Big 4 Earnings Report: Westpac reports $1.5 million profit

Unaudited net profit of $1.5 billion, down 6% from the 2H 2023 average

Unaudited net profit excluding notable items of $1.8 billion, in line with 2H 2023

Core net interest margin (NIM) of 1.80%, down 0.04% from 2H 2023

Common Equity Tier 1 (CET1) capital ratio of 12.3%, down 0.09% from September 2023

This could be due to their margins falling less than expected, and their positive loan book growth, reflecting that it could be outperforming its peers.

As for what’s ahead, although it sees impairments reducing overtime, this year it expects its profits to drop 10%. At the same time, WBC sees the RBA easing interest rates within the year to ease the stress in the financial system, and combat the economic slowdown.