6-K
WESTPAC BANKING CORP (WEBNF)
6-K
2024-10-22
For: 2024-10-22
View Original
Added on
April 06, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
22 October, 2024
Commission File Number 1-10167
WESTPAC BANKING CORPORATION
(Translation of registrant’s name into English)
275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Index to Exhibits
| ExhibitNo. | Description |
|---|---|
| 1 | ASX Release – Westpac’s Full Year 2024 (FY24) Notable Items and Reporting Changes |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| WESTPAC BANKING CORPORATION | ||
|---|---|---|
| (Registrant) | ||
| Date: October 22, 2024 | By: | /s/ Esther Choi |
| Esther Choi | ||
| Tier One Attorney |
Exhibit 1
| ASX<br>Release<br>Level 18, 275 Kent Street<br>Sydney, NSW, 2000<br>22 October 2024<br>WESTPAC’S FULL YEAR 2024 (FY24) NOTABLE ITEMS AND REPORTING CHANGES<br>FY24 Notable Items<br>Westpac’s reported net profit after tax in FY24 will be reduced by $123 million due to Notable Items that<br>relate solely to unrealised fair value gains and losses on economic hedges and net ineffectiveness on<br>qualifying hedges, which reverse over time.<br>A summary of the impacts is included in Appendix 1.<br>FY24 Reporting Changes<br>Segment operating income and operating expenses were restated in First Half 2024 (1H24) following the<br>establishment of separate Consumer and Business & Wealth operating segments, the dissolution of the<br>Specialist Businesses operating segment and other reporting enhancements. For further information see<br>1H24 Notable Items and Reporting Changes ASX release.<br>In Second Half 2024 (2H24) additional restatements have been made for:<br> • Reclassification of some deposit products from interest bearing to non interest bearing. This included<br>some mortgage offset accounts which had a minor impact on average interest earning assets; and<br> • Reallocation of Enterprise functions' operating expenses to the Consumer, Business & Wealth and<br>Westpac Institutional Bank segments.<br>These changes do not impact the Group's net profit after tax (NPAT) or the composition of line items. A<br>summary of the restatements is included in Appendix 2.<br>Full Year 2024 results are scheduled to be announced on Monday, 4 November 2024.<br>For further information:<br>Hayden Cooper Justin McCarthy<br>Group Head of Media Relations General Manager, Investor Relations<br>+61 402 393 619 +61 422 800 321<br>This document has been authorised for release by Tim Hartin, Company Secretary. |
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| Appendix 1 - Summary of FY24 and 2H24 Notable Items<br>$m<br>Economic<br>hedges<br>Hedge<br>ineffectiveness Total<br>FY24<br>Net interest income (171) 8 (163)<br>Non-interest income (12) - (12)<br>Net operating income (183) 8 (175)<br>Operating expenses - - -<br>Pre-provision profit (183) 8 (175)<br>Income tax (expense)/benefit and NCI 55 (3) 52<br>Net profit/(loss) (128) 5 (123)<br>$m Consumer<br>Business<br>and Wealth<br>Westpac<br>Institutional<br>Bank<br>Westpac<br>New<br>Zealand<br>(A$)<br>Group<br>Businesses Group<br>FY24<br>Net interest income - - - (8) (155) (163)<br>Non-interest income - - - - (12) (12)<br>Net operating income - - - (8) (167) (175)<br>Operating expenses - - - - - -<br>Pre-provision profit - - - (8) (167) (175)<br>Impairment (charges)/benefits - - - - - -<br>Profit before income tax (expense)/benefit - - - (8) (167) (175)<br>Income tax (expense)/benefit and NCI - - - 2 50 52<br>Net profit/(loss) - - - (6) (117) (123)<br>$m<br>Economic<br>hedges<br>Hedge<br>ineffectiveness Total<br>2H24<br>Net interest income 52 9 61<br>Non-interest income (10) - (10)<br>Net operating income 42 9 51<br>Operating expenses - - -<br>Pre-provision profit 42 9 51<br>Income tax (expense)/benefit and NCI (7) (3) (10)<br>Net profit/(loss) 35 6 41<br>$m Consumer<br>Business<br>and Wealth<br>Westpac<br>Institutional<br>Bank<br>Westpac<br>New<br>Zealand<br>(A$)<br>Group<br>Businesses Group<br>2H24<br>Net interest income - - - (2) 63 61<br>Non-interest income - - - - (10) (10)<br>Net operating income - - - (2) 53 51<br>Operating expenses - - - - - -<br>Pre-provision profit - - - (2) 53 51<br>Impairment (charges)/benefits - - - - - -<br>Profit before income tax (expense)/benefit - - - (2) 53 51<br>Income tax (expense)/benefit and NCI - - - - (10) (10)<br>Net profit/(loss) - - - (2) 43 41 |
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| Appendix 2 - Selected comparative disclosures<br>GROUP PERFORMANCE<br>Net interest income<br>Half Year March 2024 Full Year 2023 Full Year 2022<br>Net interest Income ($m)<br>Net interest income 9,127 18,317 17,161<br>Core net interest income 8,668 17,519 15,532<br>Notable Items (224) (97) 555<br>Treasury 560 729 951<br>Markets 123 166 123<br>Average interest earning assets ($m)<br>Loans 725,592 703,832 676,469<br>Housing 496,471 484,214 469,492<br>Personal 12,085 13,055 15,043<br>Business 217,036 206,563 191,934<br>Liquid assets 208,340 210,960 191,749<br>Other interest-earning assets 30,776 25,657 17,987<br>Average interest earning assets 964,708 940,449 886,205<br>NIM (%)<br>NIM 1.89% 1.95% 1.94%<br>Core NIM 1.80% 1.86% 1.76%<br>Treasury & Markets impact on NIM 0.14% 0.10% 0.12%<br>Notable Items impact on NIM (0.05%) (0.01%) 0.06%<br>Deposits and other borrowings<br>$m<br>As at<br>30 March 2024<br>As at<br>30 September 2023<br>As at<br>30 September 2022<br>Customer deposits<br>Australia 570,488 557,781 535,645<br>Transactions 114,120 114,097 137,361<br>Savings 186,945 179,110 148,153<br>Term 148,110 144,220 127,921<br>Non-interest bearing 121,313 120,354 122,210<br>New Zealand (A$) 72,378 74,297 68,614<br>New Zealand (NZ$) 78,837 79,783 77,910<br>Transactions 9,133 8,762 9,609<br>Savings 20,103 20,185 21,423<br>Term 37,685 38,472 32,273<br>Non-interest bearing 11,916 12,364 14,605<br>Other overseas (A$) 8,080 8,873 8,575<br>Total customer deposits 650,946 640,951 612,834<br>Certificates of deposit 51,280 47,217 46,295<br>Australia 35,727 32,947 30,507<br>New Zealand (A$) 2,414 2,247 2,588<br>Other overseas (A$) 13,139 12,023 13,200<br>Total deposits and other borrowings 702,226 688,168 659,129 |
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| Average balance sheet and interest rates - Assets and Liabilities<br>Half Year March 2024 Full Year 2023 Full Year 2022<br>Average<br>balance Interest<br>Average<br>rate<br>Average<br>balance Interest<br>Average<br>rate<br>Average<br>balance Interest<br>Average<br>rate<br>Consolidated $m $m % $m $m % $m $m %<br>Assets<br>Interest earning assets<br>Loans:<br>Australia 627,150 18,381 5.9 607,154 30,164 5.0 582,456 17,694 3.0<br>New Zealand 92,358 3,016 6.5 90,130 5,028 5.6 87,236 3,203 3.7<br>Other overseas 6,084 201 6.6 6,548 390 6.0 6,362 199 3.1<br>Housinga<br>Australia 435,130 12,096 5.6 424,427 19,640 4.6 411,950 11,851 2.9<br>New Zealand 60,916 1,715 5.6 59,319 2,702 4.6 57,050 1,796 3.1<br>Other overseas 425 8 3.8 468 18 3.8 492 19 3.9<br>Personal<br>Australia 10,993 525 9.6 11,954 1,001 8.4 13,910 1,084 7.8<br>New Zealand 1,084 49 9.0 1,094 102 9.3 1,126 115 10.2<br>Other overseas 8 - - 7 1 14.3 7 1 14.3<br>Business<br>Australia 181,027 5,760 6.4 170,773 9,523 5.6 156,596 4,759 3.0<br>New Zealand 30,358 1,252 8.2 29,717 2,224 7.5 29,060 1,292 4.4<br>Other overseas 5,651 193 6.8 6,073 371 6.1 5,863 179 3.1<br>Trading securities and financial<br>assets measured at FVIS:<br>Australia 23,943 511 4.3 23,486 843 3.6 16,715 235 1.4<br>New Zealand 4,548 124 5.5 3,959 201 5.1 3,784 76 2.0<br>Other overseas 2,599 52 4.0 2,641 99 3.7 2,337 36 1.5<br>Investment securities:<br>Australia 80,025 1,467 3.7 66,631 1,822 2.7 70,804 985 1.4<br>New Zealand 6,619 92 2.8 6,164 148 2.4 4,950 85 1.7<br>Other overseas 2,297 36 3.1 2,082 67 3.2 2,027 56 2.8<br>Other interest earning assetsb<br>:<br>Australia 89,073 1,882 4.2 96,291 3,424 3.6 82,102 366 0.4<br>New Zealand 9,171 246 5.4 10,496 496 4.7 9,769 153 1.6<br>Other overseas 20,841 536 5.1 24,867 1,070 4.3 17,238 157 0.9<br>Assets held for sale:<br>Australia - - - - - - 425 6 1.4<br>Total interest earning assets and<br>interest income<br>964,708 26,544 5.5 940,449 43,752 4.7 886,205 23,251 2.6<br>Non-interest earning assets<br>Derivative financial instruments 16,947 23,423 23,395<br>Assets held for sale - - 2,444<br>All other assetsc 67,282 59,356 62,719<br>Total non-interest earning assets 84,229 82,779 88,558<br>Total assets 1,048,937 1,023,228 974,763<br>a. Certain portions of loans are non-interest bearing and are presented below in All other assets. The non-interest bearing portion<br>represents the impact of mortgage offset deposits which are taken into consideration when calculating interest charged on loans.<br>b. Interest income includes net ineffectiveness on qualifying hedges.<br>c. Includes property and equipment, intangible assets, deferred tax assets, non-interest earning loans relating to mortgage<br>offset accounts and all other non-interest earning assets. Mortgage offset balances were $55,324 million in Half Year 2024,<br>$49,702 million in Full Year 2023, and $47,328 million in Full Year 2022. |
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| Half Year March 2024 Full Year 2023 Full Year 2022<br>Average<br>balance Interest<br>Average<br>rate<br>Average<br>balance Interest<br>Average<br>rate<br>Average<br>balance Interest<br>Average<br>rate<br>Consolidated $m $m % $m $m % $m $m %<br>Liabilities<br>Interest bearing liabilities<br>Deposits and other borrowings:<br>Australia 479,763 9,344 3.9 460,149 13,544 2.9 427,097 2,249 0.5<br>New Zealand 65,632 1,614 4.9 63,760 2,464 3.9 60,678 765 1.3<br>Other overseas 20,413 546 5.3 20,132 910 4.5 21,175 195 0.9<br>Certificates of deposit<br>Australia 33,879 752 4.4 31,822 1,128 3.5 29,839 205 0.7<br>New Zealand 2,612 77 5.9 2,727 136 5.0 2,956 53 1.8<br>Other overseas 13,440 388 5.8 13,338 657 4.9 14,513 137 0.9<br>Transactions<br>Australia 119,919 1,931 3.2 129,760 3,083 2.4 131,923 629 0.5<br>New Zealand 8,771 200 4.6 8,647 322 3.7 8,878 77 0.9<br>Other overseas 820 6 1.5 868 7 0.8 842 3 0.4<br>Savings<br>Australia 184,793 3,342 3.6 164,800 4,620 2.8 160,261 654 0.4<br>New Zealand 18,730 325 3.5 19,376 537 2.8 20,722 132 0.6<br>Other overseas 993 12 2.4 1,035 25 2.4 935 5 0.5<br>Term<br>Australia 141,172 3,319 4.7 133,767 4,713 3.5 105,074 761 0.7<br>New Zealand 35,519 1,012 5.7 33,010 1,469 4.5 28,122 503 1.8<br>Other overseas 5,160 140 5.4 4,891 221 4.5 4,885 50 1.0<br>Repurchase agreements:<br>Australia 24,476 295 2.4 34,511 314 0.9 35,136 109 0.3<br>New Zealand 4,906 134 5.5 4,922 231 4.7 2,543 39 1.5<br>Other overseas 357 10 5.6 219 11 5.0 100 2 2.0<br>Loan capital:<br>Australia 36,135 819 4.5 31,895 1,313 4.1 28,961 934 3.2<br>New Zealand 3,005 86 5.7 2,489 135 5.4 1,747 92 5.3<br>Other interest bearing liabilitiesa<br>:<br>Australia 162,354 4,222 5.2 154,859 5,990 3.9 137,796 1,308 0.9<br>New Zealand 19,507 332 3.4 19,986 464 2.3 18,579 403 2.2<br>Other overseas 1,225 15 2.4 1,854 59 3.2 1,876 (6) (0.3)<br>Total interest bearing liabilities and<br>interest expense<br>817,773 17,417 4.3 794,776 25,435 3.2 735,688 6,090 0.8<br>Non-interest bearing liabilities<br>Deposits and other borrowings:<br>Australia 120,371 117,538 121,074<br>New Zealand 11,242 12,213 14,139<br>Other overseas 1,325 1,292 1,038<br>Derivative financial instruments 22,208 26,353 24,750<br>Liabilities held for sale - - 682<br>All other liabilities 4,134 (218) 7,069<br>Total non-interest<br>bearing liabilities<br>159,280 157,178 168,752<br>Total liabilities 977,053 951,954 904,440<br>a. Interest expense includes the net impact of treasury balance sheet management activities and the bank levy. |
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| SEGMENT REPORTING<br>Consumer<br>$m Half Year March 2024 Full Year 2023 Full Year 2022<br>Net interest income 3,771 8,177 8,473<br>Non-interest income 255 524 557<br>Notable Items - - -<br>Net operating income 4,026 8,701 9,030<br>Operating expenses (2,365) (4,533) (4,411)<br>Notable Items - (202) (66)<br>Total operating expenses (2,365) (4,735) (4,477)<br>Pre-provision profit 1,661 3,966 4,553<br>Impairment (charges)/benefits (144) (179) (187)<br>Profit before income tax expense 1,517 3,787 4,366<br>Income tax expense and NCI (459) (1,142) (1,314)<br>Net profit 1,058 2,645 3,052<br>Notable Items (post tax) - (148) (47)<br>Expense to income ratio (Ex Notable Items) 58.74% 52.10% 48.85%<br>Net interest margin (Ex Notable Items) 1.69% 1.88% 2.00%<br>FTE 12,115 12,534 13,189<br>$bn<br>As at<br>31 March 2024<br>As at<br>30 September 2023<br>As at<br>30 September 2022<br>Customer deposits<br>Transactions 47.4 49.5 61.3<br>Savings 148.0 138.3 103.1<br>Term 66.0 63.9 62.1<br>Mortgage offsets 59.9 56.6 54.0<br>Total customer deposits 321.3 308.3 280.5<br>Loans<br>Housing 461.9 449.6 431.8<br>RAMS' housing (in run-off) 33.3 36.0 35.8<br>Other 9.0 8.9 8.8<br>Provisions (1.8) (1.8) (1.8)<br>Total loans 502.4 492.7 474.6<br>Deposit to loan ratio 63.95% 62.58% 59.11%<br>Total assets 514.7 504.2 486.0<br>TCE 586.4 577.7 562.3<br>Risk weighted assets 174.8 174.7 180.2<br>Average interest earning assets 446.1 435.3 422.7<br>Average allocated capital 24.0 24.3 24.0<br>Credit quality<br>Impairment charges/(benefits) to average loans 0.06% 0.04% 0.04%<br>Mortgage 90+ day delinquencies 1.06% 0.86% 0.75%<br>Other consumer loans 90+ day delinquencies 1.17% 1.01% 1.35%<br>Total stressed exposures to TCE 1.04% 0.86% 0.67% |
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| Business and Wealth<br>$m Half Year March 2024 Full Year 2023 Full Year 2022<br>Net interest income 2,616 4,992 3,508<br>Non-interest income 409 844 881<br>Notable Items - (88) (1)<br>Net operating income 3,025 5,748 4,388<br>Operating expenses (1,256) (2,459) (2,446)<br>Notable Items - (64) (13)<br>Total operating expenses (1,256) (2,523) (2,459)<br>Pre-provision profit 1,769 3,225 1,929<br>Impairment (charges)/benefits (95) (257) (97)<br>Profit before income tax expense 1,674 2,968 1,832<br>Income tax expense and NCI (499) (882) (557)<br>Net profit 1,175 2,086 1,275<br>Notable Items (post tax) - (107) (9)<br>Expense to income ratio (Ex Notable Items) 41.52% 42.14% 55.73%<br>Net interest margin (Ex Notable Items) 5.34% 5.17% 3.70%<br>FTE 6,805 6,954 7,118<br>$bn<br>As at<br>31 March 2024<br>As at<br>30 September 2023<br>As at<br>30 September 2022<br>Customer deposits<br>Transactions 62.9 64.8 76.1<br>Savings 30.1 31.3 35.1<br>Term 47.6 44.4 30.9<br>Total customer deposits 140.6 140.5 142.1<br>Loans<br>Commercial/SME 93.0 90.5 86.4<br>Pacific 1.3 1.2 1.1<br>Business lending 94.3 91.7 87.5<br>Other 1.4 1.5 1.8<br>Auto finance (in run-off)a 3.1 4.2 7.3<br>Provisions (1.9) (1.9) (1.8)<br>Total loans 96.9 95.5 94.8<br>Deposit to loan ratio 145.10% 147.08% 149.97%<br>Total assets 102.4 101.2 100.7<br>TCE 131.2 129.7 127.0<br>Risk weighted assets 89.1 87.1 95.8<br>Average interest earning assets 98.0 96.6 94.8<br>Average allocated capital 11.5 11.3 11.0<br>Credit quality<br>Impairment charges/(benefits) to average loans 0.20% 0.27% 0.10%<br>Impaired exposures to TCE 0.54% 0.52% 0.66%<br>Total stressed exposures to TCE 5.52% 5.46% 5.44%<br>a. Includes personal and business loans. |
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| Westpac Institutional Bank<br>$m Half Year March 2024 Full Year 2023 Full Year 2022<br>Net interest income 1,090 1,926 1,438<br>Non-interest income 666 1,367 1,150<br>Net operating income 1,756 3,293 2,588<br>Operating expenses (709) (1,316) (1,265)<br>Notable Items - (15) -<br>Total operating expenses (709) (1,331) (1,265)<br>Pre-provision profit 1,047 1,962 1,323<br>Impairment (charges)/benefits (101) (87) (85)<br>Profit before income tax expense 946 1,875 1,238<br>Income tax expense and NCI (265) (538) (372)<br>Net profit 681 1,337 866<br>Notable Items (post tax) - (10) -<br>Expense to income ratio (Ex Notable Items) 40.38% 39.96% 48.88%<br>Net interest margin (Ex Notable Items) 1.85% 1.89% 1.63%<br>FTE 2,790 2,776 2,689<br>$bn<br>As at<br>31 March 2024<br>As at<br>30 September 2023<br>As at<br>30 September 2022<br>Customer deposits<br>Transactions and others 66.2 64.2 66.1<br>Savings 9.8 10.5 11.0<br>Term 39.3 41.4 40.2<br>Total customer deposits 115.3 116.1 117.3<br>Loans<br>Loans 93.4 92.9 85.5<br>Provisions (0.4) (0.3) (0.3)<br>Total loans 93.0 92.6 85.2<br>Deposit to loan ratio 124.00% 125.37% 137.65%<br>Total assets 123.1 106.3 106.2<br>TCE 215.7 207.4 199.3<br>Risk weighted assets 81.0 82.1 94.8<br>Average interest earning assets 117.9 101.7 88.2<br>Average allocated capital 9.6 9.2 7.8<br>Credit quality<br>Impairment charges to average loans 0.22% 0.10% 0.11%<br>Impaired exposures to TCE 0.05% 0.04% 0.10%<br>Total stressed exposures to TCE 0.63% 0.58% 0.35% |
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| Westpac New Zealand<br>NZ$m Half Year March 2024 Full Year 2023 Full Year 2022<br>Net interest income 1,258 2,514 2,280<br>Non-interest income 131 261 306<br>Notable Items (6) - 127<br>Net operating income 1,383 2,775 2,713<br>Operating expenses (695) (1,286) (1,158)<br>Notable Items - (10) -<br>Total operating expenses (695) (1,296) (1,158)<br>Pre-provision profit 688 1,479 1,555<br>Impairment (charges)/benefits (23) (135) 27<br>Profit before income tax expense 665 1,344 1,582<br>Income tax expense and NCI (188) (381) (414)<br>Net profit 477 963 1,168<br>Notable Items (post tax) (5) (7) 127<br>Profit/(loss) attributable to businesses sold - - 19<br>Expense to income ratio (Ex Notable Items) 50.04% 46.34% 44.78%<br>Net interest margin (Ex Notable Items) 2.11% 2.13% 2.02%<br>FTE 5,263 5,288 5,070<br>NZ$bn<br>As at<br>31 March 2024<br>As at<br>30 September 2023<br>As at<br>30 September 2022<br>Customer deposits<br>Transactions and others 21.0 21.1 24.2<br>Savings 20.1 20.2 21.4<br>Term 37.7 38.5 32.3<br>Total customer deposits 78.8 79.8 77.9<br>Loans<br>Mortgages 67.4 65.8 63.8<br>Business 32.7 32.8 32.2<br>Other 1.2 1.2 1.2<br>Provisions (0.5) (0.5) (0.4)<br>Total loans 100.8 99.3 96.8<br>Deposit to loan ratio 78.17% 80.36% 80.48%<br>Total assets 123.5 121.8 119.2<br>TCE 148.1 147.1 144.6<br>Risk weighted assets 60.1 60.3 53.6<br>Liquid assets 18.6 19.2 18.4<br>Average interest earning assets 119.1 118.0 113.0<br>Average allocated capital 8.1 7.9 7.2<br>Total funds 12.6 11.4 10.9<br>Credit quality<br>Impairment charges/(benefits) to average loans 0.05% 0.14% (0.03%)<br>Mortgage 90+ day delinquencies 0.47% 0.33% 0.22%<br>Other consumer loans 90+ day delinquencies 0.96% 0.92% 1.03%<br>Impaired exposures to TCE 0.12% 0.06% 0.06%<br>Total stressed exposures to TCE 1.55% 1.49% 0.97% |
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| Westpac New Zealand segment performance (A$ Equivalent)<br>Results have been translated into Australian dollars (A$) at the average exchange rates for each<br>reporting period, First Half 2024: $1.0759; Full Year 2023: $1.0846; Full Year 2022: $1.0831. Unless<br>otherwise stated, assets and liabilities have been translated at spot rates as at the end of the period,<br>31 March 2024: $1.0892; 30 September 2023: $1.0738; 30 September 2022: $1.1355.<br>$m Half Year March 2024 Full Year 2023 Full Year 2022<br>Net interest income 1,171 2,317 2,107<br>Non-interest income 122 240 279<br>Notable Items (6) - 120<br>Net operating income 1,287 2,557 2,506<br>Operating expenses (646) (1,186) (1,072)<br>Notable Items - (9) -<br>Total operating expenses (646) (1,195) (1,072)<br>Pre-provision profit 641 1,362 1,434<br>Impairment (charges)/benefits (22) (124) 25<br>Profit before income tax expense 619 1,238 1,459<br>Income tax expense and NCI (174) (350) (382)<br>Net profit 445 888 1,077<br>Notable Items (post tax) (4) (7) 119<br>Profit/(loss) attributable to businesses sold - - 18<br>Expense to income ratio (Ex Notable Items)a 50.04% 46.34% 44.78%<br>Net interest margin (Ex Notable Items)a 2.11% 2.13% 2.02%<br>a. Ratios calculated using NZ$.<br>$bn<br>As at<br>31 March 2024<br>As at<br>30 September 2023<br>As at<br>30 September 2022<br>Customer deposits 72.4 74.3 68.6<br>Loans 92.6 92.5 85.3<br>Deposit to loan ratioª 78.17% 80.36% 80.48%<br>Total assets 113.4 113.5 105.0<br>TCE 136.0 136.9 127.3<br>Risk weighted assets 55.1 56.2 47.2<br>Liquid assets 17.0 17.9 16.2<br>Average interest earning assetsb 110.7 108.8 104.4<br>Average allocated capitalb 7.5 7.3 6.6<br>Total funds 11.5 10.6 9.6<br>a. Ratios calculated using NZ$.<br>b. Averages are converted at applicable average rates. |
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| Group Businesses<br>$m Half Year March 2024 Full Year 2023 Full Year 2022<br>Net interest income 703 1,002 1,080<br>Non-interest income 13 153 432<br>Notable Items (220) 191 (418)<br>Net operating income 496 1,346 1,094<br>Operating expenses (419) (738) (987)<br>Notable Items - (170) (542)<br>Total operating expenses (419) (908) (1,529)<br>Pre-provision profit 77 438 (435)<br>Impairment (charges)/benefits - (1) 9<br>Profit before income tax expense 77 437 (426)<br>Income tax expense and NCI (94) (198) (150)<br>Net profit/(loss) (17) 239 (576)<br>Notable Items (post tax) (160) 99 (937)<br>Profit/(loss) attributable to businesses sold - 131 168<br>Treasury<br>$m Half Year March 2024 Full Year 2023 Full Year 2022<br>Net interest income 554 665 979<br>Non-interest income 13 14 21<br>Notable Items (220) (20) 553<br>Net operating income 347 659 1,553<br>Net profit 168 319 960 |
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