Westpac has delivered a $6.9 billion full-year net profit, up slightly on its result for the previous year.
The big four bank on Monday said its net interest margin, a key metric that contributes to a lender’s profitability, slipped slightly over the year amid persistent competition in loans and deposits.
Westpac’s loan book increased by six per cent to $851.9 billion and its customer deposits climbed seven per cent to $723 billion.
The bank had a market share of 21 per cent of Australian household deposits and mortgages, and 16 per cent of Australian business lending.
Operating expenses rose nine per cent to $11.9 billion, reflecting salary and wage growth and the cost of rolling out the Unite program to simplify its banking systems.
“This has been a solid year at Westpac and I’m pleased with the result we are delivering today,” chief executive Anthony Miller said.
“With a very strong balance sheet and momentum in our target segments, the opportunity to deliver more for our customers, people and shareholders is exciting.”
Mr Miller said he was pleased with Westpac’s growth in deposits and loans, and 22 per cent growth in its agribusiness portfolio, mostly from existing customers.
“This reflects our focus and investment in regional Australia,” he said.
Westpac has opened a service centre in the NSW town of Moree with more locations to be added.
The bank announced it would pay shareholders a final ordinary dividend of 77 cents per share, taking its total dividends for the 2024/25 financial year to $1.53 per share, up one per cent from the previous year.
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