Westpac's financial performance review

Westpac Banking Corporation (ASX:WBC) announced its financial performance review for the second half of 2024, showcasing significant growth and strategic shifts. The bank's net profit increased by 9% to $3,648 million, with a pre-provision profit of $5,449 million, marking a 5% rise from the previous half. Net interest income climbed by 5% to $9,626 million, bolstered by effective management of net interest margins and balance sheet expansion.

Westpac's strategic outlook and future plans

Westpac Banking Corporation's financial performance for the second half of 2024 highlights its strategic focus on growth and efficiency. The bank reported a 9% increase in net profit, driven by improved net interest margins and balance sheet growth. Operating expenses rose, yet were managed through cost-saving initiatives. Segment performances varied, with notable growth in the Consumer and New Zealand segments. Westpac declared a fully franked dividend of 76 cents per share, underscoring its commitment to shareholder returns. Looking forward, Westpac continues to prioritize technology investments and simplification programs to drive future growth amidst a stable economic outlook.

Executive insights on Westpac's performance

Our performance in the second half of 2024 reflects our continued efforts to drive growth and efficiency across the organization. We have seen positive momentum in our net interest income and profit, supported by disciplined margin management and strategic investments. The challenges of rising operating expenses due to technology and wage costs were met with effective cost-saving measures. Our focus remains on enhancing shareholder value through sustainable growth and innovation.