Westpac Banking Corporation · ASX:WBC
Westpac Banking — Debt Investor Presentation (January 2016)
78 slides from Westpac Banking's debt investor presentation, January 2016
Slide 1: Westpac Fixed Income Presentation Japan Roadshow
Westpac Fixed Income Presentation Japan Roadshow
Slide 2: Disclaimer
Disclaimer This presentation is prepared and will be used by Westpac Banking Corporation (“Westpac”) for use in relation to the Westpac Japanese Yen Bonds (the “Bonds”) to be issued under its Shelf Registration Statement for the offering of bonds. The Bonds have not been and will not be registered u
Slide 3: Disclaimer (Japanese)
Disclaimer 本プレゼンテーションは、Westpac Banking Corporation（「ウエストパック」）により、ウエストパック円貨社債（「本社債」）に関連して作成され、使用される資料である。本社債は、アメリカ合衆国1933年証券法 （その後の改正を含む。）に基づき現在登録されておらず、また今後も登録される予定はなく、アメリカ合衆国内において、募集または売付けを行うことはできない。本資料は、日本の金融商品取引法に基づく目 論見書ではない。 本資料には、ウエストパックに関するすべての関連情報が含まれているわけではなく、本資料の内容は、その全体について、目論見書に記載の詳細情報を参
Slide 4: Contents
Contents Highlights 4 Highlights for Westpac and overview of recent changes to capital and home lending regulation Australian Home Lending 16 Westpac’s Australian mortgage portfolio statistics and performance Economic data on the Australian home lending market Economics 27 Key forecasts and economic
Slide 5: 目次
目次 ハイライト 4 ウエストパックのハイライトおよび資本、住宅ローン規制に対する直近の変更の概要 オーストラリアの住宅ローン 16 ウエストパックのオーストラリア住宅ローンポートフォリオの統計および実績 オーストラリア住宅ローン市場に関する経済データ 経済 27 オーストラリアおよびニュージーランド経済の予測ならびに関連データ その他 41 ウエストパックの資本および資産内容に関する追加情報等 参考資料 60 収益および資本調整、用語 解説 3 | Westpac Group Fixed Income Presentation I January 2016 I Japan Roadshow
Slide 6: Westpac Full Year 2015 Highlights
Westpac Full Year 2015 Highlights All comparisons to Full Year 2014 unless otherwise stated. • Rated AA- / Aa2 / AA- with a Stable outlook • A$6.0 billion in capital initiatives in calendar 2015 • Asset quality remains a highlight Highlights • Strong financial performance from Australian retail bank
Slide 7: ウエストパック 2015年 ハイライト
ウエストパック 2015年 ハイライト 特に記載のない場合は全て前年比 • 格付は AA- / Aa2 / AA- 、格付見通しは「安定的」 • 2015年の資本強化取組は60億豪ドル相当 ハイライト • 資産の質は引き続き良好 • 国内のリテールバンキング部門の業績は好調 • オーストラリア経済は豪ドル安がリバランスに寄与し、順調に変化に対応 • 税引後法定利益 80億豪ドル（6%増） 業績 • 現金利益1 78億豪ドル(3%増） • ROE 16.2%（4bps減） • 普通株式等Tier1比率はAPRA 基準バーゼルⅢベースで9.5%、国際比較可能なバーゼルⅢベース2 で13.2% −
Slide 8: Full Year 2015 net profit after tax up 6%
Full Year 2015 net profit after tax up 6% % Change Reported NPAT (A$m) Net interest margin (%) FY15 Reported Results FY15 FY15 – FY14 Financial results (A$m) 8,012 7,561 2.16 2.17 2.13 2.14 2.09 2.09 2.06 2.11 6,751 Net profit after tax 8,012 6% 5,936 Cash earnings1 7,820 3% Net operating income 21,
Slide 9: 2015年 税引後純利益6%増
2015年 税引後純利益6%増 2015 2015年度 業績 年度 前年度比 税引後純利益 (百万豪ドル) 純利鞘 (%) 業績（百万豪ドル） 8,012 7,561 税引後純利益 8,012 6% 6,751 2.16 2.17 2.13 2.14 2.09 2.09 2.06 2.11 5,936 現金利益1 7,820 3% 純業務収益 21,642 9% 営業経費 9,473 11% 減損費用 753 16% 1H12 2H12 1H13 2H13 1H14 2H14 1H15 2H15 評価基準 FY12 FY13 FY14 FY15 ROE 16.2% (4bps) 一株当たり利益
Slide 10: Key balance sheet ratios improved
Key balance sheet ratios improved All comparisons to Full Year 2014 unless otherwise stated. Key balance sheet ratios at 30 September 2015 Westpac key balance sheet ratios at 30 September 2015 (%) 121 13.2 84% Stable Funding Ratio, up 68bps 84 100 9.5 8.0 • Well above 75% internal target >75 • 59% o
Slide 11: バランスシートの主要指標は改善
バランスシートの主要指標は改善 特に記載のない場合は全て前年比 ウエストパックのバランスシートにおける主な指標 (%) – 2015年9月 バランスシートの主要指標 – 2015年9月30日時点 30日時点 121 13.2 安定調達比率は84%（68bps増） 100 9.5 • ウエストパックの目標としている75%を達成 84 8.0 >75 • 全体の59%を 顧客預金で賄う 3.5 • エクイティ 7% • 1年超の証券化、ホールセール調達が 17% 4.5 • 短期調達は16%、2008年から半分以下に減少 普通株式等Tier1比率 2015年1月1日以降の規 2016年1月1日以降
Slide 12: Portfolio stress remains at low levels
Portfolio stress remains at low levels Stressed exposures by industry (A$bn) Mining portfolio 1H15 2H15 Sep-14 Mar-15 Sep-15 Total committed exposures (TCE) A$11.7bn A$14.4bn* 2.5 Thousands Lending A$7.0bn A$7.1bn Mining as a % of Group TCE 1.28% 1.54%* 2.0 Average risk grade1 BBB equivalent BB equi
Slide 13: Portfolio stress remains at low levels (Japanese)
Portfolio stress remains at low levels 産業別ストレス・エクスポージャー (10億豪ドル) 鉱業ポートフォリオ 1H15 2H15 コミッテッドエクスポージャー合計 11.7 14.4 2014月9月 2015年3月 2015年9月 (TCE) (10億豪ドル) (10億豪ドル)* 2.5 7.0 7.1 Thousands 貸付額 (10億豪ドル） (10億豪ドル) グループTCEにおける鉱業セクターの 2.0 1.28% 1.54%* 割合（%） 平均リスクグレード1 BBB相当 BB相当 1.5 ストレス格とされたポートフォリオの 3.67% 1.8
Slide 14: High levels of borrower equity support
High levels of borrower equity support Westpac’s Australian mortgage portfolio 2H14 1H15 2H15 2H15 Australian housing portfolio balance balance balance flow1 Australian housing loan-to-value ratios (LVRs)3,4 (%) Total portfolio (A$bn) 351.0 362.8 375.8 41.5 2H15 drawdowns LVR at origination Portfoli
Slide 15: レベルの高い借り手へのサポート
レベルの高い借り手へのサポート ウエストパックの豪州住宅ローンポートフォリオ 住宅ローンポートフォリオ 2H14 1H15 2H15 2H15 オーストラリアの住宅ローンLVR3,4 (%) （オーストラリア） 残高 残高 残高 フロー1 ポートフォリオ全体(10億豪ドル) 351.0 362.8 375.8 41.5 2015年度下期 組成時LVR オリジネーション時 LVRポートフォリオ 所有者居住用ローン (%) 47.1 46.6 48.9 50.0 80 ダイナミック LVR ポートフォリオ 投資用不動産向けローン (%) 45.2 46.3 44.5 47.9 60 ポートフォリオ
Slide 16: Further improving home lending standards
Further improving home lending standards Reinforcing sound lending standards Notable changes to Westpac mortgage originations in FY15 • Westpac has tightened some mortgage underwriting policies to further • Minimum floor rate increased from 6.80% to 7.25% strengthen the quality of new lending and al
Slide 17: 改善が進む住宅ローンの基準
改善が進む住宅ローンの基準 健全な融資基準の強化 2015年度の住宅ローンオリジネーションにおける大きな変化 • ウエストパックは、新規融資の質を高め、APRAの融資ガイドラインに準拠する • 最少フロアレートは6.80%から7.25%へ上昇 べく、住宅ローンの引受方針の一部を強化した。 • バッファレートは1.85%から少なくとも2.25%へ上昇 • また、所有者居住用ローンと投資用不動産向けローンに対し異なる条件を導入 した。この変更により、借入人は正しくローンの目的を区分することができるよう 融資規格 • すべてのローン商品について、生活費と収入証明の になるため、投資用不動産ローン（I
Slide 18: Increase to Australian mortgage risk weights
Increase to Australian mortgage risk weights Changes to RWA calculations for Australian residential Global mortgage risk weights1 (%) mortgages • On 20 July 2015 APRA announced a change to how risk weighted Japan assets (RWA) for Australian residential mortgages would be 29 determined for ADIs using
Slide 19: オーストラリア住宅ローンリスクウエイトの増加
オーストラリア住宅ローンリスクウエイトの増加 オーストラリア住宅ローンのリスク加重資産算出方法の変更 各国の住宅ローンリスクウエイト1 (%) • 2015年7月20日、APRAは、全認可預金受入機関（ADIs）による国内 日本 住宅ローンのリスク加重資産算出方法を、クレジットリスクに対し内部 29 格付手法を用いる方法への変更を公表した。 オーストラリア (2016年 7月以降) 25 • この変更によって、オーストラリアの住宅ローンの平均リスクウエイトは 約16%から少なくとも25%に拡大する。 英国 23 • 相関係数の変更により全てのリスク帯にある住宅ローンのリスクウエイ トが拡大する
Slide 20: Capital materially strengthened
Capital materially strengthened • A$6.0bn in CET1 capital initiatives in calendar 2015 CET1 capital ratio (%) (APRA basis) − A$2.0bn from 1H15 DRP and partial DRP 0.7 1.0 10.5 (1.1) underwrite (complete) − A$0.5bn from the partial sale of BTIM (complete) 9.5 9.4 8.8 − A$3.5bn from Entitlement Offer
Slide 21: 資本の大幅な強化
資本の大幅な強化 • 60億豪ドル分の普通株式等Tier1比率増加の取組み 普通株式等TIer1比率 (%) (APRA基準) （2015年） 1.0 10.5 (1.1) − 20億豪ドル：2015年上期の配当再投資と一部配当 0.7 再投資の引受（完了） 9.5 9.4 − 5億豪ドル：BTIM の一部売却による収入（売却済） 8.8 − 35億豪ドル：エンタイトルメントオファー（完了） • 60億豪ドルの資本増加が普通株式等Tier1比率に約 170bpsの上昇をもたらす • プロフォルマベースでは、 エンタイトルメントオファー および住宅ローンのリスク加重資産に対する変更 （2016年
Slide 22: Basel III CET1 capital ratios global comparison
Basel III CET1 capital ratios global comparison1 14.2% 13.2% APRA top quartile 12.4%6 NAB 3 2 Unicredit 2 Royal Bank of Canada 5 Toronto Dominion 5 Santander 2 2 WBC pro forma3 Intesa Sanpaolo2 Lloyds2 WBC3 ANZ3 ING Group4 HSBC2 Deutsche Bank2 Barclays2 BNP Paribas2 Societe Generale2 Commerzbank2 2
Slide 23: バーゼルⅢ普通株式等Tier1比率国際比較
12 2 Nordea UBS CBA pro forma WBC pro forma3 14.2% Intesa Sanpaolo2 Lloyds2 NAB 3 WBC3 13.2% ANZ3 ING Group4 RBS ICBC 12.4%6 China Construct. Bank HSBC2 Sumitomo Mitsui APRA 上位4分の1 Deutsche Bank2 | Westpac Group Fixed Income Presentation I January 2016 I Japan Roadshow 2 Standard Chartered 象としている。各社
Slide 24: Key regulatory considerations for 2016
Key regulatory considerations for 2016 Total Loss Absorbing Capacity (TLAC) Net Stable Funding Ratio (NSFR) • Australia’s banking system did not require the use of taxpayer • Due to come into effect in 2018 funds during the crisis. However, in line with emerging • APRA has said, “[it] will begin con
Slide 25: 2016年の主要な規制面の課題
2016年の主要な規制面の課題 総損失吸収能力 (TLAC) 純安全調達比率 (NSFR) • オーストラリアの銀行システムは、金融危機の際に税金を使うことを必要とし • 2018年に発効 なかった。しかしながら、国際的な対応の進捗に合わせ、オーストラリアの金 • APRAは、「オーストラリアにおける純安全調達比率（NSFR）の導入開始につ 融制度審議会（FSI）は国内の総損失吸収能力（TLAC）の枠組みを導入する いて近々協議を開始し、検討も含め2016年いっぱいかかる見込み」と述べた よう求めた • またAPRAは「オーストラリアの銀行が弾力性を強化するためには、償還期限 • APRAはオ
Slide 26: Wholesale term issuance well diversified
Wholesale term issuance well diversified Benefit from broad product capabilities New term issuance composition1 (%) FY15 by type FY15 by tenor 2,3 FY15 by currency FY16 YTD by type 24 15 A$12bn term 11 25 7 funding raised 14 1 30 7 FY16 YTD 40 4 23 2 (excludes A$3.5bn 4 of core equity) 66 53 3 30 42
Slide 27: ホールセール向け長期債の起債は多様化
ホールセール向け長期債の起債は多様化 多様な商品性が寄与 長期債 新規発行の内訳1 (%) 2015年度 商品タイプ別 2015年度 年限別 2,3 2015年度 通貨別 2016年度 商品タイプ別 24 15 11 25 7 2016年度直近まで 14 1 7 の長期債発行は120 30 23 2 40 4 億豪ドル(35億豪ド ルの株式を除く） 4 66 53 3 30 42 0 シニア無担保債 カバードボンド AUD USD シニア無担保債 カバ－ドボンド 1年 2年 3年 RMBS ABS EUR GBP 4年 5年 5年超 その他 株式 ハイブリッド 劣後債 長期債起債と償還年限1,
Slide 28: Australian economic snapshot
Australian economic snapshot A diverse and flexible economy Australian economy key statistics Australia’s economy is diversified and flexible Sector contribution to GDP (%)1 Australian employment by sector 2014/15 (%) 2.00% cash rate Mining 2 Mining The RBA left the cash rate unchanged at its Manufa
Slide 29: オーストラリア経済概要
オーストラリア経済概要 多様かつ柔軟な経済 オーストラリアの主要な経済指標 多様かつ柔軟なオーストラリア経済 政策金利2.00% セクター別GDP寄与度 (%)1 2 オーストラリアのセクター別雇用 2014/15年度 (%) 鉱業 オーストラリア準備銀行（RBA）は12月の理事会で 鉱業 製造業 製造業 政策金利の据え置きを決定したが、RBAの予測に 5 11 3 8 建設 12 建設 4 15 よると若干、緩和方向のバイアスがかかることが示 9 運輸 9 運輸 唆されている 卸売、小売 9 卸売、小売 6 7 家計サービス 6 家計サービス GDP2.5% 5 5 14 教育及びヘルス 政
Slide 30: Australian Home Lending
Australian Home Lending Westpac Banking Corporation ABN 33 007 457 141.
Slide 31: Australian mortgage market
Australian mortgage market Sound fundamentals underpin asset quality Australian mortgage market Australian housing credit market share1 (% of financial system) Full recourse 78% share 17 6 23 • Banks in Australia have full recourse to the borrower’s mortgaged The 4 Australian major banks have proper
Slide 32: Westpac Australian mortgage delinquencies at low levels
Westpac Australian mortgage delinquencies at low levels Australian mortgage portfolio Sep-14 Mar-15 Sep-15 Australian mortgage loss rates (bps) +30 days delinquencies (bps) 108 124 102 • Portfolio losses of $70m in +90 days delinquencies (bps) 47 47 45 FY15 represent a loss rate of 11 2bps (net of i
Slide 33: Westpac mortgage customers continuing to repay ahead of schedule
Westpac mortgage customers continuing to repay ahead of schedule Borrower repayments Australian home loan customers ahead on repayments1,2 (%) • Australian mortgage customers continue to display a cautious approach to debt levels, taking advantage of historically low mortgage rates to pay down Sep-1
Slide 34: Westpac's Australian investment property portfolio
Westpac’s Australian investment property portfolio • Investment property loans (IPLs) are 44.5% of Westpac’s Australian mortgage portfolio, down from 46.3% Strong origination standards • Compared to owner occupied applicants, IPL applicants are on average • IPLs1 are full recourse older (75% over 35
Slide 35: Lenders mortgage insurance
Lenders mortgage insurance • Lenders mortgage insurance (LMI) provides benefits to the Westpac Group Lenders mortgage insurance – Risk transfer / loss mitigation LVR Band • LVR ≤80% • LVR >80% to ≤ 90% • LVR >90% • Low Doc LVR ≤60% • Low Doc LVR >60% to ≤ 80% – Improvement in the quality of risk acc
Slide 36: Mortgage portfolio stress testing outcomes
Mortgage portfolio stress testing outcomes • Westpac regularly conducts a range of portfolio stress tests as part Australian mortgage portfolio stress testing of its regulatory and risk management activities as at 30 September 2015 • The Australian mortgage portfolio stress testing scenario presente
Slide 37: Australian housing market
Australian housing market Sound fundamentals • Australian housing market continues to face a significant structural Population versus dwelling stock undersupply (annual average change ‘000) • Persistently low levels of new building over the last decade has combined with a strong migration-led burst
Slide 38: House price growth and activity
House price growth and activity Some moderation, wide range of conditions • Price growth picked up in the first half of 2015 as the RBA cut rates, but Capital city dwelling prices cooled by years’ end. Nationally, prices rose 7.8%yr in December 2015. Activity remains mixed across geographies and mar
Slide 39: Investment property lending off highs
Investment property lending off highs • Investor activity responded in 2014 and into 2015 to low vacancy Housing finance approvals: value of housing finance rates, solid rental yields, and low interest rates, including low fixed ($bn/mth) rates offering attractive opportunities to hedge interest rat
Slide 40: Australian households
Australian households A cautious approach to household finances Australian households: debt to income ratio (%) Consumer survey: ‘Wisest place for savings’ % total (gross) debt 70 % shares % 70 180 total debt net of offset accounts real estate 60 deposits 60 130 total debt net of deposits* includes
Slide 41: Economics
Economics Westpac Banking Corporation ABN 33 007 457 141.
Slide 42: Australian and New Zealand Economic forecasts
Australian and New Zealand Economic forecasts Calendar year Key economic indicators1 (%) as at January 2016 2014 2015e 2016f 2017f World GDP 3.4 3.1 3.5 3.7 Australia GDP 2.6 2.3 2.8 2.8 Private consumption 2.7 2.5 2.6 3.1 Business investment2,3 -4.2 -9.5 -9.5 -3.5 Unemployment – end period 5.8 6.2
Slide 43: Australia economy
Australia economy Fiscal and monetary flexibility remain GDP well placed relative to other developed economies RBA still has capacity to reduce rates further Real GDP growth (%) Major countries’ policy rates (%) % growth, year-ended Australia UK Canada US Euro 6 5 Australia 4 4 UK 2 Canada 3 0 US Eu
Slide 44: Australian economy adjusting well to lower commodity prices
Australian economy adjusting well to lower commodity prices and mining investment Terms of trade returning to a sustainable level Lower AUD is providing some cushion index index Terms of trade, goods & services 1.20 Fair value band 1.20 120 120 AUD/USD actual & forecast 1.10 F’casts 1.10 1.00 1.00 1
Slide 45: Lower Australian dollar supporting rebalancing of the economy
Lower Australian dollar supporting rebalancing of the economy Australian dollar lower against major Positives Negatives currencies • A critical buffer to external shocks • Impact on sentiment both within and towards Australian dollar, change last 18mths (%) CAD • Australia’s commodity prices –26%yr
Slide 46: Tourism benefiting from lower Australian dollar
Case study Tourism benefiting from lower Australian dollar International arrivals in Australia (millions) Australia’s 3rd largest export mn Annual arrivals, financial years mn 2.5 Asia, 2.5 • Tourism is Australia's third largest export, and its largest service 2014/15: +21% vs 3 yrs ago ex-China exp
Slide 47: Australian labour market
Australian labour market Services sectors creating the vast bulk of new jobs Around 80% of Australian jobs are in the Australian employment, share by sector (2015, %) services industries 11.9 million employed • Australia is a world-class provider of a range of services, such as telecommunications, t
Slide 48: Australian labour market
Australian labour market Services sectors creating the vast bulk of new jobs Cumulative change in industry employment (‘000) Australia: employment by sector (annual change, ’000) ‘000 ‘000 700 700 household services public admin Health & education 600 mining 600 business services 500 construction ma
Slide 49: Australia's population growth
Australia’s population growth • Australia’s population is 24 million and growing at a comparatively Population growth (average 2005-10) (%) strong pace ‒ Population growth was 1.4% in 2015, at the lower end of 2.0 % % 2.0 growth over the last decade which has ranged from 1.3% to 2.2%, but in line wi
Slide 50: Australian state economies
Australian state economies Shift in growth with NSW the pace setter • Domestic demand growth is shifting from the WA mining states of WA and Qld, to NSW and, POPULATION to a lesser extent, Victoria 2.6 million QLD SIZE OF ECONOMY POPULATION – 1 in 3 Australians live in NSW, with a 17% of Australian
Slide 51: Credit growth expanding at a modest pace
Credit growth expanding at a modest pace Business confidence and consumer confidence (net balance) Australian private sector credit growth (% ann) Consumer (lhs) Business * (rhs) % annual % annual Housing Total credit Business 130 monthly 30 25 Forecasts 25 end 2015 120 20 20 20 110 10 15 15 100 0 1
Slide 52: New Zealand economy
52 New Zealand economy Growth to soften, inflation remains subdued • New Zealand GDP growth is expected to slow in 2016 on the back GDP growth (%) of weak dairy prices, the levelling off of the Canterbury rebuild and slower house price growth 8 8 Qtr % chg Annual average % change • The New Zealand h
Slide 53: New Zealand economy: Low inflation outlook
53 New Zealand economy Low inflation outlook New Zealand Official Cash Rate (%) CPI inflation (annual, % year) 9 9 6 %yr %yr 6 % 8 Westpac 8 Westpac forecast 5 forecast 5 7 7 6 6 4 4 5 5 3 3 4 4 3 3 2 2 2 2 1 1 1 1 0 0 0 0 Mar-00 Mar-04 Mar-08 Mar-12 Mar-16 2005 2007 2009 2011 2013 2015 2017 2019 So
Slide 54: New Zealand economy: Export markets
New Zealand economy Export markets • International dairy prices remain low. Prices rose sharply in Global Dairy Trade price index September and October, with the lift sparked in part by expectations of sharply lower milk collections in New Zealand. 1800 index index 1800 However, since then dairy pri
Slide 55: Additional Information
Additional Information Westpac Banking Corporation ABN 33 007 457 141.
Slide 56: Westpac is a high quality credit with a clear domestic focus
Westpac is a high quality credit with a clear domestic focus and a strong market position Unique portfolio of national and regional brands Large domestic presence Top 10 banks in Australia by total resident assets2 (A$bn) Australian retail banking and wealth Westpac CBA NAB ANZ Macquarie Bank Bendig
Slide 57: Westpac business divisions
Westpac business divisions A unique portfolio of brands Westpac Retail & Business Banking Cash Cash Core Australian national brand for consumer and earnings earnings earnings business banking, SMEs and commercial FY15 FY15-FY14 FY15-FY14 customers under the Westpac brand Division ($m) % change % cha
Slide 58: Delivering on our strategic priorities
Delivering on our strategic priorities The Service Revolution Performance Service Digital Targeted Workforce Discipline Leadership Transformation Growth Revolution Strategic Priorities Region’s One of the 21st Building new Best World’s Great Century Growth Talent Factory Performing Service Bank High
Slide 59: Balance sheet metrics and credit ratings
Full Year 2015 Balance sheet metrics and credit ratings Change Westpac credit ratings Balance sheet metrics FY15 FY14 FY15-FY14 Total assets $812.2bn $770.8bn 5% Short term Long term Outlook Loans $623.3bn $580.3bn 7% Fitch Ratings F1+ AA- Stable Housing loans (Australia) $375.8bn $351.0bn 7% Custom
Slide 60: High quality portfolio with bias to secured consumer lending
High quality portfolio with bias to secured consumer lending Asset composition as at 30 September 2015 (%) Cash and balances with central banks Total assets On balance sheet lending Receivables due from other financial institutions Housing Trading securities, financial assets at fair value and avail
Slide 61: Portfolio well diversified across industries
Portfolio well diversified across industries Exposures at default1 by sector ($bn) Stressed exposures by industry (%) Finance & insurance2 Property & Consumer lending 2 business services 3 23 3 Wholesale & Agriculture, forestry & Property 3 4 18 Retail Trade fishing Manufacturing Transport & storage
Slide 62: Areas of interest: Commercial property; Agriculture
Areas of interest Commercial property; Agriculture Commercial property portfolio Agriculture portfolio Total committed exposure (TCE) $65.6bn Total committed exposure (TCE) $18.1bn Lending $51.3bn Lending $15.1bn Commercial property as a % of Group TCE 7.00% Agriculture as a % of Group TCE 1.92% Ave
Slide 63: Australian unsecured lending portfolio
Australian unsecured lending portfolio • Total Australian consumer unsecured 90+ Australian unsecured lending 90+ days delinquencies (%) days delinquencies decreased 9bps to 111bps (up 6bps FY15/FY14) consistent with Credit cards Personal loans (excl Auto loans) seasonal trends Total unsecured lendi
Slide 64: Leverage ratio disclosure
Leverage ratio disclosure Leverage ratio Leverage ratio (APRA basis) $bn Sep-15 • APRA requires the disclosure of the leverage ratio from the first reporting period after 1 July 2015. The leverage ratio is Level 2 On balance sheet exposures ex derivatives and SFT1 746.1 not a Pillar 1 requirement at
Slide 65: Additional Tier 1 and Tier 2 capital
Additional Tier 1 and Tier 2 capital Westpac Additional Tier 1 and Tier 2 Westpac Additional Tier 1 and Tier 2 as at 30 September 2015 (A$m) • Westpac targets 3.5% of supplementary capital, being Additional Basel III Transitional Basel III Tier 1 and Tier 2 capital - assists Westpac to meet minimum
Slide 66: Tier 2 capital comparison across jurisdictions
Tier 2 capital comparison across jurisdictions1 US Canada UK / EU / Scandinavia Singapore Australia Senior to Senior to Additional Senior to Additional Senior to Additional Senior to Additional Ranking Tier 1 Capital Tier 1 Capital Tier 1 Capital Tier 1 Capital Tier 1 Capital Step-ups Not permitted
Slide 67: Funding and liquidity profile
Funding and liquidity profile % Mov’t Liquidity Coverage Ratio ($bn) Mar-15 Sep-15 Focus on stable funding sources Mar15 – Sep15 High Quality Liquid Assets1 (HQLA) 57 61 6 Stable funding ratio (%) 83.2% 83.2% 83.8% Committed Liquidity Facility2 (CLF) 66 66 - Wholesale Onshore <1yr 7.1 6.2 6.2 Total
Slide 68: Broad funding capabilities
Broad funding capabilities Ability to meet investor preferences Diverse and flexible funding capabilities Wholesale funding capabilities ECP/ECD Short term • Include Prime floaters, Federal Funds, Extendibles, Step- EMTN markets ups, Range accruals, CDs, CP and Flippers SEC Shelf Term • Issuance in
Slide 69: Westpac's covered bond program
Westpac’s covered bond program Providing valuable diversity Westpac covered bonds Westpac covered bond issuance as at 30 September 2015 (%) • Covered bonds issued through Westpac’s US$40bn covered bond program Total pool loan balance A$30,736,639,852 – Westpac also maintains RCB/N-bond capability Av
Slide 70: Securitisation an important part of the Westpac Group's funding
Securitisation an important part of the Westpac Group’s funding • Outstanding securitisation A$12.0bn, Westpac is a consistent issuer of RMBS and ABS represents 1.7% of the Group’s total funding, mostly RMBS issuance Original RMBS and ABS issuance by calendar year (A$bn) (excludes Bella) • Securitis
Slide 71: Westpac Securitisation Trust (WST) RMBS Programme
Westpac Securitisation Trust (“WST”) RMBS Programme Highlights • All WST transactions backed by prime residential mortgages • WST weighted average arrears has consistently outperformed the Australian Prime S&P Mortgage Performance Index (“Prime SPIN”) High quality • Consistent pool characteristics a
Slide 72: WST RMBS product highlights
Westpac Securitisation Trust (WST) RMBS product highlights High quality product Performance of Weighted Average WST Arrears vs S&P SPIN • All WST transactions backed by prime residential mortgages WST Arrears Prime SPIN Major Bank SPIN Regional Bank SPIN • WST weighted average arrears has consistent
Slide 73: WST RMBS product highlights: key pool comparison statistics
Westpac Securitisation Trust (WST) RMBS product highlights Key pool comparison statistics (issuance) WST WST WST WST WST WST WST 2015-1 2014-2 2014-1 2013-2 2013-1 2012-1 2011-3 Pricing Date May-15 Dec-14 May-14 Sep-13 Feb-13 May-12 Oct-11 Tranche A A A A A A A WAL (yrs) 2.9 2.9 2.8 3.0 3.0 3.0 3.0
Slide 74: Appendix 1: Cash earnings adjustments
Appendix 1: Cash earnings adjustments FY15 FY14 Description Net profit after tax 8,012 7,561 Partial sale of BTIM (665) - During Second Half 2015 the Group recognised a significant gain following the partial sale and deconsolidation of the Group’s shareholding in BT Investment Management. This gain
Slide 75: Appendix 2: Definitions
Appendix 2: Definitions Is a measure of the level of profit that is generated by ongoing operation Stressed Stressed loans are the total of watchlist and substandard assets, 90 days and is therefore available for distribution to shareholders. Three loans past due and not impaired assets, and impaire
Slide 76: Appendix 3: Internationally comparable capital ratio explanation
Appendix 3: Internationally comparable capital ratio explanation The APRA Basel III capital requirements are more conservative than those of the Basel Committee on Banking Supervision (BCBS), leading to lower reported capital ratios. In July 2015, APRA published a study that compared the major banks
Slide 77: 参考資料 3: 国際比較可能な資本比率について
参考資料 3: 国際比較可能な資本比率について APRA基準のバーゼルⅢ資本要件はバーゼル銀行監督委員会（BCBS）より保守的であるため資本比率が低く算出される。2015年7月、APRAはオーストラリア国内の大 手銀行の資本比率と海外銀行との比較調査を発表している。1 以下はAPRA基準のバーゼルⅢ資本要件に対する調整の詳細。 APRA 調査1 (%) ウエストパックのプロフォルマベース普通株式等Tier1比率(APRA基準)2 9.4 株式投資 所定の値を下回る残高はリスク加重される。APRAの要件では普通株式等Tier1から 100%控除 0.6 繰延税金資産 所定の値を下回る残高はリスク
Slide 78: More information for investors and analysts
More information Visit us at www.westpac.com.au/investorcentre For investors and analysts or Bloomberg WBCT Contact our global funding team Curt Zuber Guy Volpicella Treasurer, Westpac Banking Corporation Executive Director, Structured Funding and Capital +61 2 8253 4230 +61 2 8254 9261 czuber@westp
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