE PORTFOLIO UNDERWRITING MORTGAGE CREDIT QUALITY CREDIT POLICY AT SEPTEMBER 2024 • Verified via payslips, tax returns or salary credits, with other supporting documentation such as PAYG payment summaries or Income ATO Income Statements (minimum standards apply) • Shading of at leas
Slide 67: Mortgage Portfolio Performance
AUSTRALIAN MORTGAGE PORTFOLIO PERFORMANCE MORTGAGE CREDIT QUALITY Australian mortgage portfolio Sep-23 Mar-24 Sep-24 30+ DAY AND 90+ DAY DELINQUENCIES (%) 90+ day delinquencies (bps): 90+ dpd excl. 6 months serviceability hold-out period and RAMS (closed to new customers) Total portfolio1 inc. impai
Slide 68: Australian Mortgage Portfolio Hardship
AUSTRALIAN MORTGAGE PORTFOLIO MORTGAGE CREDIT QUALITY HARDSHIP1 BALANCES (% OF PORTFOLIO) 2.50 Non-COVID-19 support COVID-19 support . 2.00 1.50 1.14 1.00 0.50 0.00 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 HARDSHIP1 BALANCES BY SUPPORT SOLUTION TOTAL PORTFOLIO BY INSURANCE PROFILE3 (%) (% FY24 NEW HARDSHI
Slide 69: Interest Only and Investment Property Lending
AUSTRALIAN MORTGAGE PORTFOLIO INTEREST ONLY AND INVESTMENT PROPERTY LENDING MORTGAGE CREDIT QUALITY INTEREST ONLY (I/O) LENDING BY DYNAMIC LVR1 AND INVESTMENT PROPERTY PORTFOLIO BY NUMBER INCOME BAND (% OF TOTAL I/O LENDING) OF PROPERTIES PER CUSTOMER (%) Applicant gross income bands 1 1 2 60 <$100k
Slide 70: New Zealand Credit Quality
NEW ZEALAND CREDIT QUALITY NEW ZEALAND CREDIT QUALITY Mortgage portfolio Sep-23 Sep-24 MORTGAGE 90+ DAY UNSECURED CONSUMER 90+ DAY DELINQUENCIES3 (%) DELINQUENCIES3 (%) Total portfolio (NZ$bn)1 65.8 68.0 1.0 3.0 Owner occupied (%) 74.1 74.4 0.8 2.0 Investment property 0.6 25.9 25.6 0.49 loans (IPL)
Slide 71: Capital, Funding and Liquidity
CAPITAL, FUNDING AND LIQUIDITY
Slide 72: CET1 Capital Ratio 12.49%
CET1 CAPITAL RATIO 12.49% CAPITAL, FUNDING AND LIQUIDITY LEVEL 2 CET1 CAPITAL RATIO MOVEMENTS (%, BPS) Sep- Mar- Sep- Key capital ratios (%) 23 24 24 Level 2 CET1 Share buyback completed: $1bn, (22bps) 12.4 12.5 12.5 83 (60) capital ratio Special dividend: $0.5bn, (12bps) Additional Tier 1 2.2 2.5 2
Slide 73: Risk Weighted Assets
RISK WEIGHTED ASSETS CAPITAL, FUNDING AND LIQUIDITY RISK WEIGHTED ASSETS1 (RWA) ($BN) See below 451.4 4.8 - (3.2) 5.1 (0.5) (1.7) (5.6) 444.4 (6.7) 0.8 437.4 Credit RWA up $6.2bn or 1.8% Down $7bn or 1.6% Sep-23 Mar-24 Credit quality Lending Counter- Data FX Market IRRBB Operational Other Sep-24 par
Slide 74: Regulatory Capital Changes
REGULATORY CAPITAL CHANGES CAPITAL, FUNDING AND LIQUIDITY Expected impact on the Group’s Implementation Change Details capital ratios • In September 2024, APRA released a discussion paper outlining potential amendments to the prudential framework and is seeking feedback 1 Jan 2027 regarding the prop
Slide 75: Internationally Comparable Capital Ratio Reconciliation
INTERNATIONALLY COMPARABLE CAPITAL RATIO RECONCILIATION1 CAPITAL, FUNDING AND LIQUIDITY APRA’s capital requirements are more conservative than those of the Basel Committee on Banking Supervision (BCBS), leading to lower reported capital ratios by Australian banks. The following details the adjustmen
Slide 76: Well Placed on Internationally Comparable Capital
WELL PLACED ON INTERNATIONALLY COMPARABLE CAPITAL, FUNDING AND LIQUIDITY COMMON EQUITY TIER 1 RATIO1 (%) 20% 15% 10% Agricultural Bank of China China Construction Bank Toronto Dominion Bank China Merchants Bank Royal Bank of Canada Standard Chartered Credit Agricole SA Norinchukin Bank Bank of Montr
Slide 77: Funding Composition
FUNDING COMPOSITION CAPITAL, FUNDING AND LIQUIDITY FUNDING BY RESIDUAL MATURITY (%) NET STABLE FUNDING RATIO (%) • Focus on stable funding sources 4.3 0.2 (0.9) • Customer deposits provide 67% of total funding, or 72% excluding equity (3.8) 115 0.0 (2.5) 112 6 6 4 Wholesale onshore <1yr1 6 7 Wholesa
Slide 78: Liquidity Coverage Ratio (LCR)
LIQUIDITY COVERAGE RATIO (LCR) CAPITAL, FUNDING AND LIQUIDITY LCR ($BN) MOVEMENT IN LCR (%) September 2024 quarterly average 133% 134 (6.6) 173 3.9 133 Net cash outflows (NCOs) 130 Other flows1 4.3 26 Wholesale funding (0.2) (2.0) 9 Customer deposits 173 95 Liquid assets HQLA Sep-23 HQLA RBNZ Custom
Slide 79: APRA Proposal to Phase Out AT1 Capital Instruments
APRA PROPOSAL TO PHASE OUT AT1 CAPITAL INSTRUMENTS CAPITAL, FUNDING AND LIQUIDITY PROPOSED CHANGES TO CAPITAL TOTAL CAPITAL • On 10 September 2024, APRA released a discussion paper outlining 21.38 proposed changes to the capital framework for banks 18.25 18.25 • Under APRA’s proposal to phase out th
Slide 80: Long Term Wholesale Funding Profile
LONG TERM WHOLESALE FUNDING PROFILE CAPITAL, FUNDING AND LIQUIDITY TERM DEBT ISSUANCE AND MATURITY PROFILE1 ($BN) Issuance Maturities Funding for Lending Programme (NZ) 43 42 Term Funding Facility (Aus) 34 35 35 34 33 31 29 Tier 2 capital 28 28 25 12 18 Additional Tier 1 capital Covered bond Senior/
Slide 81: Long Term Wholesale Funding
LONG TERM WHOLESALE FUNDING CAPITAL, FUNDING AND LIQUIDITY LOSS-ABSORBING CAPACITY (LAC) TIER 2 CAPITAL SECURITIES OUTSTANDING (%) Tier 2 outstanding by Tier 2 outstanding by currency1 Tier 2 LAC format1 (notional amount) (notional amount) 6.5 USD 5.0 4 22 21 Callable 5 AUD Domestic 4.5 1 6.6 3.0 Bu
Slide 82: Supporting Our Customers
Vif SUPPORTING OUR CUSTOMERS
Slide 83: #1 Mobile Banking App
#1 MOBILE BANKING APP1 SUPPORTING OUR CUSTOMERS COMPREHENSIVE FUNCTIONALITY SAFE AND SECURE3 • Best in class Money Movement and • Proactive fraud and scam prevention account management1 including Westpac SaferPayTM • Bespoke loyalty offers with ShopBack • Enhanced protection from payment redirection
Slide 84: Evolving Our Digital Banking Experience
EVOLVING OUR DIGITAL BANKING EXPERIENCE SUPPORTING OUR CUSTOMERS FRAUD & MONEY SERVICING & PAYMENTS & LOYALTY SCAMS MANAGEMENT ONBOARDING TRANSACTIONS & REWARDS Westpac Verify, Enhanced digital New Westpac Rewards Savings Goals & Pay Westpac SaferPayTM and request for Card Reissue Hub to explore, re
Slide 85: Customers Continue to Migrate to Digital
CUSTOMERS CONTINUE TO MIGRATE TO DIGITAL SUPPORTING OUR CUSTOMERS DIGITAL ACTIVITY1 AVERAGE APP SESSIONS PER DAY1 Transactions (#m) Customers (#m) (#M) 5.43 5.55 5.63 5.80 5.92 6.02 5.21 5.48 5.64 4.91 412 429 372 395 356 Up 1% Up 4% Up 4% Up 9% 2H22 1H23 2H23 1H24 2H24 2H22 1H23 2H23 1H24 2H24 DIGI
Slide 86: Providing Cash Services for Australian Customers
PROVIDING CASH SERVICES FOR AUSTRALIAN CUSTOMERS SUPPORTING OUR CUSTOMERS CHANGING CUSTOMER PREFERENCES INVESTING IN SUPPORTING Digital payments have increased by 68% Westpac spent ~$330m as part of our commitment to providing CASH SERVICES #M, Avg. # of Monthly Transactions Australians access to ca
Slide 87: Consumer Franchise
FRANCHISE SUPPORTING OUR CUSTOMERS CONSUMER MFI SHARE1,2 CUSTOMER SATISFACTION (CSAT)2 NET PROMOTER SCORE (NPS)2 34.5% 8.0 15 7.8 10 Consumer 7.6 5 7.4 0 16.8% 12.5% 7.2 -5 11.7% Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 WBC St.George Brands Peers WBC St.George Brands Pee
Slide 88: Protecting Customers from Fraud and Scams
PROTECTING CUSTOMERS FROM FRAUD AND SCAMS1 SUPPORTING OUR CUSTOMERS SCAM AND DIGITAL FRAUD DETECTION (%)2 FY24 SNAPSHOT FY22 FY23 FY24 80 71 74 66 65 Customer reported scam losses 29% 55 lower compared to FY23 SaferPay launched helping protect customers from scams Scam Fraud DYNAMIC CVC USERS3 ,000’
Slide 89: Westpac Safecall in Partnership with Optus
IN PARTNERSHIP WITH OPTUS, WESTPAC IS LAUNCHING WESTPAC SAFECALL SUPPORTING OUR CUSTOMERS FEATURES Registered customers will receive verified branded in-app calls Boosting customer trust and helping reduce scams and fraud Market leading in Australia Westpac Safecall is currently being Piloted by Wes
Slide 90: Enhancing Banking Protection for Customers
ENHANCING BANKING PROTECTION FOR CUSTOMERS SUPPORTING OUR CUSTOMERS SAFERPAY VERIFY DYNAMIC CVC – ALL BRANDS • Prompts customers to provide more • Payee name verification • Distribution of dynamic CVC across information for high scam St.George, BSA & BOM • Alerts customers to potential scams risk tr
Slide 91: Broad Suite of Security Features Driving Down Customer Losses
BROAD SUITE OF SECURITY FEATURES DRIVING DOWN CUSTOMER LOSSES SUPPORTING OUR CUSTOMERS INVESTED OVER $100M IN DETECTION AND PREVENTION MEASURES SINCE FY21, SAVING CUSTOMERS OVER $630M IN FRAUD AND SCAM LOSSES ‘Callstop’ initiative launched and Enhancement of Westpac expanded in partnership with telc
Slide 92: Cyber Security – A Layered Defence
CYBER SECURITY – A LAYERED DEFENCE SUPPORTING OUR CUSTOMERS EMPLOYEES Controls underpin who we hire; how we grant access; and how we monitor system use CUSTOMERS Dedicated controls to help protect customers from fraud, including multi-factor authentication SUPPLIERS Security reviews, limited access
Slide 93: Sustainability
Vif SUSTAINABILITY
Slide 94: Sustainability and Climate Strategy
SUSTAINABILITY AND CLIMATE STRATEGY SUSTAINABILITY OUR PURPOSE Creating better futures together PILLAR Customer Easy Expert Advocate Support in good Action on climate Equitable and THEMES times and bad Simpler, safer bank and nature inclusive society 1 2 3 4 5 6 Enhance financial Strengthen data Bec
Slide 95: Our Carbon Footprint
OUR CARBON FOOTPRINT SUSTAINABILITY WE MUST UNDERSTAND OUR CARBON FOOTPRINT SO WE CAN TAKE ACTION WHERE IT MATTERS MOST Greenhouse gas (GHG) % of emissions by source (tCO2-e) FY23 FY24 total Estimated FY23 financed emissions1 (% of total) 1% 1% 1% Agriculture, forestry & fishing Scope 1: Direct emis
Slide 96: Our Climate Targets
OUR CLIMATE TARGETS SUSTAINABILITY PROGRESS ON OPERATIONAL EMISSIONS TARGETS1 Reduction in emissions from 2021 baseline (%) FY23 FY24 2025 Target 2030 Target Progress Scope 1 and 2 emissions (market-based) (66) (86) (64) (76) Surpassed 2030 target Scope 3 (upstream) emissions (38) (41) NA (50) On tr
Slide 97: Engaging with Customers on ESG Topics
ENGAGING WITH CUSTOMERS ON THE ESG TOPICS THAT MATTER MOST TO THEM SUSTAINABILITY FY24 HIGHLIGHTS INSTITUTIONAL ENGAGEMENT CONTINUED • Engaged with 150+ institutional customers on their climate transition plans. • 84% of customers had a public climate transition plan. • 16% of customers without publ
Slide 98: Sustainable Finance and Climate-Related Opportunities
SUSTAINABLE FINANCE AND OTHER CLIMATE-RELATED OPPORTUNITIES SUSTAINABILITY BECOMING THE TRANSITION PARTNER OF CHOICE FY24 HIGHLIGHTS Our Sustainable Finance Framework (Framework) defines how we classify sustainable finance • Supported the Australian Office of transactions as Green, Transition, Socia
Slide 99: Our People – Strengthening Inclusion, Diversity and Wellbeing
OUR PEOPLE – STRENGTHENING INCLUSION, DIVERSITY AND WELLBEING PEOPLE STRENGTHENING GENDER GROWING INDIGENOUS MEASURING DIVERSITY REPRESENTATION ORGANISATIONAL HEALTH FEMALES % SEP-24 TARGET PROGRESS 1.08% Organisational Health Index score4 0.96% of Australian workforce Westpac Board 40 40:40:201 ✓ i
Slide 100: Segment Results
Vif SEGMENT RESULTS
Slide 101: Consumer 2H24 Performance
CONSUMER 2H24 PERFORMANCE CONSUMER Seasonality of employee costs, Higher CAP from lending NET PROFIT ($M) AIEA up 2%, NIM up 1bp higher wages, salary and supplier costs portfolio credit metrics deterioration 90 18 (57) 40 (23) 1,126 1,084 1,058 Up 6% 2H23 1H24 Net interest Non-interest Operating Imp
Slide 102: Business and Wealth 2H24 Performance
BUSINESS AND WEALTH 2H24 PERFORMANCE BUSINESS AND WEALTH NET PROFIT ($M) AIEA up 3%, Higher salary and wages, seasonality of employee costs and increased NIM increased 3bps investment spend 106 (20) (114) 1,175 48 (14) 1,181 982 Up 1% 2H23 1H24 Net interest Non-interest Operating Impairment Tax and
Slide 103: BT Panorama
BT PANORAMA BUSINESS AND WEALTH FUA ON BT PANORAMA ($M) NET FLOWS EXCLUDING PENSION 113,328 118,593 OUTFLOWS3 ON BT PANORAMA ($M) 3,184 102,068 102,872 95,891 2,071 2,066 Up 5% 1,850 1,169 Up 54% Up 15% Up 72% Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Winner of Platform A
Slide 104: Institutional 2H24 Performance
INSTITUTIONAL 2H24 PERFORMANCE WESTPAC INSTITUTIONAL BANK Lower sales and risk Increase in front-line staff NET PROFIT ($M) AIEA up 7% and 5bps increase in NIM ex. Markets management income from lower rates and FX trading to support growth and higher investment 60 (67) 82 (23) 681 (47) 686 644 Up 1%
Slide 105: New Zealand 2H24 Performance
NEW ZEALAND 2H24 PERFORMANCE1 NEW ZEALAND NET PROFIT ($M) Productivity initiatives and timing of investment spend partly offset by higher NIM up 12bps wages and vendor costs. 21 19 (33) 77 17 578 535 477 Up 21% 2H23 1H24 Net interest Non-interest Operating Impairment Tax and NCI 2H24 income income e
Slide 106: New Zealand Balance Sheet
NEW ZEALAND BALANCE SHEET NEW ZEALAND NET LOANS (NZ$BN) CUSTOMER DEPOSITS (NZ$BN) 0.7 102.1 0.6 100.8 99.3 79.8 0.7 0.2 79.7 78.8 Up 1% Up 1% Sep-23 Mar-24 Consumer Business Sep-24 Sep-23 Mar-24 Consumer Business Sep-24 LOANS (NZ$BN) % OF TOTAL CUSTOMER DEPOSITS (NZ$BN) AND % OF TOTAL1 Mortgage Pers
Slide 107: Economics
Vif ECONOMICS
Slide 108: Australian and New Zealand Economic Forecasts
AUSTRALIAN AND NEW ZEALAND ECONOMIC FORECASTS – (%) AT 1 NOVEMBER 2024 ECONOMICS KEY ECONOMIC INDICATORS 2023 2024 Calendar Years Q2 Q3 Q4 Q1 Q2 Q3E Q4F 2022 2023 2024F 2025F World GDP1 - - - - - - - 3.5 3.2 3.3 3.3 Australia GDP2 1.9 2.1 1.6 1.3 1.0 1.2 1.5 2.4 1.6 1.5 2.4 Unemployment – end period
Slide 109: Australian Housing Market – Prices Upturn Moderates
AUSTRALIAN HOUSING MARKET – PRICES UPTURN MODERATES ECONOMICS DWELLING PRICES (%, 3 MONTH ANNUALISED) 40 % Macro- COVID-19 ‘Delta’ 2019 election rate cuts rate hikes 35 prudential 30 measures Macro-prudential 25 measures 20 15 10 5 0 -5 -10 -15 -20 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oc
Slide 110: New Zealand Housing Market – Activity Has Stabilised, Still Subdued
NEW ZEALAND HOUSING MARKET – ACTIVITY HAS STABILISED, STILL SUBDUED ECONOMICS MONTHLY HOUSE SALES AND PRICES (% YR) DWELLING PRICES (INDEX) Sales %YR Index Index Auckland Canterbury Sales (lhs) House prices (rhs) 14,000 40 Wellington Other regions 2750 2750 12,000 30 10,000 2250 2250 20 8,000 10 6,0
Slide 111: Consumer Spend and Income Growth
CONSUMER SPEND AND INCOME GROWTH1 ECONOMICS SPENDING: ANNUAL GROWTH BY AGE AND MORTGAGE INCOME: ANNUAL GROWTH AND TAX BOOST BY AGE Total No Mortgage Mortgage Base income Stage 3 tax benefit 8% 8% 7% 7% 6% 6% 5% 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% 0% 25-34 35-44 45-54 55-64 65+ 25-34 35-44 45-54 55-64 65+
Slide 112: Business Cash Flow Conditions by Industry
BUSINESS CASH FLOW CONDITIONS BY INDUSTRY ECONOMICS DIVIDE BETWEEN INDUSTRIES CONTINUES TO GROW1 Income to expense (including debt servicing costs) ratio, annual % change Education Manufacturing Property & Property Services Personal Services Retail Trade Transport & Storage Healthcare Construction B
Slide 113: Appendix
Vif APPENDIX
Slide 114: Appendix 1: Net Profit Ex Notable Items
APPENDIX 1: NET PROFIT EX NOTABLE ITEMS1 APPENDIX Change $m 2H23 1H24 2H24 2H24 – 1H24 (%) Net interest income 9,212 9,351 9,565 2 Non-interest income 1,459 1,465 1,382 (6) Net operating income 10,671 10,816 10,947 1 Expenses (5,244) (5,395) (5,549) 3 Pre-provision profit 5,427 5,421 5,398 (0) Impai
Slide 115: Appendix 2: FY24 Notable Items
APPENDIX 2: FY24 NOTABLE ITEMS1 APPENDIX FY24 FY23 Net profit Net profit Net profit excluding excluding excluding Net profit Notable Notable Hedging hedging excluding Items & Items & Net profit Notable Notable Other Notable Notable impact of impact of % change ($m) after tax Items Items2 Items3 Item
Slide 116: Appendix 3: Definitions – Credit Quality
APPENDIX 3: DEFINITIONS – CREDIT QUALITY APPENDIX Includes exposures that have deteriorated to the point where full collection of Includes facilities less than 90 days past due and those credit exposures, that are interest and principal is in doubt, based on an assessment of the customer’s >90 days
Slide 117: Appendix 3: Definitions – Segments, Earnings Drivers, Capital and Liquidity
APPENDIX 3: DEFINITIONS – SEGMENTS, EARNINGS DRIVERS, CAPITAL AND LIQUIDITY APPENDIX SEGMENTS CAPITAL AND LIQUIDITY Consumer provides banking products and services, including mortgages, Consumer credit cards, personal loans, and savings and deposit products to Australian Capital ratios As defined by
Slide 118: Appendix 3: Definitions – Other
APPENDIX 3: DEFINITIONS – OTHER APPENDIX Branch Branch transactions are typically withdrawals, deposits, transfers and payments MFI share results are based on the number of customers who have a Main transactions MFI share Financial Institution (MFI) relationship with an institution, as a proportion
Slide 119: Investor Relations Team – Contact Us
INVESTOR RELATIONS TEAM – CONTACT US CONTACT US Justin McCarthy Catherine Garcia General Manager, Investor Relations Head of Investor Relations, Institutional Jacqueline Boddy Lucy Graham Head of Debt Investor Relations Head of Corporate Reporting and ESG James Wibberley Arthur Petratos Manager, Inv
Slide 120: Disclaimer
DISCLAIMER DISCLAIMER The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities. The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied