Slide 1: Full Year 2013 Financial Result
For personal use only FULL YEAR 2013 FINANCIAL RESULT COMPARISON OF 2H13 VERSUS 1H13 CASH EARNINGS BASIS (UNLESS OTHERWISE STATED)
Slide 2: Index
Index 6.60 For personal use only 6.02 Presentation of Full Year 2013 Result 3 CEO summary 4 CFO details 15 Investor Discussion Pack of Full Year 2013 Result 27 Overview 28 Features 42 Net interest income 43 Non-interest income 48 Markets and Treasury income 49 Expenses, Investment and Productivity 5
Slide 3: Full Year 2013 Financial Result - CEO
For personal use only FULL YEAR 2013 FINANCIAL RESULT GAIL KELLY CHIEF EXECUTIVE OFFICER
Slide 4: A strong, consistent performance
A strong, consistent performance 6.60 For personal use only 6.02 Change FY13 FY12 – FY13 Reported NPAT $6,816m 14% Cash Earnings $7,097m 8% 0.37 0.30 Cash EPS1 228.9c 6% 0.78 Return on equity2 16.0% 51bps Common equity tier 1 ratio 9.1% 94bps3 Full year ordinary fully franked dividends 174c 5% 6.44
Slide 5: Executing well on strategic priorities and achieving balanced outcomes
Executing well on strategic priorities and achieving balanced outcomes 6.60 For personal use only 6.02 1 Remain strong 2 Targeted growth Strength Return A strong Maintain 0.37 company discipline 3 0.30 0.78 Customer relationships Productivity Growth 4 Sector Investment Materially simplify driven lea
Slide 6: A strong company
Strength Return A strong company Productivity Growth 6.60 For personal use only 6.02 Cash Earnings ($m) Stressed assets to TCE1 (%) Common equity tier 1 ratio2 (%) 7,097 3.2 6,598 9.1 6,301 2.5 8.2 5,879 2.2 7.1 7.4 1.6 0.37 FY10 FY11 FY12 FY13 Sep-10 Sep-11 Sep-12 Sep-13 Sep-10 Sep-11 Sep-12 Sep-13
Slide 7: Strong earnings performance across all operating divisions
Strong earnings performance across Strength Return all operating divisions Productivity Growth 6.60 For personal use only 6.02 Core earnings Cash Earnings Cash Earnings % change % change FY13 ($m) FY12-FY13 FY12-FY13 Australian Financial Services 4,478 10 12 Westpac RBB 2,300 11 9 0.37 St.George 1,4
Slide 8: Capital levels support special dividend
Strength Return Capital levels support special dividend Productivity Growth 6.60 For personal use only 6.02 • Common equity tier 1 ratio up 94bps to Dividends (cents per share) 9.1% remains above preferred range Special dividends 20 • Ratio up 200bps in last three years 166 174 156 142 139 • Consist
Slide 9: Actively managing returns
Strength Return Actively managing returns Productivity Growth 6.60 For personal use only 6.02 Net interest margin (%) AFS MyBank1 customers (‘000) Wealth penetration2 (%) NIM excluding Markets & Treasury 21.2% Markets & Treasury impact 1,743 WRBB 18.9% 2.22 2.22 1,668 SGB 2.17 2.15 1,619 14.9% 0.16
Slide 10: Growth in targeted areas
Strength Return Growth in targeted areas Productivity Growth 6.60 For personal use only 6.02 Customer deposits ($bn) FUM1 and FUA2 ($bn) Insurance premiums ($m) FUA FUM General GWP3 685 104 4 Life IFP 601 383 89 348 86 506 78 310 416 68 356 50 307 0.37 FY11 FY12 FY13 FY11 FY12 FY13 FY11 FY12 FY13 0.
Slide 11: Total loan growth 4%, Australian mortgages up 4%
Strength Return Total loan growth 4%, Australian mortgages up 4% Productivity Growth 6.60 For personal use only 6.02 • Credit growth remains subdued with Australian mortgages4 ($bn) Australian system credit growth of 3.31% 25.5 (19.9) 29.5 (22.9) and NZ system credit growth of 4.42% 321.9 328.5 316.
Slide 12: Productivity a core competency
Strength Return Productivity a core competency Productivity Growth 6.60 For personal use only 6.02 • In 2009 we identified the need to ensure $1.1bn saved in efficiency programs ($m) productivity was a core competency 225 1,107 • Established a series of programs to drive 238 both efficiency and reve
Slide 13: A significant change for customers is underway
A significant change for customers is underway 6.60 For personal use only 6.02 Online/ • New platform with unique Mobile features for customers In 2013 59m pro-active service Customer messages 0.37 information 0.30 • Proactive targeting and direct 0.78 • Providing financial services advice, customer
Slide 14: Strong, high quality and consistent performance
Strong, high quality and consistent performance 6.60 For personal use only 6.02 • Successful execution of strategy is delivering Remain strong a consistent high performance Targeted growth • All divisions and brands contributing to growth Customer • A strong and balanced result relationships • Best
Slide 15: Full Year 2013 Financial Result - CFO
For personal use only FULL YEAR 2013 FINANCIAL RESULT PHILIP COFFEY CHIEF FINANCIAL OFFICER COMPARISON OF 2H13 VERSUS 1H13 CASH EARNINGS BASIS (UNLESS OTHERWISE STATED)
Slide 16: 2H13 driven by strong AFS
2H13 driven by strong AFS 6.60 For personal use only 6.02 • 2H13 result built on strong prior halves. Result supported by – Core earnings growth across AFS, up 6% – Offset fall in Group Businesses, including Treasury revenue down $175m, R&D tax credits down $32m, and $25m from realised losses on NZ
Slide 17: A high quality 2H13 performance
A high quality 2H13 performance 6.60 For personal use only 6.02 • Straightforward result with no material Contribution to Cash Earnings ($m) unusual items or restatements Operating divisions Group businesses 3,525 3,572 • Operating divisions up 6% 3,195 3,403 174 33 209 • Markets risk activity and T
Slide 18: Stable margins
Stable margins 6.60 For personal use only 6.02 • Margins excluding Treasury & Markets flat Net interest margin (NIM) (%) at 2.06% in 2H13 2.7 NIM NIM excl. Treasury and Markets – Higher loan spreads offsetting higher 2.5 deposit costs 2.3 – Term wholesale funding impact positive 2.1 – Lower interest
Slide 19: Further improved funding
Further improved funding 6.60 For personal use only 6.02 Funding composition by residual maturity (%) Term debt issuance and maturity profile3 ($bn) Stable Funding Covered Bond Hybrid 64% 83% 84% Senior Govt Guaranteed Ratio 7 7 Sub Debt 16 Wholesale Onshore <1Yr 10 9 Issuance Maturities 43 Wholesal
Slide 20: Continuing to actively manage returns
Continuing to actively manage returns 6.60 For personal use only 6.02 • Good ROA1 uplift given higher AIEA Return on average interest- including $5bn rise in funded liquid assets 2012 2013 earning assets (AIEA) (%) • Strong returns considering improved risk and strengthening of balance sheet Interes
Slide 21: Expense growth driven by investment
Expense growth driven by investment 6.60 For personal use only 6.02 • Expenses well managed over year Components of expense movements ($m) up 4.5% (FX translation added 0.6%) 45 7,710 268 (225) 243 7,665 • Rise in operating expenses largely 7,422 offset by productivity benefits 7,379 • Most expense
Slide 22: Investment supporting growth
Investment supporting growth 6.60 For personal use only 6.02 • Changes in investment reflect Composition of investment spending (%) – SIPs projects coming to an end Investment 1.20 0.94 1.15 spend ($bn) – Regulatory change increasing with key milestones achieved in 2013 12 12 11 – Increased orientat
Slide 23: Asset quality continues to improve
Asset quality continues to improve 6.60 For personal use only 6.02 Stressed exposures as a % of TCE Stressed exposures by sector ($bn) Watchlist & substandard 5 3.20 90 days past due well secured Impaired 2.48 2H12 1H13 2H13 2.26 2.17 4 1.94 1.60 3 0.37 2010 2011 1H12 2H12 1H13 2H13 0.30 2 0.78 New
Slide 24: Benefitting from lower impairment charges
Benefitting from lower impairment charges 6.60 For personal use only 6.02 Impairment charge movements ($m) Impairment charge FY12 FY13 reconciliation 57 (140) 1,212 (216) Individually assessed provisions 1,442 1,112 Less Write-backs (468) (479) (51) (28) 13 847 Less Recoveries (104) (76) Down $365m
Slide 25: Strong capital generation
Strong capital generation 6.60 For personal use only 6.02 • Sound ROE combined with modest Common equity tier 1 ratio2 (%) RWA growth generated excess 116 (97) 11.6 capital 1 16 9.10 8.74 8.16 • High level of capital and strongest capital increase relative to peers earnings harmonised (including Sep
Slide 26: Considerations for FY14
Considerations for FY14 6.60 For personal use only 6.02 • Lending growth trending higher • Margin disciplines to remain • Challenging WIB environment • Investment funded by further productivity benefits • Leading asset quality picture expected to remain 0.37 • Strong capital generation expected to c
Slide 27: Full Year 2013 Investor Discussion Pack
For personal use only FULL YEAR 2013 INVESTOR DISCUSSION PACK COMPARISON OF 2H13 VERSUS 1H13 CASH EARNINGS BASIS (UNLESS OTHERWISE STATED)
Slide 28: Overview
For personal use only FULL YEAR 2013 OVERVIEW COMPARISON OF 2H13 VERSUS 1H13 CASH EARNINGS BASIS (UNLESS OTHERWISE STATED)
Slide 29: Westpac Group at a glance
Westpac Group at a glance 6.60 For personal use only 6.02 • Australia’s first bank and first company, opened in 1817 Australian Financial Services (AFS) WIB Westpac NZ • Australia’s 2nd largest bank, and 11th largest bank in the world, ranked by market capitalisation1 Westpac Retail St.George BT Wes
Slide 30: FY13 financial snapshot
FY13 financial snapshot 6.60 For personal use only 6.02 change1 change1 change1 change1 FY13 FY13 1H13– 2H13 FY12 – FY13 1H13 – 2H13 FY12 – FY13 Earnings2 Balance sheet Cash Earnings ($m) 7,097 1% 8% Total assets ($bn) 697 3% 3% EPS3 (cents) 228.9 1% 6% Common equity tier 1 ratio6 (%) 9.1 36bps 94bp
Slide 31: Reconciliation between Cash Earnings and Reported profit
Reconciliation between Cash Earnings and Reported profit 6.60 For personal use only 6.02 Cash Earnings policy1 Reported profit and Cash Earnings2 adjustments ($m) • Westpac Group uses a measure of performance referred to as Cash Earnings to assess financial performance 1H13 2H13 • This measure has b
Slide 32: Managing for a balanced performance
Managing for a balanced performance 6.60 For personal use only 6.02 Strategic priorities Priorities FY13 outcomes • Common equity tier 1 ratio up 94bps, to 9.11% 1 A strong company • Customer deposit to loan ratio up 377bps, to 71.4% • Stressed assets to TCE down 57bps, to 1.60% Remain • Impairment
Slide 33: Market valuation metrics improving
Market valuation metrics improving 6.60 For personal use only 6.02 Cash Earnings (cents per share) Return on equity (%) Net tangible assets/share ($) 228.9 16.1 16.0 16.0 11.07 209.3 215.9 15.5 10.47 197.8 9.96 8.96 163.7 14.0 7.89 0.37 FY09 FY10 FY11 FY12 FY13 FY09 FY10 FY11 FY12 FY13 FY09 FY10 FY1
Slide 34: Delivering against key strategic priorities
Delivering against key strategic priorities 6.60 For personal use only 6.02 Common equity tier 1 ratio1 above Household deposit growth versus system Stable funding ratio above 75% (%) preferred range of 8.0-8.5% (%) (multiple)2 improving 9.1 1.3 83 84 8.2 7.4 1.1 77 0.6 0.37 Sep-11 Sep-12 Sep-13 FY1
Slide 35: Improving franchise quality
Improving franchise quality 6.60 For personal use only 6.02 Customer numbers up across brands Proportion of MyBank customers Wealth penetration1 (%) (#m) rising (%) Brands rank #1 and # 3 WRBB SGB WRBB SGB 24.2 24.4 21.2% 5.9 6.08 6.17 23.6 WRBB 18.9% SGB 22.1 14.9% Peer 1 14.4% 3.03 3.16 3.26 21.2
Slide 36: Entered agreement to acquire Lloyds Banking Group's Australian businesses
Entered agreement to acquire Lloyds Banking Group’s Australian businesses 6.60 For personal use only 6.02 • On 11 October 2013 Westpac entered into an agreement to acquire Lloyds Summary of businesses to be acquired Banking Group’s Australian business for $1.45bn • $8.4bn asset base, risk weighted a
Slide 37: Westpac sustainability agenda 2013-2017
Westpac sustainability agenda 2013-2017 6.60 For personal use only 6.02 • Sustainability is embedded in Westpac Shaping the future landscape – progress on our 10 sustainability objectives Group’s strategy, values, culture and processes OBJECTIVES FY13 ACHIEVEMENTS • Many aspects of sustainability ar
Slide 38: FY13 Cash Earnings up 8%
FY13 Cash Earnings up 8% 6.60 For personal use only 6.02 FY13 % change1 % change1 Cash Earnings 1H13 – 2H13 ($m) Cash Earnings Cash Earnings FY12 – FY13 ($m) ($m) 1H13-2H13 FY12-FY13 Net interest income 12,912 - 3 408 (331) 365 (292) 349 7,097 Non-interest 101 (110) 6,598 5,921 3 7 3,525 22 29 5 3,5
Slide 39: Growth driven by all customer facing divisions
Growth driven by all customer facing divisions 6.60 For personal use only 6.02 FY13 divisional contribution to Cash Earnings1 ($m) FY13 divisional contribution to core earnings1 ($m) AFS division 480 69 11 (335) 86 36 (265) 125 29 162 163 210 84 7,097 364 11,123 186 6,598 10,697 AFS division 652 Up
Slide 40: FY13 divisional performance highlights balanced growth
FY13 divisional performance highlights balanced growth 6.60 For personal use only 6.02 FY13 Cash Earnings Core earnings % of Group Cash Earnings1 % chg on % change on Earnings summary Performance highlights $m FY12 FY12 WRBB • Deposits grew above system3 led by transaction and savings • Deposits up
Slide 41: Strong dividend growth path with another special dividend
Strong dividend growth path with another special dividend 6.60 For personal use only 6.02 • FY13 record ordinary dividend of 174 cents, up 5% on FY12 Dividends per share (cents) – Interim dividend of 86 cents and final dividend of 88 cents • Payout ratio at 76% for FY13 (77% for 2H13) – Arranging fo
Slide 42: Features
For personal use only FULL YEAR 2013 FEATURES COMPARISON OF 2H13 VERSUS 1H13 CASH EARNINGS BASIS (UNLESS OTHERWISE STATED)
Slide 43: Sound net operating income
Sound net operating income 6.60 For personal use only 6.02 • Net operating income up 1% (up 4% FY12/FY13) Net operating income movement half on half ($m) • Net interest income flat (up 3% FY12/FY13) – Average interest-earning asset (AIEA) growth of 3% 182 14 (174) (82) 9,478 63 90 30 – Strong custom
Slide 44: Loan growth predominantly in Australian housing
Loan growth predominantly in Australian housing 6.60 For personal use only 6.02 • Westpac Group loans up 3% (up 4% FY12/FY13) Net loans Sep12 – Sep13 ($bn) • Australian housing loans up 2% – Growth in new lending partly offset by higher run-off as lower rates 7.3 2.5 0.2 536.1 enable customers to re
Slide 45: Customer deposits funding loan growth and strengthening balance sheet
Customer deposits funding loan growth and strengthening balance sheet 6.60 For personal use only 6.02 • Customer deposits up $23bn or 6% (up 10% FY12/FY13) Customer deposit composition4 ($bn and %) • Customer deposit growth $8bn in excess of loan growth (deposits up $13.2bn FY12/FY13) Term deposits
Slide 46: Margin excluding Treasury and Markets flat in 2H13
Margin excluding Treasury and Markets flat in 2H13 6.60 For personal use only 6.02 • Net interest margin (NIM) down 7bps to 2.12% (down 2bps FY12/FY13) Net interest margin (%) • 7bps decline from lower Treasury and Markets income • NIM excluding Treasury and Markets flat at 2.06% NIM NIM excl. Treas
Slide 47: Margins managed in disciplined way
Margins managed in disciplined way 6.60 For personal use only 6.02 • Delivered a steady NIM (ex Markets and Treasury) over last 2 years Westpac Group NIM (excl. Treasury and Markets) • Margins are managed at a Group level taking into consideration – Growth expectations for deposits and loans across
Slide 48: Non-interest income featured strong wealth/insurance result
Non-interest income featured strong wealth/insurance result 6.60 For personal use only 6.02 • Non-interest income up 3% (up 7% FY12/FY13) Non-interest income ($m) – Fees and commissions up 5% to $1,393m, with higher undrawn line fee income in institutional banking and higher fee income across busine
Slide 49: WIB Markets and Treasury income
WIB Markets and Treasury income 6.60 For personal use only 6.02 • Overall contribution from WIB Market risk activities and Treasury Market risk related income ($m) lower in 2H13 but little changed over the year, with improving WIB Market risk income offset by lower Treasury income WIB Market risk ac
Slide 50: Expenses well managed while continuing to invest
Expenses well managed while continuing to invest 6.60 For personal use only 6.02 • Expenses up 3% with FX impacts1 adding 0.7% (up 4% FY12/FY13) Expense growth and expense to income ratio (%) – Expense to income ratio up 63bps to 41.3% (up 12bps on FY12/FY13 to 40.9%) % Expense growth Expense to inc
Slide 51: Disciplined investment spend
Disciplined investment spend 6.60 For personal use only 6.02 • Investment spend of $658m up 35% ($1,145m up 22% FY12/FY13) • FY13 investment spend composition was growth and productivity (45%), regulatory Capitalised software & deferred expenses ($m) 2H12 1H13 2H13 change (26%), SIPs (18%) and infra
Slide 52: Delivered on major programs, focused on delivering returns
Delivered on major programs, focused on delivering returns 6.60 For personal use only 6.02 Program Progress Delivered Global peer comparison of expense to income ratios2 (%) • Upgraded front end Delivered $189m efficiency gains 72.2 systems – call centre, teller and $289m revenue gains to date platf
Slide 53: Continued focus on productivity
Continued focus on productivity 6.60 For personal use only 6.02 • Westpac Group has implemented a variety of programs since FY09 to $1.1bn saved from efficiency programs over last 5 years ($m) maintain an efficiency advantage relative to peers (delivered $1.1bn savings) • This has included synergies
Slide 54: Risk management a key strength
Risk management a key strength Impairment charges 16bps of average gross loans 6.60 For personal use only 6.02 Impairment charges to average gross loans1,2 (bps) Impairment charge movements ($m) 73 57 (140) 1,212 (216) (51) (15) 847 New IAPs, 870 write-backs 33 31 31 30 and recoveries New IAPs, 23 2
Slide 55: Westpac is a relatively high tax paying company
Westpac is a relatively high tax paying company, with minimal income in low tax jurisdictions 6.60 For personal use only 6.02 Tax and related payments reconciliation Location Local tax rates (%) Approx % of FY13 income FY12 FY13 (Statutory basis) Australia 30 86 Income tax reconciled to profit pre-t
Slide 56: Technology
For personal use only FULL YEAR 2013 TECHNOLOGY COMPARISON OF 2H13 VERSUS 1H13 CASH EARNINGS BASIS (UNLESS OTHERWISE STATED)
Slide 57: Westpac's approach to technology modernisation
Westpac’s approach to technology modernisation 6.60 For personal use only 6.02 20081 Prioritisation framework2 • In 2008/2009 Westpac developed a technology 2008 baseline strategy aligned to the Group’s customer centric strategy • A technology Roadmap was also established with C delivery scheduled o
Slide 58: Each Phase in the technology Roadmap is built around key Anchors
Each Phase in the technology Roadmap is built around key Anchors 6.60 For personal use only 6.02 2009 2011 2013 2015 2017 Phase I (SIPs) Phase II Digital signatures – online Enhanced digital enablement – including mobile and online signatures/account authorities Cards consolidation – single multi-br
Slide 59: Phase I prioritised key Customer Channels and Infrastructure
Phase I prioritised key Customer Channels and Infrastructure 6.60 For personal use only 6.02 Phase I 2008 1 2014 1 Prioritisation Framework Key deliverables from Phase I Phase I: SIPs Programs • Implemented new ‘best in class’ key Customer Channels including online, CUSTOMER RELEVANCE C mobile, in-b
Slide 60: Phase II will focus on modernising key Processing Systems
Phase II will focus on modernising key Processing Systems while continuing to enhance Customer Channels and Infrastructure 6.60 For personal use only 6.02 1 Phase II 1 Prioritisation Framework Key deliverables from Phase II 2014 2017+ Phase II • Enhanced digital enablement (including online and mobi
Slide 61: Phase - Customer Channels: online/mobile banking capability
Phase 1 – Customer Channels Includes substantial uplift in online/mobile banking capability 6.60 For personal use only 6.02 The Group’s new online/mobile platform is a step change that will transform the way customers conduct their banking and manage their finances 0.37 0.30 0.78 System will deliver
Slide 62: Leadership in mobile banking apps
Phase 1 - Customer Channels Leadership in mobile banking ‘apps’ 6.60 For personal use only 6.02 Windows 8 mobile app COL Mobile • Over 2 million active mobile • Only Australian bank with Windows 8 customers • Mobile access to Corporate Online application • $4bn in transactions every month Institutio
Slide 63: Increasing leadership in Wealth
Phase II – Processing Systems/Customer Channels Increasing leadership in Wealth 6.60 For personal use only 6.02 BTFG is investing in a new, integrated wealth platform to transform how customers build, manage and protect their wealth The platform will extend BT’s #1 position in the platform market Fu
Slide 64: Core platform modernisation and consolidation
Phase II – Processing Systems Core platform modernisation and consolidation 6.60 Phase I Phase II For personal use only 6.02 Completed foundations for Upgrade St.George to latest Consolidate Westpac onto core modernisation version of Hogan (Celeriti) single core platform Westpac St.George Westpac St
Slide 65: Capital, Funding & Liquidity
For personal use only FULL YEAR 2013 CAPITAL, FUNDING & LIQUIDITY COMPARISON OF 2H13 VERSUS 1H13 CASH EARNINGS BASIS (UNLESS OTHERWISE STATED)
Slide 66: Strong capital position, up across all measures
Strong capital position, up across all measures 6.60 For personal use only 6.02 • Westpac’s capital ratios are reported on an APRA Basel III basis Key capital ratios2 (%) 2H12 1H13 2H13 • Solid earnings growth contributed to a 36bps rise in the common Common equity tier 1 ratio 8.2 8.7 9.1 equity ti
Slide 67: Clear preferred capital range
Clear preferred capital range 6.60 For personal use only 6.02 Board approved Basel III preferred capital range Common equity tier 1 ratio preferred range (%) • Preferred range for CET1 ratio of 8.0% to 8.5%, comfortably above APRA minimums and capital conservation buffer • Management buffer above re
Slide 68: APRA to BCBS Basel III reconciliation
APRA to BCBS Basel III reconciliation 6.60 For personal use only 6.02 • APRA has maintained the conservative stance adopted under its Basel II capital standards, resulting in a significant variance between capital measured under APRA and fully harmonised Basel III • Key differences in the calculatio
Slide 69: Fully harmonised common equity tier 1 ratio above local peers
Fully harmonised common equity tier 1 ratio above local peers and at the upper end of global peers 6.60 For personal use only 6.02 Global peer comparison of Basel III pro-forma common equity tier 1 ratios (%) 14.7 14.5 12.3 12.3 11.6 11.5 11.4 11.2 11.2 11.0 10.8 10.8 10.7 0.37 10.5 10.3 10.1 10.1 1
Slide 70: Risk weighted assets flat over half
Risk weighted assets flat over half 6.60 For personal use only 6.02 • RWA remained relatively flat, decreasing $1bn and included RWA movements ($bn) – Credit RWA increased 3% overall or $6.5bn, from higher lending 6 (2) 1 (7) and the impact of a lower A$ on offshore assets and foreign 308 1 307 curr
Slide 71: Strong and sustainable funding profile
Westpac has built a strong and sustainable funding profile 6.60 For personal use only 6.02 • Stable funding ratio1 (SFR) 84%, up 99bps (FY12/FY13) Funding composition by residual maturity (%) • Customer deposits 61% of total funding, up 290bps (FY12/FY13) SFR 64% SFR 83% SFR 84% Wholesale Onshore <1
Slide 72: Wholesale funding significantly lower; provides capacity for growth
Wholesale funding significantly lower; provides capacity for growth 6.60 For personal use only 6.02 • $22bn term debt issued in FY13 Term debt issuance and maturity profile1 ($bn) • Includes $2.3bn in Tier 1 and Tier 2 capital securities Covered Bond Hybrid Senior Govt Guaranteed Sub Debt • Weighted
Slide 73: Issuance capabilities delivering diversity in new term funding
Issuance capabilities delivering diversity in new term funding 6.60 For personal use only 6.02 New term funding by type1 (%) New term funding by original tenor1,2 (%) FY12 FY13 1H13 FY12 FY12 FY13 1H13 6 6 3 9 6 4 15 19 4 4 9 8 14 Series 1 Series 11 1 2 47 2 10 Series 55 2 40 24 Series 2 0 33 21 0 1
Slide 74: Asset Quality
For personal use only FULL YEAR 2013 ASSET QUALITY COMPARISON OF 2H13 VERSUS 1H13 CASH EARNINGS BASIS (UNLESS OTHERWISE STATED)
Slide 75: High quality portfolio with bias to secured consumer lending
High quality portfolio with bias to secured consumer lending 6.60 For personal use only 6.02 Asset composition as at 30 September 2013 (%) Cash and balances with central banks Total assets On balance sheet lending Receivables due from other financial institutions Trading securities, financial assets
Slide 76: Diversification across industries and large exposures
Diversification across industries and large exposures 6.60 For personal use only 6.02 Exposures at default1 by sector ($m) Top 10 exposures to corporations and NBFIs6 as a % of TCE5 (%) • Top 10 single name exposures to corporations and non-bank financial 2 institutions (NBFIs) continues to be below
Slide 77: Commercial property portfolio comfortably within appetite
Commercial property portfolio comfortably within appetite 6.60 For personal use only 6.02 Commercial property exposures size ($bn) and % of TCE Commercial property portfolio by sector and region (%) 18 Commercial property exposure ($bn) 9.6 9 9 16 9.1 Commercial Property as % of TCE 10 17 17 8.0 45
Slide 78: Portfolio stress halved from peak Financial Crisis levels
Portfolio stress halved from peak Financial Crisis levels 6.60 For personal use only 6.02 Stressed exposures as a % of TCE and provisions ($m) Movement in stressed exposures ($bn) 16.4 (1.4) Impaired (lhs) 90+ days past due well secured (lhs) (0.0) (0.1) 14.9 (1.1) Watchlist & substandard (lhs) IAP
Slide 79: Improvement in portfolio quality across most sectors
Improvement in portfolio quality across most sectors 6.60 For personal use only 6.02 New and increased gross impaired Stressed exposures by industry ($bn) assets ($m) 6 2H12 1H13 2H13 2,149 1,798 1,748 1,519 5 1,343 1,218 1,194 1,060 997 958 4 3 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 0.37
Slide 80: Provision cover by portfolio category
Provision cover by portfolio category 6.60 For personal use only 6.02 Exposures TCE1 asaa%%ofofTCE Exposures as Provisioning to TCE (%) 1H12 2H12 1H13 2H13 Fully performing portfolio • Small cover as low probability of default Fully 98.06 98.40 (PD) 0.25 0.25 0.24 0.23 performing 97.74 97.83 portfol
Slide 81: Maintaining mortgage portfolio quality
Maintaining mortgage portfolio quality 6.60 For personal use only 6.02 2H12 1H13 2H13 2H13 Australian housing portfolio (%) Australian housing portfolio Balance Balance Balance Flow1 FY13 drawdowns LVR at origination Total portfolio ($bn) 316.3 321.9 328.5 29.5 70 Portfolio LVR at origination Owner-
Slide 82: Mortgage customer behaviour remains cautious
Mortgage customer behaviour remains cautious 6.60 For personal use only 6.02 • Australian mortgage customers continue to display a cautious Australian home loan customers ahead on repayments1,2 (%) approach to debt levels, taking advantage of historically low mortgage rates to pay down debt Sep-12 5
Slide 83: Australian housing portfolio delinquencies at low levels
Australian housing portfolio delinquencies at low levels 6.60 For personal use only 6.02 Delinquencies Australian mortgages delinquencies and loss rates (%) • Lower interest rates and a continued conservative approach to debt 90+ Past Due Total 90+ First Home Buyer by borrowers have supported very s
Slide 84: Australian investment property portfolio performing well
Australian investment property portfolio performing well 6.60 For personal use only 6.02 • Investment property loans (IPLs) make up Australian mortgage1 loan-to-value ratio Australian mortgage1 applicants by gross 43.1% of Westpac’s Australian mortgage at origination (%) income band (%) portfolio Ow
Slide 85: Lenders mortgage insurance managing risk transfer
Lenders mortgage insurance managing risk transfer 6.60 For personal use only 6.02 • Lenders mortgage insurance provides the following benefits to the Westpac Group Lenders mortgage insurance (LMI) structure at 30 September 2013 – Risk transfer / loss mitigation – Improvement in the quality of risk a
Slide 86: Mortgage portfolio stress testing outcomes
Mortgage portfolio stress testing outcomes 6.60 For personal use only 6.02 • Westpac regularly conducts a range of portfolio stress tests as part Australian mortgage portfolio stress testing as at 30 September 2013 of its regulatory and risk management activities • The Australian mortgage portfolio
Slide 87: Australian unsecured lending portfolio performing well
Australian unsecured lending portfolio performing well 6.60 For personal use only 6.02 • Unsecured consumer asset quality has Australian unsecured lending 90+ days delinquencies (%) remained strong, as further interest rate cuts have assisted debt serviceability and Credit cards Personal loans Total
Slide 88: Business Units
For personal use only FULL YEAR 2013 BUSINESS UNITS COMPARISON OF 2H13 VERSUS 1H13 CASH EARNINGS BASIS (UNLESS OTHERWISE STATED)
Slide 89: AFS - Cash Earnings momentum continued
AFS AFS - Cash Earnings momentum continued 6.60 For personal use only 6.02 Cash Earnings movement ($m) Key features of AFS in 2H13 125 (53) • Cash and core earnings both up strongly by 6% (48) 142 (40) • All AFS businesses contributed to strong performance 24 (66) 2,302 141 33 (78) 2,176 • Net inter
Slide 90: Customer focused approach driving strong AFS financial outcomes
Customer focused approach driving strong AFS financial outcomes 6.60 For personal use only 6.02 Improved Cash Earnings ($m) performance Strong ROTE2 (%) 2H11 1H12 2H12 1H13 2H13 11% CAGR1 26.1 1,113 1,116 1,184 24.7 24.9 960 1,001 8% CAGR1 715 726 2% CAGR1 622 657 574 22.7 373 352 345 392 301 0.37 W
Slide 91: AFS: Delivering efficiency and productivity
AFS Delivering efficiency and productivity 6.60 For personal use only 6.02 • Continued investment in improving the customer experience while Disciplined expense management ($m) containing expense growth to 2% (4% in FY12/FY13) – 6 additional Bank of Melbourne branches (15 in FY12/FY13), BTFG’s new w
Slide 92: Delivering for customer online/mobile preference
Delivering for customer online/ AFS mobile preference 6.60 For personal use only 6.02 Digital growth deepening relationships and improving service Active digital customers (% of total customer base) increasing • AFS active digital customers as a percentage of total customers up 1.2 percentage points
Slide 93: AFS further increased customer deposit to loan ratio
AFS AFS further increased customer deposit to loan ratio 6.60 For personal use only 6.02 • Increased customer deposit to loan ratio 175bps to 61.1% (up 305bps FY12/FY13) as a result of strong deposit growth AFS lending and deposits ($bn) • Deposits up $12bn or 5% (up 8% FY12/FY13) AFS Lending AFS De
Slide 94: AFS strong position in key markets
AFS AFS strong position in key markets 6.60 For personal use only 6.02 AFS significant improvement in housing/deposit/wealth share Westpac Group market share since FY08 (%)2,3 • 18.7% customer penetration of wealth products1 Housing (financial system) – Improvement in wealth penetration has exceeded
Slide 95: Disciplined mortgage growth
AFS Disciplined mortgage growth 6.60 For personal use only 6.02 Strong share of housing market AFS new mortgage lending volumes ($bn) • AFS mortgage market share1 of 23.3% – 0.8x system1 (0.8x system FY12/FY13) 29.5 16% • Growth in lead indicators for mortgages following 2H13 mortgage 25.5 25.5 23.5
Slide 96: WRBB strong business franchise; St.George SME opportunity
WRBB strong business franchise; AFS St.George SME opportunity 6.60 For personal use only 6.02 Business lending position Business lending growth is improving ($bn) • AFS business lending improved in 2H13 – Up $1.0bn (1%) versus down 2% FY12/FY13 1.3% – Stressed business to TCE down to 6.3% 77.9 76.6
Slide 97: Deposit focus on growth and quality
AFS Deposit focus on growth and quality 6.60 For personal use only 6.02 Deposit strategy has delivered strong success AFS customer deposit to loan ratio (%) • Improved customer deposit to loan ratio to 61.1% up 175bps (up 305bps FY12/FY13) 175bps 61.1 • Above system growth, particularly in household
Slide 98: Wealth is part of our banking DNA
AFS Wealth is part of our banking DNA 6.60 For personal use only 6.02 Wealth strategy delivered strong gains Customer wealth penetration change over last 4 years1 (bps) • Present value of wealth products higher given growing annuity stream • Wealth penetration of 18.7% improved 294bps over the last
Slide 99: AFS high quality credit portfolio
AFS high quality credit portfolio; AFS significant improvement in business 6.60 For personal use only 6.02 Strong risk profile Movement in impairment charges ($m) • AFS impairment charges increased 13% off a very low charge in 1H13 (down 10% FY12/FY13), with the improvement in portfolio quality cont
Slide 100: WRBB: Strong franchise with earnings momentum
WRBB Strong franchise with earnings momentum 6.60 For personal use only 6.02 Cash Earnings movement ($m) Core earnings ($bn) Movement FY13 – FY12 93 (75) Cash 346 (57) (121) 9% • Up $186m to $2,300m 2,300 Earnings 2,114 8% 11% 4% 3.8 Core 3.2 3.4 11% • Up $364m to $3,773m driven by 7% revenue gr
Slide 101: WRBB: Cash Earnings up 6%, a disciplined performance
WRBB Cash Earnings up 6%, a disciplined performance 6.60 For personal use only 6.02 Cash Earnings movement ($m) Movement 2H13 – 1H13 Cash 6% • Up $68m to $1,184m 96 15 (35) (33) 84 41 (24) 2 (35) 1,184 Earnings 1,113 (40) 1,116 Core 6% • Up $101m to $1,937m underpinned by 4% revenue growth earni
Slide 102: Leading employee engagement delivering deeper customer relationships
Leading employee engagement delivering deeper WRBB customer relationships 6.60 For personal use only 6.02 Key features of 2H13 Key customer / employee metrics • Westpac Local strategy has continued to perform, with disciplined margin, expenses and risk management delivering a consistently improving
Slide 103: Strategy driving a consistent performance over the long term
WRBB Strategy driving a consistent performance over the long term 6.60 For personal use only 6.02 Core earnings ($m) Revenue per FTE ($’000) Employee engagement (%) 1,937 357 93 1,836 338 89 1,760 320 85 81 1,649 293 298 1,619 1,551 278 0.37 1H11 2H11 1H12 2H12 1H13 2H13 1H11 2H11 1H12 2H12 1H13 2H1
Slide 104: Re-invigoration of local brands driving strong core earnings momentum
Re-invigoration of local brands driving strong core earnings momentum 6.60 For personal use only 6.02 Impairment Cash Earnings movement ($m) charges ($m) Movement FY13 – FY12 250 (13) 140 (93) 1,441 Cash Earnings 17% • Up $210m to $1,441m with all brands contributing (74) 433 393 32% 1,231 Core ea
Slide 105: St.George momentum continuing in 2H13
St.George momentum continuing in 2H13 6.60 For personal use only 6.02 Cash Earnings movement ($m) Movement 2H13 – 1H13 62 16 (17) (49) Cash Earnings 2% • Up $11m to $726m with all brands contributing 71 (30) (1) 726 55 (17) (21) 715 657 Core earnings 5% • Up $61m to $1,207m driven by 4% revenue
Slide 106: Significant improvement in key operating metrics
Significant improvement in key operating metrics 6.60 For personal use only 6.02 Key features of 2H13 Key customer / employee metrics • St.George has continued strong momentum in 2H13 with a reinvigorated strategy, resulting in sustainably improved share in mortgages and deposits. All brands Change
Slide 107: All brands contributing to earnings growth
All brands contributing to earnings growth 6.60 For personal use only 6.02 Core earnings – positive contribution Employee engagement improving (%) Reduced stressed assets to TCE (%) across all brands ($m) 10 8 9 1,207 3.91 34 1,129 1,146 3.59 3.47 85 3.29 3.18 83 2.77 77 2.26 St.George BankSA RAMS M
Slide 108: Leading wealth provider and investing for the future
Leading wealth provider and investing for the future 6.60 For personal use only 6.02 Cash Earnings movement ($m) Cash Earnings ($m) Movement FY13 – FY121 Revenue Revenue up up 200(14%) $135 (10%) Expenses up 75 (7%) Cash Earnings up 84 (13%) • Flows revenue up $117m (6%) • All Platforms market share
Slide 109: Strong cash earnings growth up 14%
Strong cash earnings growth up 14% 6.60 For personal use only 6.02 Cash Earnings movement ($m) Cash Earnings ($m) 2H13––1H13 Movement2H13 Movement 1 1 1H13 Revenue Revenue 64 (6%) Expenses up $31up(3%) Expensesup up$26 (4%) 12 (2%) Cash Earnings up 47 (14%) • Flows revenue up $31m (3%) • Life Insura
Slide 110: Excellent progress on key metrics
Excellent progress on key metrics reflects seamless connection with banking brands 6.60 For personal use only 6.02 Key features of 2H13 Key customer / employee metrics • BTFG's strong performance and Cash Earnings growth in FY13 reflects the Change on seamless connection with the Group’s banking bra
Slide 111: Consistent growth across key business drivers
Consistent growth across key business drivers 6.60 For personal use only 6.02 Market leading revenue per salaried planner Aligned and salaried Planner number growthplanner (#) numbers up (#) FUA growth ($bn) ($000)1,2, 3 Bank median Salaried planners Aligned planners Up 17% 524 WRBB salaried planner
Slide 112: WIB delivers 11% uplift in Cash Earnings
WIB delivers 11% uplift in Cash Earnings 6.60 For personal use only 6.02 Cash Earnings movement ($m) Core earnings ($bn) Movement FY13 – FY12 Cash earnings 11% • Strong growth, up $162m 216 (83) 2.2 2.2 1,635 2.1 • Increased customer sales supporting revenue 183 (83) 1.9 Core earnings 1% • Conti
Slide 113: 2H13 in line with strong 1H13 performance
2H13 in line with strong 1H13 performance 6.60 For personal use only 6.02 Cash Earnings movement ($m) Movement 2H13 – 1H13 • Cash Earnings up $9m to $822m 105 (52) Cash Earnings 1% • ROTE up 198bps to 22.3% 813 (7) 15 (16) 14 822 3 Core earnings 1% • Modestly lower following very strong 1H13 45
Slide 114: Providing customer value through building deeper capabilities
Providing customer value through building deeper capabilities 6.60 For personal use only 6.02 WIB’s strategy: Partner with customers, communities and our people to prosper and grow as Australasia’s undisputed number one institutional bank Delivering new capabilities and product innovation Delivering
Slide 115: Number 1 Lead Domestic Transactional Bank
10 consecutive years as Number 1 Lead Domestic Transactional Bank1 6.60 For personal use only 6.02 Global Transactional Foreign Debt Relationship. Insight. Services. Exchange. Markets. No.1 Lead Relationship No.1 Most Useful No.1 Lead No.1 Australian No.1 Bookrunner for A$ Bank in Australia2 Analysi
Slide 116: Leveraging market leading positions to deliver revenue
Leveraging market leading positions to deliver revenue 6.60 For personal use only 6.02 • WIB’s focus on delivering value to customers through innovation and insights and leveraging 2H13 in line with strong 1H13 ($m) leading market positions underpins revenue – WIB customer1 revenue up 2% (up 3% FY12
Slide 117: Risk management a competitive advantage
Risk management a competitive advantage 6.60 For personal use only 6.02 Asset quality remains strong Impairments: (charges) / benefits ($m) • Significant reduction in the level of stressed 1H13 2H13 assets leading to a benefit from impairments of $46m ($89m benefit FY13) 127 43 51 46 92 – Lower IAP
Slide 118: New Zealand: Strong Cash Earnings growth
New Strong Cash Earnings growth driven by disciplined cost Zealand management and continued improvement in asset quality 6.60 For personal use only 6.02 Impairment charges1 Cash Earnings movement1 ($m) Movement FY13 – FY121 ($m) 74 (24) Cash Earnings 9% • Up $63m to $770m 770 707 9 8 (4) Core earn
Slide 119: New Zealand: Strong all round performance
New Strong all round performance in a low growth, Zealand competitive environment 6.60 For personal use only 6.02 Cash Earnings movement1 ($m) Movement 2H13 – 1H131 17 (7) 400 Cash Earnings 8% • Up $30m to $400m 17 26 (5) 6 (3) 370 Core earnings 3% • Up $20m to $602m 361 (8) 3 (7) • Deposits up
Slide 120: New Zealand: Focus on strength and productivity
New Focus on strength and productivity delivering uplift Zealand in key metrics 6.60 For personal use only 6.02 Key features of 2H13 Key customer / employee metrics • Sound and disciplined performance strengthening the balance sheet, Change maintaining margin and improving return 2H12 1H13 2H13 on 1
Slide 121: New Zealand: Strategy to drive sustainable returns
New Zealand Strategy to drive sustainable returns 6.60 For personal use only 6.02 Five strategic imperatives Next generation distribution • Transition to next generation distribution Changing customer preferences and improved technology is leading to material – Available everywhere, all the time cha
Slide 122: Continuing to strengthen the New Zealand balance sheet
New Continuing to strengthen the New Zealand Zealand balance sheet 6.60 For personal use only 6.02 • Continued to strengthen the balance sheet, with customer deposit to loan ratio now 75.6% and NZ stable funding ratio up to 90.4% Balance sheet ($NZbn) • Good deposit and loan growth despite subdued N
Slide 123: New Zealand mortgage portfolio
New Zealand New Zealand mortgage portfolio 6.60 For personal use only 6.02 • Mortgage portfolio of $37.5bn, up 3% (up 4% FY12/FY13) New Zealand mortgage portfolio by region (%) • The distribution of the mortgage portfolio across regions is consistent with population concentrations of New Zealand Auc
Slide 124: Improving asset quality in the business
New Zealand Improving asset quality in the business 6.60 For personal use only 6.02 • Business stressed exposures down 118bps to 4.9% of TCE (down 190bps Movement in impairment charges (NZ$m) FY12/FY13) – Down mostly across property, agriculture and manufacturing sectors – Excluding Institutional as
Slide 125: Continued strong performance in the Pacific
Westpac Pacific Continued strong performance in the Pacific 6.60 For personal use only 6.02 Cash Earnings movement ($m) Key highlights FY13 – FY12 27 (2) 1 (9) • Westpac Pacific built on its strong Westpac Pacific 79 performance in 2012, with a 34% uplift in Cash Earnings to $143m Core earnings Cash
Slide 126: Economics
For personal use only FULL YEAR 2013 ECONOMICS COMPARISON OF 2H13 VERSUS 1H13 CASH EARNINGS BASIS (UNLESS OTHERWISE STATED)
Slide 127: Australian and New Zealand economic forecasts
Australian and New Zealand economic forecasts 6.60 For personal use only 6.02 Calendar year Key economic indicators1 (%) as at October 2013 2011 2012 2013f 2014f World GDP 3.9 3.2 2.7 2.8 Australia GDP 2.4 3.7 2.5 2.3 Private consumption 3.3 3.2 2.2 2.8 Business investment2,3 17.0 16.5 -3.1 -3.5 Une
Slide 128: Australia's diverse and robust economy
Australia’s diverse and robust economy 6.60 For personal use only 6.02 • Diverse economy that goes well beyond mining - more than 80% of the economy is services based • 22 years of uninterrupted economic growth (1991 – 2012) – One of the few countries rated AAA/Aaa/AAA (S&P/Moody’s/Fitch) • Only eco
Slide 129: Australia well-placed relative to developed economies
Australia well-placed relative to developed economies 6.60 For personal use only 6.02 • Economy continues to perform well relative to other developed economies • GDP is forecast to grow 2.5% in 2013 and 2.3% in 2014 – Growth expected to be below trend as the economy adjusts to lower levels of mining
Slide 130: Policy rate changes having desired effect
Policy rate changes having desired effect 6.60 For personal use only 6.02 • Cash rate has been cut by 225bps since 2011 − Currently 2.50% (October 2013) − Low by historical standards but still leaves scope for additional easing if required • Policy changes are having an effect, with the clearest evi
Slide 131: Australia's economic transition: from mining to non-mining
Australia’s economic transition: from mining to non-mining 6.60 For personal use only 6.02 • Australia experiencing a rotation of economic growth from mining to non-mining activity – Mining investment is entering a sustained decline, after several years of strong rises, that will see it swing from b
Slide 132: Commodity cycle evolves
Commodity cycle evolves 6.60 For personal use only 6.02 • Australia’s mining boom is entering a new phase in which investment winds back from recent extreme highs but production and exports surge strongly as new projects become productive • With commodity price declines acting as a drag on incomes n
Slide 133: Credit growth expected to remain relatively subdued
Credit growth expected to remain relatively subdued 6.60 For personal use only 6.02 • Domestic business and household balance sheets remain in good shape – For businesses, pressure on incomes has been mitigated by low gearing levels – For households, efforts to increase savings and repayment buffers
Slide 134: Chinese growth remains a positive for Australia
Chinese growth remains a positive for Australia 6.60 For personal use only 6.02 • As a $US7 trillion economy, China grew at 10%. As a $US10 trillion economy, we expect it to grow at 7% • Represents an equivalent incremental contribution to global absorptive capacity, at higher levels of energy, prot
Slide 135: Housing activity responding to monetary policy
Housing activity responding to monetary policy 6.60 For personal use only 6.02 • Australia’s housing sector is showing clear signs of a pick-up although the response to lower interest rates has been slower and more muted than in previous easing cycles and conditions remain uneven across segments and
Slide 136: Australian house prices recovering
Australian house prices recovering 6.60 For personal use only 6.02 • House prices are firming again, up 7.4% in the year to September nationally, after a moving through a mild correction in 2011-12 Dwelling prices: Australia capital cities (index) – Conditions vary with gains ranging from around 8%
Slide 137: Housing market fundamentals sound
Housing market fundamentals sound 6.60 For personal use only 6.02 • Significant tightening in the supply-demand balance for housing over the last decade from a combination of strong migration-driven population growth and subdued new dwelling construction. Pressure is evident in – Rental markets wher
Slide 138: Housing affordability much improved
Housing affordability much improved 6.60 For personal use only 6.02 • Despite recent gains in house prices, affordability remains relatively good by historical standards – Measures based on the proportion of income required to service a mortgage on a median priced dwelling show, nationally, the best
Slide 139: Household leverage: a more cautious approach
Household leverage: a more cautious approach 6.60 For personal use only 6.02 • The last five years have seen a significant shift in the behaviour of Australian households, resulting in a major shift in household leverage • A more cautious attitude towards finances has seen a sharp and sustained rise
Slide 140: New Zealand - the economic cycle
New Zealand – the economic cycle 6.60 For personal use only 6.02 • The New Zealand economy is experiencing a strong upturn in domestic demand, driven by earthquake-related construction activity and rising house prices • Economic growth for the year to June 2013 was 2.7%. However, that figure was hea
Slide 141: New Zealand - the housing market
New Zealand – the housing market 6.60 For personal use only 6.02 • House price inflation has accelerated to almost 10% on a nationwide basis, but there are wide regional differences – 17.9% in Auckland, low single digits in many other parts of New Zealand • The main driver has been low interest rate
Slide 142: Appendix & Disclaimer
For personal use only FULL YEAR 2013 APPENDIX & DISCLAIMER COMPARISON OF 2H13 VERSUS 1H13 CASH EARNINGS BASIS (UNLESS OTHERWISE STATED)
Slide 143: Appendix 1: Cash Earnings adjustments
Appendix 1: Cash Earnings adjustments 6.60 For personal use only 6.02 Cash Earnings 2H12 1H13 2H13 Description adjustment Reported NPAT 3,003 3,304 3,512 Reported net profit after tax attributable to equity holders of Westpac Group The TPS hybrid instrument is not fair valued however the economic he
Slide 144: Appendix 2: Definitions
Appendix 2: Definitions 6.60 For personal use only 6.02 Westpac’s business units Financial performance Australian Financial Services is responsible for the Westpac Group’s Australian Net profit attributable to equity holders adjusted for the impact of the economic Australian hedges related to TPS, e
Slide 145: Appendix 2: Definitions (continued)
Appendix 2: Definitions (continued) 6.60 For personal use only 6.02 Financial performance (cont.) Asset quality A MyBank customer is one where we have their quality transaction account (they are active; have salary credit; and/or have multiple regular deposits) and they do TCE Total committed exposu
Slide 146: Investor Relations Team
Investor Relations Team 6.60 For personal use only 6.02 Equity Investor Relations For further information on Westpac Please visit our dedicated website Andrew Bowden Leigh Short www.westpac.com.au/investorcentre click on ‘Analysts’ Centre’ Head of Investor Relations Senior Manager +61 2 8253 4008 +6
Slide 147: Disclaimer
Disclaimer 6.60 For personal use only 6.02 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 intend