Westpac Banking Corporation · ASX:WBC
Westpac Banking — FY2023 Earnings Presentation
135 slides from Westpac Banking's earnings presentation, Nov 6, 2023
Slide 1: ASX Release: Westpac 2023 Presentation and Investor Discussion Pack
ASX Release Level 18, 275 Kent Street Sydney, NSW, 2000 6 November 2023 Westpac 2023 Presentation and Investor Discussion Pack Westpac Banking Corporation (“Westpac”) today provides the attached Westpac 2023 Presentation and Investor Discussion Pack. For further information: Hayden Cooper Justin McC
Slide 2: 2023 Full Year Financial Results
— estpac GROUP 2023 FULL YEAR FINANCIAL RESULTS <a tia r a FOR THE 12 MONTHS ENDED / o) ional 30 SEPTEMBER 2023 }
Slide 3: Full Year Results Index
WESTPAC 2023 2023 Full Year Results Presentation 3 Investor Discussion Pack of 2023 Full Year Results 33 FULL YEAR Earnings drivers 36 RESULTS INDEX Credit quality and provisions Non-credit risk management 48 69 Capital, Funding and Liquidity 76 Customer franchise 88 Sustainability 95 Segment result
Slide 4: Peter King, Chief Executive Officer
PETER KING Chief Executive Officer
Slide 5: FY23 Highlights
FY23 HIGHLIGHTS STRENGTHENED IMPROVED BALANCE CUSTOMER FINANCIAL SHEET FRANCHISE RESULT MOMENTUM COMPLETED ACCELERATING PORTFOLIO TECHNOLOGY SIMPLIFICATION SIMPLIFICATION 4 Westpac Group 2023 Full Year Results Presentation & Investor Discussion Pack
Slide 6: FY23 Improved Financial Result
FY23 IMPROVED FINANCIAL RESULT FY22 FY23 FY23 – FY22 Change Net profit1 $5,694m $7,195m 26% Earnings per share 160 cents 205 cents 28% Return on equity 8.1% 10.1% 199 bps Dividends per share 125 cents 142 cents 14% Notable Items (post tax) ($874m) ($173m) (80%) Net Profit excluding Notable Items $6,
Slide 7: Higher Dividend and Share Buyback
HIGHER DIVIDEND AND SHARE BUYBACK Capital $4.0bn above top end of target CET1 ratio (%) operating range 18.7 — $1.5bn on-market share buyback1, reflecting: 12.3 11.3 12.4 • Completion of portfolio simplification • Outcome of APRA’s revised capital standards — Excess capital available to support grow
Slide 8: Focused on Banking in Australia and New Zealand
FOCUSED ON BANKING IN AUSTRALIA AND NEW ZEALAND Portfolio simplification complete Business simplification — 10 businesses exited1, released 58bps of — Op model - FTE down 4% in FY23, 6% in 2H23 CET1 capital — More customer services via digital — Retaining BT Platforms and Pacific Banking — Products
Slide 9: Easy and Intuitive Online Banking Driving Growth
EASY AND INTUITIVE ONLINE BANKING DRIVING GROWTH #1 #2 Everyday banking — Simple design with easy search Consumer MFI5 18% Mobile NPS — Open a transaction account online within 3 minutes Banking App1 App2 — Best in class money movement Transaction — Insightful money management accounts up 11%6 — Enh
Slide 10: Business Banking Opportunity
BUSINESS BANKING OPPORTUNITY EFTPOS Air — Businesses can accept Lending growth, payments on iPhone or Android up 5% to $88.9bn1 — Simple online application process, set-up within 15 minutes Strong business deposit Business One Account base, deposit to loan ratio 147%2 — Competitive business transact
Slide 11: Momentum in Institutional Bank
MOMENTUM IN INSTITUTIONAL BANK Operating momentum with Payments & deposits improved returns — PayTo for payers launched Loans up 9%1 — Deepened client relationships — Westpac Live FX upgrades — Simpler product and service — WestpacOne - investing in offering corporate cash management — 5 offshore lo
Slide 12: Continuing to Strengthen Risk Management
CONTINUING TO STRENGTHEN RISK MANAGEMENT Risk and regulatory programs well progressed CORE plan — Customer Outcomes and Risk Excellence (CORE) strengthening risk management CORE integrated plan 1 — New Zealand RBNZ BS11 and s95 programs complete 2020 to — 94% of activities complete2 2023 — Targeting
Slide 13: Supporting Customers and Climate Transition
SUPPORTING CUSTOMERS AND CLIMATE TRANSITION Supporting customers Climate transition2 through uncertainty — Cost of living pressures intensified — 52% reduction in scope 1 and 2 emissions — Most have been able to adapt — Sourced equivalent of 100% renewable energy for Australian operations from April
Slide 14: Michael Rowland, Chief Financial Officer
MICHAEL ROWLAND Chief Financial Officer
Slide 15: 2H23 Financial Performance
2H23 FINANCIAL PERFORMANCE Change 1H23 2H23 2H23 – 1H23 Net profit $4,001m $3,194m (20%) Excluding Notable Items: Revenue $10,871m $10,671m (2%) Expenses ($4,988m) ($5,244m) 5% Impairment charges to average loans annualised 10 bps 7 bps (3 bps) Net profit $3,823m $3,545m (7%) Cost to income ratio 46
Slide 16: Notable Items and Businesses Sold
NOTABLE ITEMS AND BUSINESSES SOLD Notable Items1 ($m after tax) 2H22 1H23 2H23 Asset sales and revaluations (1,089) 256 - Provisions for remediation, litigation, fines and penalties (68) - (176) Restructuring costs - - (140) Assets write-downs (129) - (87) Hedging items 233 (78) 52 Total Notable Ite
Slide 17: 2H23-1H23 Net Profit Reflects Operating Environment
2H23-1H23 NET PROFIT REFLECTS OPERATING ENVIRONMENT ($m)1 3,823 10 (70) (266) 132 7 (91) 3,545 3,467 Pre-provision profit 6% lower Up 10% 7% lower 2H22 1H23 Net interest Non-interest Expenses Impairment Tax Impact of 2H23 2 income income charges & NCI businesses sold 1 Excludes the impact of Notable
Slide 18: Lending Momentum
LENDING MOMENTUM Net loans ($bn) 7.9 0.5 - (1.4) 773.3 3.4 13.0 749.9 Up $1.1bn in NZ$ 739.6 Up 1% Up 3% Sep-22 Mar-23 Mortgages Business Institutional New Personal Auto Sep-23 (ex auto) Zealand (ex auto) (in run off) (in A$) 17 Westpac Group 2023 Full Year Results Presentation & Investor Discussion
Slide 19: Deposit Growth
DEPOSIT GROWTH ($bn) 14.8 2.5 (2.9) (0.4) (0.6) 641.0 627.6 613.0 Flat in NZ$ Up 2% Up 2% Sep-22 Mar-23 Consumer WIB Business New Other Sep-23 Zealand 18 Westpac Group 2023 Full Year Results Presentation & Investor Discussion Pack
Slide 20: Net Interest Margin Lower
NET INTEREST MARGIN LOWER (%) Core NIM1 Treasury & Markets Notable Items Group NIM excluding Notable Items 4bps lower 1.96 1.96 (10bps) 2bps 6bps 0bps 2bps 1.94 0.06 0.08 (1bps) (1bps) 0.10 0.10 Core NIM 6bps lower 1.90 1.84 1.80 Exit Core NIM 1.81%1 (0.02) 2H22 1H23 Loans Customer Wholesale Capital
Slide 21: Non-Interest Income 5% Lower
NON-INTEREST INCOME 5% LOWER1 ($m) Non-interest income by type2 Markets income ($m)2 1,710 1,669 1,589 225 140 167 61 1,459 82 66 75 409 339 409 339 57 281 341 341 12 281 219 248 232 225 349 352 329 298 845 827 827 818 (10) (17) 1H22 2H22 1H23 2H23 1H22 2H22 1H23 2H23 Fees Wealth Markets Other Busin
Slide 22: 2H23 Expenses, Investment Up
2H23 EXPENSES, INVESTMENT UP ($m)1 Cost reset benefits including: — Operating model simplified — Property footprint reduced — Digitisation 489 (405) 182 (10) 5,244 5,039 4,988 Software amort Persistent inflation impacting: up ~$120m — Wages — Third party vendor costs 1% lower 5% increase 2H22 1H23 O
Slide 23: Investments Tilt Toward Growth & Productivity
INVESTMENTS TILT TOWARD GROWTH & PRODUCTIVITY ($m) 1,987 Growth and productivity Investment in risk and 1,922 investment increased regulatory — Mortgage origination — CORE program platform — APRA Basel III 675 — Digital capability 8% 728 — Corporate cash — RBNZ BS11 — Payments management platform —
Slide 24: Credit Quality Resilient, Small Lift in Arrears
CREDIT QUALITY RESILIENT, SMALL LIFT IN ARREARS Stressed exposures as a % of TCE1 Australian mortgage delinquencies (%) 1.36 30+ day delinquencies 90+ day delinquencies 4.00 90+ ex 6 months serviceability hold-out period 1.26 3.00 1.07 1.10 0.49 2.00 0.54 1.54 1.00 0.86 0.43 0.43 0.68 0.00 0.21 Sep-
Slide 25: Impairment Provisions $1.5bn Above Base Case
IMPAIRMENT PROVISIONS $1.5BN ABOVE BASE CASE ($m) CAP to credit RWA of 1.35%, up 2bps 4,923 4,941 Overlays reduced 4,635 — For mortgages, construction and NZ weather 432 events 720 Overlays 700 Stage 2 CAP higher 692 — Modest downgrades to watchlist & substandard 830 — Commercial property price fore
Slide 26: 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 390 310 258 228 218 222 196 123 121 76 19 (17) (102) (138) (214) 2H22 1H23 2H23 2H22 1H23 2H23 2H22 1
Slide 27: Capital Above Top End of Target Operating Range
CAPITAL ABOVE TOP END OF TARGET OPERATING RANGE CET1 Capital ratio (%) Credit RWA – Data refinement, 15bps Credit RWA – Credit quality & lending growth, (12bps) Non-credit RWA, 2bps 71bps (54bps) 5bps (12bps) 12.38 (33bps) 12.28 12.05 11.29 Sep-22 Mar-23 Net profit Dividend RWA Other1 Sep-23 On-mark
Slide 28: 1H24 Considerations
1H24 CONSIDERATIONS1 Revenue Expenses — System credit growth steady — Persistent inflation — 2H23 Core NIM 1.84%, Exit 1.81%2 — Software amortisation headwind • Sensitive to interest rate moves — Risk & reg spend to remain elevated • Lending remains competitive — Focused on cost reset • Higher earni
Slide 29: Peter King, Chief Executive Officer
PETER KING Chief Executive Officer
Slide 30: A Strategy for Growth and Return
A STRATEGY FOR GROWTH AND RETURN OUR PURPOSE Creating better futures together AMBITION To be our customers’ #1 bank and partner through life PILLARS Customer Easy Expert Advocate care at to do solutions for positive the heart business with and tools change FOUNDATIONS Strong Proactive Risk Data-info
Slide 31: Accelerating Technology Simplification
ACCELERATING TECHNOLOGY SIMPLIFICATION1 From >180 To <60 Online Staff platforms to assist EXPERIENCE customer platforms customers >10 <5 PRODUCTS & SERVICES Product originations Product processors >60 <30 Customer Customer Payment Data PLATFORMS masters onboarding captures platforms >60 <20 systems
Slide 32: Investment Outcomes
INVESTMENT OUTCOMES1 Target market growth Increase return Investment spend — Improve customer experience — Close cost to income ratio gap — Shift towards growth and to peers in medium term productivity • NPS in scorecards • Reduce cost of change — Support strategy and • Simple digital processes tech
Slide 33: FY23 Highlights
FY23 HIGHLIGHTS STRENGTHENED IMPROVED BALANCE CUSTOMER FINANCIAL SHEET FRANCHISE RESULT MOMENTUM COMPLETED ACCELERATING PORTFOLIO TECHNOLOGY SIMPLIFICATION SIMPLIFICATION 32 Westpac Group 2023 Full Year Results Presentation & Investor Discussion Pack
Slide 34: Investor Discussion Pack
INVESTOR DISCUSSION PACK Westpac croup
Slide 35: Overview
OVERVIEW Wifestpac Group
Slide 36: Creating Better Futures in FY23
CREATING BETTER FUTURES IN FY23 OVERVIEW Supporting our customers, shareholders, employees, community and environment SHAREHOLDERS CUSTOMERS OUR PEOPLE COMMUNITY ENVIRONMENT $7,195m 13 million 75 $3.4bn 66% Net Profit, up 26% Customers across the Organisational Health Taxes paid globally, Reduction
Slide 37: Earnings Drivers
EARNINGS DRIVERS 2023 Full year financial results
Slide 38: FY23 Net Profit
FY23 NET PROFIT EARNINGS Net profit FY22 – FY23 ($m) Higher CAP3 due to commercial Stronger Markets performance, partly Higher inflation impacting wage growth property price forecast update and offset by lower fee income from product and third-party vendor expenses; higher modest underlying portfoli
Slide 39: 2H23 Net Profit
2H23 NET PROFIT EARNINGS Net profit 1H23 – 2H23 ($m) Lower trading income Persistent inflation impacting staff costs and due to reduced DVA1 third-party vendor costs, higher software contribution and lower amortisation, average FTE2 down 2% net fee income Lower CAP due to lower AIEA up 2%. Core over
Slide 40: Single Measure of Performance – Net Profit After Tax
SINGLE MEASURE OF PERFORMANCE – NET PROFIT AFTER TAX EARNINGS WESTPAC USES NET PROFIT AFTER TAX TO ASSESS FINANCIAL PERFORMANCE AT BOTH A GROUP AND SEGMENT LEVEL Notable Items are shown separately to clarify underlying operating performance and fall into the following categories: — Large items that
Slide 41: Composition and Movement in Lending
COMPOSITION AND MOVEMENT IN LENDING REVENUE Composition of gross loans (% of total) Business and institutional lending ($bn) Australian mortgages 8 (1) 218 4 <1 4 0 8 206 207 Australian business 2 Institutional 11 Australian personal Up 5% $778bn 62 New Zealand mortgages 12 Up 6% New Zealand busines
Slide 42: Composition and Movement in Deposits
COMPOSITION AND MOVEMENT IN DEPOSITS REVENUE Composition of customer deposits (% of total) Customer deposits by type (%) Term deposits Savings Transaction Mortgage offset 1 NIB deposits2 613 628 641 18 9% 8% 9% 9% 9% 9% Households 23% 21% 20% $641bn Businesses 57 33% 34% 34% 25 Institutional 26% 29%
Slide 43: Net Interest Margin
NET INTEREST MARGIN REVENUE Net interest margin (% and bps) Core NIM 1 Treasury & Markets Notable Items Composition of Group NIM (%) 1H23 2H23 FY23 (24bps) 35bps (1bps) (4bps) 6bps (3bps) (7bps) 1.93 1.95 0.06 Core NIM 1.90 1.84 1.87 0.09 0.12 Core NIM Treasury & Markets 0.08 0.10 0.09 1.75 Exit 1.8
Slide 44: Non-Interest Income
NON-INTEREST INCOME1 REVENUE Non-interest income by type ($m) Net fee income ($m)2 Fees Trading Wealth management Other Businesses sold 3,840 1,672 (4) (16) (9) (8) 10 1,645 1,616 860 3,299 3,128 392 140 185 136 148 457 FY21 FY22 Consumer Business WIB New Other FY23 464 467 Zealand 715 620 750 Tradi
Slide 45: Expenses
EXPENSES EXPENSES Inflation across third-party vendor costs and salaries and wages, higher technology supplier costs 10,802 (621) 881 (599) 460 (46) 10,692 (127) (58) 10,278 10,054 Up 2% ex Notable Items and businesses sold Down 1% FY22 Notable Businesses FY22 ex Ongoing Cost reset Investments FY23
Slide 46: Select Cost Reset Initiatives
SELECT COST RESET INITIATIVES EXPENSES Metric FY20 FY22 FY23 7 completed PORTFOLIO — Sale of non-core businesses 1 under sale 10 transactions SIMPLIFICATION — Completion of sales agreement 2 under sale completed7 agreement — Mortgages processed on digital 32% 82% 87% origination platform1 BUSINESS —
Slide 47: FY23 Snapshot of Technology Simplifications
FY23 SNAPSHOT OF TECHNOLOGY SIMPLIFICATIONS EXPENSES 200 >500,000 12 1 4 2 Applications Automated Consolidated Reduction in decommissioned customer contact centre data centres interactions platform 27% ~$100M 1,159 16 4 Reduction in Expense Components Consolidation of printed savings removed1 backup
Slide 48: 2H23 Impairment Charge of $258m
2H23 IMPAIRMENT CHARGE OF $258M IMPAIRMENT CHARGES Impairment charges ($m) Individually assessed Collectively assessed Total New Write-backs Write-offs Other mvmts IAPs & recoveries direct in CAP 390 310 228 258 218 222 196 123 121 76 19 (17) (104) (138) (214) 2H22 1H23 2H23 2H22 1H23 2H23 2H22 1H23
Slide 49: Credit Quality and Provisions
CREDIT QUALITY AND PROVISIONS 2023 Full year financial results
Slide 50: Provisions for Expected Credit Loss
PROVISIONS FOR EXPECTED CREDIT LOSS CREDIT QUALITY Total provisions for expected credit losses1 ($m) Expected credit loss (ECL) ($m) Overlay Stage 1 CAP Stage 2 CAP $1.5bn in provisions above the base case ECL Stage 3 CAP Stage 3 IAP Reduction of 6,860 6,163 overlays for mortgages, 4,941 COVID-19 co
Slide 51: Provision Cover
PROVISION COVER CREDIT QUALITY Exposures as a % of TCE Key ratios Sep-22 Mar-23 Sep-23 Provisions to gross loans (bps) 62 65 63 Impaired asset provisions 48 43 43 to impaired assets (%) Collectively assessed provisions 116 133 135 to credit RWA (bps) 83.53 86.17 87.73 Stage 1 and Stage 2 – Provision
Slide 52: Portfolio Composition
PORTFOLIO COMPOSITION CREDIT QUALITY Total committed exposure (TCE) by risk grade at 30 September 2023 ($m) Standard and Poor’s risk grade1 Australia NZ / Pacific Other overseas Group % of total AAA to AA- 208,217 24,581 14,158 246,956 20% A+ to A- 38,948 6,195 10,313 55,456 4% BBB+ to BBB- 75,487 1
Slide 53: Credit Quality Metrics
CREDIT QUALITY METRICS CREDIT QUALITY Stressed exposures as a % of TCE Movement in stress categories (bps) Impaired Non-performing, 90+ days 10 126 3 1 7 Non-performing, <90 days Watchlist & substandard 107 (2) 1.91 — Increase in non-performing 90+ days mostly mortgages — Increase in watchlist mainl
Slide 54: Credit Quality Across Sectors
CREDIT QUALITY ACROSS SECTORS CREDIT QUALITY Corporate and business stressed exposures by industry sector (%) 8.0 — Overall portfolio quality remains resilient Sep-22 Mar-23 Sep-23 7.0 — Impaired assets are lower; downgrades mainly to watchlist relating to matters specific to individual customers 6.
Slide 55: Sectors in Focus: Commercial Property
SECTORS IN FOCUS: CREDIT QUALITY Commercial property Commercial property exposures Commercial property portfolio — Single credit policy, supported by (% of TCE) composition (TCE) (%) industry sector concentration limits Sub-sector — Maintained credit standards, with close oversight of portfolio 6.5
Slide 56: Sectors in Focus: Commercial Property Office; Construction
SECTORS IN FOCUS: CREDIT QUALITY Commercial property – office; Construction Commercial property – office S&P equivalent risk grade Sep-22 Mar-23 Sep-23 — Office exposure has reduced from 2.1% of Group TCE in Sep-20 to 1.5% in TCE ($bn) 21.8 18.2 18.4 A+ to A- Sep-23 24 % of Group TCE 1.79 1.49 1.51
Slide 57: Sectors in Focus: Accommodation; Retail Trade
SECTORS IN FOCUS: CREDIT QUALITY Accommodation, cafes and restaurants; Retail trade Accommodation, cafes and restaurants Portfolio security composition (TCE) (%) Portfolio by sub-sector (TCE) (%) Sep-22 Mar-23 Sep-23 Accommodation Total committed 10.2 10.2 10.7 4 4 exposure (TCE) ($bn) 20 Fully secu
Slide 58: Sectors in Focus: Agriculture; Mining
SECTORS IN FOCUS: CREDIT QUALITY Agriculture; Mining Agriculture Mining (incl. oil and gas) Sep-22 Mar-23 Sep-23 Sep-22 Mar-23 Sep-23 TCE ($bn) 23.2 23.9 24.0 TCE ($bn) 7.9 8.7 7.8 % of Group TCE 1.95 1.96 1.97 % of Group TCE 0.66 0.71 0.64 Lending ($bn) 19.8 20.4 20.7 Lending ($bn) 3.1 2.8 2.5 % of
Slide 59: Australian Consumer Finance
AUSTRALIAN CONSUMER FINANCE CREDIT QUALITY Australian consumer finance portfolio1 Australian consumer finance 90+ delinquencies (%) Sep-22 Mar-23 Sep-23 6.0 Credit cards Personal loans Auto finance 5.0 Lending ($bn) 11.7 11.0 10.3 4.0 As a % of Group loans 1.6 1.5 1.3 3.0 2.99 2.0 2.20 Improvement i
Slide 60: Australian Mortgage Portfolio
AUSTRALIAN MORTGAGE PORTFOLIO MORTGAGE CREDIT QUALITY Australian mortgage portfolio Sep-19 Pre COVID-19 Sep- 22 Mar- 23 Sep- 23 30+ day and 90+ day delinquencies (%) 30+ day delinquencies 90+ day delinquencies (bps): 4.0 90+ day delinquencies 90+ dpd excl. 6 months serviceability hold-out period Tot
Slide 61: Australian Mortgage Portfolio Composition
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION MORTGAGE CREDIT QUALITY Australian mortgage portfolio Sep-22 Mar-23 Sep-23 2H23 Owner occupied / Investment property loans as a % of the balance balance balance flow 1 Australian mortgage portfolio Total portfolio ($bn) 467.6 472.7 485.6 59.6 OO IPL4 66 67 O
Slide 62: Australian Mortgage Portfolio Fundamentals
AUSTRALIAN MORTGAGE PORTFOLIO FUNDAMENTALS MORTGAGE CREDIT QUALITY By product and repayment type (%) By State (%) Sep-22 (Portfolio) Mar-23 (Portfolio) 7 NSW/ACT 66 Sep-23 (Portfolio) 2H23 Flows 63 64 65 8 VIC/TAS 41 15 QLD 22 22 21 20 WA 10 10 10 11 2 2 1 3 3 2 3 SA/NT 0 29 LOC IPL-I/O IPL-P&I OO-I
Slide 63: Australian Mortgage Portfolio LVRs
AUSTRALIAN MORTGAGE PORTFOLIO LVRS MORTGAGE CREDIT QUALITY Loan-to-value ratios (LVRs) (%) Serviceability assessment creates a buffer for borrowers 100 2H23 drawdowns LVR at origination — Loans are assessed at the higher of: 90 • The customer rate, including any life-of-loan discounts, plus the Port
Slide 64: Australian Mortgage Portfolio Repayment Buffers
AUSTRALIAN MORTGAGE PORTFOLIO REPAYMENT BUFFERS MORTGAGE CREDIT QUALITY Customers ahead on repayments1 (% by accounts) Offset account balances2 ($bn) >2yrs 1 57 51 53 24 >6mths 46 32 <2yrs 39 41 <6 mths < 1 mth 16 On time 13 15 Behind Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Customers ahead on repa
Slide 65: Australian Mortgage Portfolio Fixed-Rate Loans
AUSTRALIAN MORTGAGE PORTFOLIO FIXED-RATE LOANS MORTGAGE CREDIT QUALITY — Most fixed rate borrowers are well placed Fixed rate mortgage expiry schedule ($bn per month) to manage higher repayments Fixed rate balances ($bn, lhs) Average fixed period (years, rhs) 12 5.0 • Borrower characteristics simila
Slide 66: Supporting Australian Mortgage Customers
SUPPORTING AUSTRALIAN MORTGAGE CUSTOMERS MORTGAGE CREDIT QUALITY — Increase in repayments greatest for those loans Mortgages originated originated between August 2019 and June 2022, between Aug-19 and Jun-221 Dynamic LVR with no LMI during historically low interest rate period (36% of the portfolio)
Slide 67: Australian Mortgage Portfolio Underwriting
AUSTRALIAN MORTGAGE PORTFOLIO UNDERWRITING MORTGAGE CREDIT QUALITY Credit policy at October 2023 Australian mortgage portfolio by year — Verified via payslips, tax returns or salary credits, with other supporting documentation such as of origination (% of total book) Income PAYG payment summaries or
Slide 68: Australian Mortgage Portfolio 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 <$100k $1
Slide 69: New Zealand Mortgage and Consumer Portfolios
NEW ZEALAND MORTGAGE AND CONSUMER PORTFOLIOS NEW ZEALAND CREDIT QUALITY Mortgage portfolio Sep-22 Sep-23 Mortgage 90+ day Unsecured consumer 90+ day delinquencies1 (%) delinquencies1 (%) Total portfolio (NZ$bn) 63.8 65.8 0.6 3.0 0.5 Owner occupied (%) 73.3 74.1 0.4 2.0 Investment property 0.33 26.7
Slide 70: Non-Credit Risk Management
NON-CREDIT RISK MANAGEMENT 2023 Full year financial results
Slide 71: CORE Integrated Plan
CORE INTEGRATED PLAN CORE 94% of activities complete1 Current phase CORE activities progress1 — Customer Outcome Risk Sep-21 Sep-22 Sep-23 Excellence (CORE) integrated plan activities progressing and targeted to be complete by end of 20232 Design 76% — Designed to address issues raised by enforceabl
Slide 72: CORE Program
CORE PROGRAM CORE Strengthening risk governance, accountability and risk culture Target states Measures of progress 1 “People constructively “Jobs…are designed to “Clear in how expected High-rated issues2 We are a well-run challenge…”1 have clear objectives to manage risks”1 business where risk is a
Slide 73: Our Cyber Security Protection
OUR CYBER SECURITY PROTECTION1 CYBER RISK A layered defence EMPLOYEES We have controls around who we hire; how their access is granted; and monitoring of system use CUSTOMERS Dedicated controls that seek to protect customers from fraud, including multi-factor authentication SUPPLIERS Subject to secu
Slide 74: Our Cyber Security Protection
OUR CYBER SECURITY PROTECTION CYBER RISK Building awareness within and beyond Westpac INTERNAL AWARENESS CONTINUING TRAINING INVESTMENTS Cumulative prior investment New investment in period — Regular phishing simulations — Mandatory training for staff and Board — Annual cyber security simulations fo
Slide 75: Fraud and Scam Protection
FRAUD AND SCAM PROTECTION1 FRAUD & SCAMS Scam and digital fraud detection (%)2 Summary FY22 FY23 71 74 66 Increased fraud Continuing Provide safer and scam investments to 55 payment options detection rate protect our for customers over the year customers More staff deployed to Blocking is deterring
Slide 76: Digital Banking Security Initiatives
DIGITAL BANKING SECURITY INITIATIVES FRAUD & SCAMS Helping protect customers and reducing fraud and scams Westpac Verify is a risk Real-time blocking rating security layer provided of potentially questionable when adding new payees in online merchants digital banking, targeting Saved $139m for 1.67m
Slide 77: Capital, Funding and Liquidity
CAPITAL, FUNDING AND LIQUIDITY 2023 Full year financial results
Slide 78: CET1 Capital Ratio 12.38%
CET1 CAPITAL RATIO 12.38% CAPITAL, FUNDING AND LIQUIDITY Level 2 CET1 capital ratio movements (%, bps) Key capital ratios (%) Sep-22 Mar-23 Sep-23 Level 2 CET1 capital ratio 11.3 12.3 12.4 71 (54) Additional Tier 1 capital ratio 2.1 2.2 2.2 Tier 1 capital ratio 13.4 14.5 14.6 3 2 (12) 12.38 12.28 Ti
Slide 79: Risk Weighted Assets
RISK WEIGHTED ASSETS CAPITAL, FUNDING AND LIQUIDITY Risk weighted assets1 (RWA) ($bn) 477.6 (5.6) 5.4 452.9 2.3 2.1 0.3 (3.6) (1.7) 451.4 0.2 (0.8) Credit RWA down $0.8bn1 or 0.2% See below Down $1.5bn or 0.3% Sep-22 Mar-23 Credit Lending Counter- Data FX Market IRRBB Operational Other Sep-23 qualit
Slide 80: Regulatory Capital Changes
REGULATORY CAPITAL CHANGES CAPITAL, FUNDING AND LIQUIDITY Expected impact on the Group’s Implementation Change Details capital ratios — APRA has released a discussion paper to explore options for, and seek 2024 Additional Tier 1 Capital feedback from stakeholders on, improving the effectiveness of A
Slide 81: Internationally Comparable Capital Ratio Reconciliation
INTERNATIONALLY COMPARABLE CAPITAL RATIO RECONCILIATION1 CAPITAL, FUNDING AND LIQUIDITY APRA’s capital requirements are more conservative than those of the Basel Committee on Banking Supervision (BCBS), leading to lower reported capital ratios by Australian banks. The following details the adjustmen
Slide 82: Well Placed on Internationally Comparable Capital
WELL PLACED ON INTERNATIONALLY COMPARABLE CAPITAL, FUNDING AND LIQUIDITY Common equity Tier 1 ratio1 (%) 20% 15% China Construction Bank 10% Toronto Dominion Bank Agricultural Bank of China China Merchants Bank Royal Bank of Canada Standard Chartered Credit Agricola SA Norinchukin Bank Bank of Montr
Slide 83: Loss-Absorbing Capacity and Tier 2 Capital
LOSS-ABSORBING CAPACITY AND TIER 2 CAPITAL CAPITAL, FUNDING AND LIQUIDITY Loss-absorbing capacity (LAC) Tier 2 profile1,3 (notional amount, A$bn) — Australian D-SIBs are required to increase Westpac Banking Corporation (WBC) WBC 0.6 Total Capital to meet APRA’s LAC Westpac New Zealand Limited (WNZL)
Slide 84: Funding Composition
FUNDING COMPOSITION CAPITAL, FUNDING AND LIQUIDITY Funding composition (%) Net stable funding ratio (%) — Focus on stable funding sources 4 1 — Customer deposits provide 66% of total funding, or 71% excluding equity (1) (1) 121 (3) — Additional 22% from stable sources of long-term wholesale and equi
Slide 85: Long Term Wholesale Funding Profile
LONG TERM WHOLESALE FUNDING PROFILE CAPITAL, FUNDING AND LIQUIDITY Term debt issuance and maturity profile1 ($bn) Issuance Maturities 56 Funding for Lending Programme (NZ) 43 41 Term Funding Facility (Aus) 34 35 35 33 31 31 30 Subordinated debt 12 24 Hybrid 12 18 Covered bond Senior/Securitisation F
Slide 86: Long Term Wholesale Funding Diversification
LONG TERM WHOLESALE FUNDING DIVERSIFICATION CAPITAL, FUNDING AND LIQUIDITY FY23 term debt issuance1 (%) By program (%) By currency (%) By tenor (%) 10 Senior bonds 42 10 12 4 AUD 2 years 2 Covered bonds USD 20 EUR 3 years RMBS 45 24 26 GBP 5 years 62 Tier 2 capital NZD Other 54 >5 years 24 Long term
Slide 87: Liquidity Risk Management
LIQUIDITY RISK MANAGEMENT Capital, funding and liquidity LIQUIDITY COVERAGE RATIO (LCR) DEPOSITOR DIVERSIFICATION NET STABLE FUNDING RATIO (NSFR) — LCR requires banks to hold a sufficient — Westpac has a well diversified — NSFR requires banks to maintain a stable reserve of HQLA to allow them to sur
Slide 88: Liquidity Coverage Ratio (LCR)
LIQUIDITY COVERAGE RATIO (LCR) CAPITAL, FUNDING AND LIQUIDITY LCR ($bn) Movement in LCR (%) September 2023 quarterly average 134% 182 4 1 8 136 Net cash outflows (NCOs) 132 134 Other flows1 30 Wholesale funding (11) (1) 11 182 Customer deposits 95 Liquid assets HQLA Net cash outflows Liquid assets S
Slide 89: Customer Franchise
CUSTOMER FRANCHISE 2023 Full year financial results
Slide 90: Customer Franchise
CUSTOMER FRANCHISE CUSTOMER FRANCHISE MFI share1,2 Customer satisfaction (CSAT)2 Net Promoter Score (NPS)2 Westpac St.George brands Westpac St.George brands Peers Westpac St.George brands Peers 12 12 18% 18% 7.8 7.8 7.8 16% 7.6 7.6 7.6 7.6 7.7 7.6 9 9 Consumer 6% 7.57.5 7.5 7 5% 6% 7.4 7.4 7.4 6 5 2
Slide 91: #1 Mobile Banking App
#1 MOBILE BANKING APP CUSTOMER FRANCHISE Continuing to support customers through our market leading app experience #1 Mobile Banking App1 #2 NPS App2 Best Major Digital Business Bank 20233 SEAMLESS USER EXPERIENCE SAFE & SECURE — Intuitive search and — Proactive fraud and scam navigation prevention
Slide 92: App Enhancements
APP ENHANCEMENTS CUSTOMER FRANCHISE Supporting customers – bank in your pocket #1 #2 Voice scam detection, Mobile NPS Biometric fraud detection Banking App1 App2 Secure One Time Password, Actionable push for fraud Facial Biometrics Identity Verification3 Expense Splitter, Scan a Bill, Scan a PayID,
Slide 93: Digital Initiatives in 2H23
DIGITAL INITIATIVES IN 2H23 CUSTOMER FRANCHISE Improving the digital banking experience for our customers MONEY FRAUD & SERVICING & PAYMENTS & ECOSYSTEMS BUSINESS MANAGEMENT SCAMS1 ONBOARDING TRANSACTIONS OFFERING Savings Finder, Secure one- Facial biometric Scan a Bill, ShopBack Eftpos Air Bills Ca
Slide 94: Digital Mortgage
DIGITAL MORTGAGE CUSTOMER FRANCHISE Simplifying and improving the customer experience Open Banking Pre-populated liabilities from Seamless digital experience data for income verification Consumer Credit Report between digital & lender Saving lenders 60-90 minutes More than 10,800 customers Volume se
Slide 95: Australian Banking Digital Metrics
AUSTRALIAN BANKING DIGITAL METRICS CUSTOMER FRANCHISE Customers continue to migrate to digital Digitally active customers1 (#m) Digital transactions1,2 (#m) Mobile wallet payments1 (#m) 5.80 395 350 5.64 372 5.48 356 320 334 5.31 316 273 5.24 213 158 Up 3% Up 6% Up 9% Up 6% Up 11% Up 28% Sep-21 Mar-
Slide 96: Sustainability
SUSTAINABILITY 2023 Full year financial results
Slide 97: Our Commitment to Sustainability
OUR COMMITMENT TO SUSTAINABILITY SUSTAINABILITY Progress against our sustainability strategy HELPING WHEN BACKING A STRONGER COLLABORATING IT MATTERS MOST AUSTRALIA AND NEW ZEALAND FOR IMPACT Supported 32,097 Australian customers First Climate Report released First Natural Capital Position Statement
Slide 98: Becoming a Net-Zero, Climate Resilient Bank
BECOMING A NET-ZERO, CLIMATE RESILIENT BANK SUSTAINABILITY Delivering on the three elements of our Climate Action Plan 11. NET-ZERO, CLIMATE RESILIENT OPERATIONS - Reduced scope 1 and 2 emissions1 by 52% and our scope 3 upstream emissions1,2 by 4% for the year Jun-23 - From Apr-23, equivalent of 100
Slide 99: Our FY23 Carbon Footprint
OUR FY23 CARBON FOOTPRINT SUSTAINABILITY Understanding our carbon footprint enables us to take meaningful action and create impact Greenhouse gas (GHG) emissions by % of source tCO 2-e total Estimated FY23 financed emissions1 (% of total) 1% 1% Agriculture, forestry & fishing Scope 1: Direct impact
Slide 100: Summary of Our 2030 Emission Reduction Targets
SUMMARY OF OUR 2030 EMISSION REDUCTION TARGETS SUSTAINABILITY For full details refer to our 2023 Climate Report 2030 Targets set in FY22 New 2030 Targets established in FY23 23% reduction in scope 1, 2 and 3 financed Reduction in scope 1 and 2 emissions intensity to *STEEL 1.42tCO2-e/tonne of steel
Slide 101: Assessing Climate-Related Risks on Our Financial Position
ASSESSING CLIMATE-RELATED RISKS ON OUR FINANCIAL POSITION SUSTAINABILITY Physical and transition impacts on our portfolio are not considered financially material Transition Risk in institutional and business lending Mining exposure3,4 ($bn, TCE) At Sep-23, Group total committed exposure1 (TCE) was $
Slide 102: Climate-Related Opportunities
CLIMATE-RELATED OPPORTUNITIES SUSTAINABILITY Becoming the transition partner of choice BUILDING CAPABILITY ENGAGING CUSTOMERS CARBON TRADING GREEN TAILORED DEPOSITS In FY22 over 3,000+ employees — Engaged with top 100 emitting — Dedicated carbon trading desks — Balances down $0.8bn from completed ES
Slide 103: New Sustainable Finance Framework
NEW SUSTAINABLE FINANCE FRAMEWORK SUSTAINABILITY OUR SUSTAINABLE FINANCE FRAMEWORK Defines how we assess, monitor, measure and report sustainable finance Assess ESG risks for customer/transaction, Supports product development, and gives customers and our including against our Position Statements peo
Slide 104: Selected ESG Customer Case Studies
SELECTED ESG CUSTOMER CASE STUDIES SUSTAINABILITY AUSTRALIAN UNITY KAMBITSIS Sustainability Linked Loan Business Loan Supported Australian Unity as Sole Sustainability Coordinator for Assisted Kambitsis to retrofit and transform two existing office their $50m sustainability-linked loan and Sustainab
Slide 105: Comprehensive Sustainability Reporting
COMPREHENSIVE SUSTAINABILITY REPORTING SUSTAINABILITY 2023 Climate Report, includes 2023 Climate Change Position 2023 Sustainability Human Rights Position Statement Annual Report Statement and Action Plan Index and Datasheet and Action Plan 2021 Annual Report Child Safeguarding Supplement Sustainabl
Slide 106: Our People
OUR PEOPLE PEOPLE Building capability, strengthening inclusion and diversity STRENGTHENING GENDER DIVERSITY MEASURING ORGANISATIONAL HEALTH BUILDING SKILLS AND CAPABILITIES — Female to male pay gap is 5% or less — Organisational Health Index score4 — Risk management – ~33,800 employees for 8 of 9 le
Slide 107: Segment Results
SEGMENT RESULTS 2023 Full year financial results
Slide 108: Consumer 2H23 Performance
CONSUMER 2H23 PERFORMANCE CONSUMER Net profit ($m) AIEA up 1%, NIM down Lower CAP from lower overlays due 24bps from competition to improved economic outlook Mostly restructuring including outweighing underlying portfolio accelerated branch Inflation and higher 1,763 (420) deterioration transformati
Slide 109: Business 2H23 Performance
BUSINESS 2H23 PERFORMANCE BUSINESS Net profit ($m) Higher CAP reflecting increased Customer remediation Inflation and higher stress and changed economic and restructuring software amortisation forecast, a large IAP and fewer AIEA up 2%, NIM increased 22bps writebacks 152 (15) (39) (107) 851 3 845 (6
Slide 110: WIB 2H23 Performance
WIB 2H23 PERFORMANCE WESTPAC INSTITUTIONAL BANK Net profit ($m) Increased staff costs including higher FTE Reduction in DVA to support growth; inflation and higher AIEA up 7%, NIM software amortisation Higher CAP and non-repeat increased 8bps of 1H23 recoveries & 101 (42) write-backs (74) 574 (95) 3
Slide 111: New Zealand 2H23 Performance
NEW ZEALAND 2H23 PERFORMANCE1 NEW ZEALAND Net profit ($m) Inflation and higher Lower overlays as risk is now in modelled outcomes, lower IAP Improved card software amortisation income costs NIM up 2bps 173 (48) 528 544 (7) 537 22 8 (37) 426 Up 28% ex Notable Items Up 26% 2H22 1H23 Net interest Non-i
Slide 112: New Zealand Balance Sheet
NEW ZEALAND BALANCE SHEET NEW ZEALAND Net loans (NZ$bn) Customer deposits (NZ$bn) 0.5 99.3 0.6 98.2 0.9 (0.9) 96.8 79.8 79.8 77.9 Up 1% Flat Sep-22 Mar-23 Consumer Business Sep-23 Sep-22 Mar-23 Consumer Business Sep-23 Loans (NZ$bn, % of total)1 Customer deposits (NZ$bn, % of total)1 Mortgage Person
Slide 113: Specialist Businesses 2H23 Performance
SPECIALIST BUSINESSES 2H23 PERFORMANCE SPECIALIST BUSINESSES Net profit ($m) Net gain on sale of Advanced Asset Management Limited 493 (256) Lower expenses from divested businesses Loss of income from divested businesses Lower delinquencies in Customer remediation auto finance and restructuring 237
Slide 114: Specialist Businesses Portfolio
SPECIALIST BUSINESSES PORTFOLIO SPECIALIST BUSINESSES Remaining businesses Platforms1 Financials excluding Notable Change Items and businesses sold ($m)2 2H22 1H23 2H23 on 1H234 — Average Funds Under Administration (FUA) balance Operating income 483 469 470 0.2% of $132.6bn increased by 1.4% over th
Slide 115: BT Panorama
BT PANORAMA SPECIALIST BUSINESSES Panorama Platform FUA on BT Panorama ($m) Investors on BT Panorama (#) — Awarded Highest Quality Platform rating – Chant West 250,809 250,393 246,068 104,779 105,012 102,068 102,872 234,948 236,741 20231 95,891 — Awarded Best Mobile Platform and Best Client Portal f
Slide 116: Economics
ECONOMICS 2023 Full year financial results
Slide 117: Australian and New Zealand Economic Forecasts
AUSTRALIAN AND NEW ZEALAND ECONOMIC FORECASTS ECONOMICS (%) At 31 Oct 2023 Key economic indicators 2022 2023 Calendar Years Q2 Q3 Q4 Q1 Q2 Q3E Q4F 2021 2022 2023F 2024F World GDP 1 - - - - - - - 6.3 3.4 3.0 3.1 Australia GDP 2 3.1 6.0 2.7 2.4 2.1 1.7 1.2 4.6 2.7 1.2 1.6 Unemployment – end period 3.8
Slide 118: Australian Housing Market
AUSTRALIAN HOUSING MARKET ECONOMICS Prices showing broad-based lift Australian dwelling prices (%, 3 month annualised) 40 % 2019 election COVID-19 ‘Delta’ 35 30 Macro-prudential Macro-prudential 25 measures measures 20 15 10 5 0 -5 -10 rate cuts -15 rate hikes -20 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19
Slide 119: New Zealand Housing Market
NEW ZEALAND HOUSING MARKET ECONOMICS Sharp downturn as interest rates have increased Monthly house sales and prices (% Yr) New Zealand dwelling prices (index) Sales %YR Index Index 14,000 Sales (lhs) House prices (rhs) 40 Auckland Canterbury 2750 2750 12,000 30 Wellington Other regions 10,000 2250 2
Slide 120: Appendix
APPENDIX 2023 Full year financial results
Slide 121: Appendix 1: Net Profit ex Notable Items
APPENDIX 1: NET PROFIT EX NOTABLE ITEMS1 APPENDIX Change Change 2H23 – 1H23 FY23 – FY22 $m 1H23 2H23 FY22 FY23 (%) (%) Net interest income 9,202 9,212 16,606 18,414 Flat 11 Non-interest income 1,669 1,459 3,299 3,128 (13) (5) Net operating income 10,871 10,671 19,905 21,542 (2) 8 Expenses (4,988) (5
Slide 122: Appendix 2: FY23 Notable Items and Impact of Businesses Sold
APPENDIX 2: FY23 NOTABLE ITEMS AND IMPACT OF APPENDIX BUSINESSES SOLD1 FY23 FY22 Net profit Net profit excluding excluding Net profit Notable Notable excluding Net profit Items & Items & Hedging hedging Other excluding Impact of impact of impact of Net profit Notable Notable Notable Notable business
Slide 123: Appendix 3: 2H23 Notable Items and Impact of Businesses Sold
APPENDIX 3: 2H23 NOTABLE ITEMS AND IMPACT OF APPENDIX BUSINESSES SOLD1 2H23 1H23 Net profit Net profit excluding excluding Net profit Notable Notable excluding Net profit Items & Items & Hedging hedging Other excluding Impact of impact of impact of Net profit Notable Notable Notable Notable business
Slide 124: Appendix 4: Major Customer Remediation
APPENDIX 4: MAJOR CUSTOMER REMEDIATION APPENDIX Milestones in FY23 Paid $194.8 million to Five major remediation One new major more than 867,000 programs were closed in remediation program customers in FY23 FY23 including Advice- commenced in FY23 related program Provisions for customer refunds, pay
Slide 125: Appendix 5: Businesses Exited
APPENDIX 5: BUSINESSES EXITED APPENDIX Divestment CET1 benefit Transactions completed Completed (bps, $m1) Westpac NZ Wealth Advisory Dec 2020 – Westpac General Insurance Jul 2021 12bps, ~$500m Vendor Finance Aug 2021 1bp, ~40m Westpac LMI Aug 2021 7bps, ~$300m Westpac Life-NZ- Limited Feb 2022 7bps
Slide 126: Appendix 6: Reinventure
APPENDIX 6: REINVENTURE APPENDIX Investing in fintech businesses Westpac has committed $150m in fintech venture capital funds, managed by reinventure — Reinventure enables Westpac to access insights and adjacent business opportunities, both in Australia and offshore — The model also helps Westpac to
Slide 127: Appendix 7: Sustainability – Footnotes
APPENDIX 7: SUSTAINABILITY – FOOTNOTES APPENDIX Our commitment to sustainability 1. Customers experiencing financial hardship who accessed a financial assistance package is defined in the Glossary section in our 2023 Sustainability Index and Datasheet 2. A unique customer is a customer that has call
Slide 128: Appendix 7: Sustainability – Footnotes
APPENDIX 7: SUSTAINABILITY – FOOTNOTES APPENDIX Summary of our 2030 emission reduction targets 6. This target covers customers that produce clinker in-house. The target has been set for customers’ scope 1 and 2 emissions in relation to the production of cement. It covers emissions generated from cal
Slide 129: Appendix 7: Sustainability
APPENDIX 7: SUSTAINABILITY APPENDIX INDUSTRY RECOGNITION SUSTAINABILITY INDEXES INCLUSION AND DIVERSITY RECOGNITION At Dec 22, Westpac has received Achieved highest ISS an S&P DJI ESG score of 68. We Recognised in the Bloomberg QualityScore for Social have been a member of the DJSI Gender Equality I
Slide 130: Appendix 7: Sustainability
APPENDIX 7: SUSTAINABILITY APPENDIX MAJOR COMMITMENTS, PARTNERSHIPS AND ASSOCIATIONS Toitū net carbonzero Principles for Responsible Banking certified (New Zealand) UN Sustainable Development Goals Paris Climate Agreement The Valuable 500 Signatory (2019) Since 2019 CEO Statement of Commitment (2016
Slide 131: Appendix 8: Definitions
APPENDIX 8: DEFINITIONS APPENDIX Credit quality >90 days Includes facilities less than 90 days past due and those credit exposures, that are Impaired Includes exposures that have deteriorated to the point where full collection of past due in default, but where it is expected that the full value of p
Slide 132: Appendix 8: Definitions
APPENDIX 8: DEFINITIONS APPENDIX Segments, earnings drivers, capital and liquidity Segments Capital and liquidity Consumer Consumer provides banking products and services, including mortgages, Capital ratios As defined by APRA (unless stated otherwise) credit cards, personal loans, and savings and d
Slide 133: Appendix 8: Definitions
APPENDIX 8: DEFINITIONS APPENDIX Other Branch Branch transactions are typically withdrawals, deposits, transfers and payments Average App Total number of sessions on Westpac Live & Compass initiated using an app over transactions sessions per day total number of days within a half year period Custom
Slide 134: Investor Relations Team
INVESTOR RELATIONS TEAM CONTACT US Contact us Justin McCarthy Jacqueline Boddy General Manager, Investor Relations Head of Debt Investor Relations Andrea Jaehne Catherine Garcia Head of Investor Relations, Head of Investor Relations, Institutional Ratings Agencies and Analysis Rebecca Plackett James
Slide 135: 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