Westpac's annual profit edges up, matching analyst expectations
Australia's Westpac posted a slight rise in full-year profit to A$6.99 billion, in line with the Visible Alpha consensus, as deposits and loans grew.
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what happened
Westpac Banking Corp, the third-largest lender in Australia by market value, reported on Monday a slight increase in profit for the year ended September 30, according to Reuters. Net profit excluding notable items reached A$6.99 billion ($4.91 billion), up from A$6.97 billion a year earlier. The figure matched the Visible Alpha consensus forecast of A$6.99 billion.
The bank credited steady expansion in deposits and lending for the result. Mortgage demand, however, cooled after the government introduced changes to its tax rules.
why it matters
For markets the result is largely neutral: profit landed exactly where analysts expected. Investors will now watch mortgage trends and how the tax changes affect household borrowing and bank margins.
market impact
Westpac shares and Australian banks: results in line with forecasts, no surprise to move prices
tags
instruments
sources
- Australian lender Westpac's full-year profit ticks higher — Reuters, 1 November 2026 at 20:52 UTC
- Westpac's full-year profit ticks higher, flags slowing loan demand — Reuters, 1 November 2026 at 21:36 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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