Westpac's financial performance and strategic focus

Westpac Banking Corporation (ASX:WBC) has announced its financial results for the year ending 30 September 2024. The bank reported a 3% decline in net profit to $6,990 million. Despite the slight decrease in profit, Westpac showed resilience with a 1% increase in revenue and improvements in customer service. The bank is focusing on sustainability, customer support, and maintaining a strong balance sheet.

Comprehensive overview of Westpac's 2024 results

Westpac Banking Corporation's 2024 financial results highlight its strategic focus on sustainability, customer service, and financial stability amid a challenging environment. Despite a 3% decline in net profit, the bank achieved a 1% increase in revenue, reflecting disciplined financial management. Noteworthy improvements were made in customer service, particularly in mobile banking and loyalty programs, securing the top position in these areas. Westpac's sustainability efforts include reducing its carbon footprint and expanding sustainable finance. The bank maintains a strong capital position with a CET1 capital ratio of 12.5%, and a focus on credit quality and customer safety through initiatives like the Westpac Verify system. As part of its forward-looking strategy, Westpac anticipates modest credit quality changes and continues to invest in technology through its UNITE program.

Executive insights on Westpac's performance

Our disciplined performance is reflected in our strong balance sheet and focus on returning capital to shareholders. We have made significant improvements in customer service, particularly in mobile banking and loyalty programs. Our commitment to sustainability and strong credit quality remains a priority.