Westpac New Zealand Limited Analysis

Overview

The WNZL Group provides banking and financial services. In particular, WNZL provides a wide range of consumer, business and institutional banking products and services to consumers, small to medium sized businesses, large corporate and institutional customers and the New Zealand Government.

Information about WNZL and WNZL's financial statements are published half-yearly in disclosure statements required under the BPS Act. WNZL's disclosure statements can be viewed and downloaded from WNZL's website at www.westpac.co.nz/about-us/legal-informationprivacy/disclosure-statements.

Performance

The following information was extracted from Westpac New Zealand Limited's half year results, released on 6 May 2024:

Key financials

(All comparisons are for the 6 months ended 31 March 2024 versus the same period last year)

• Net profit of $477 million, up 11% (up 13% excluding Notable Items).
• Pre-provision profit of $688 million, down 8% (down 7% excluding Notable Items).
• Net operating income of $1,383 million, up 1% (up 1% excluding Notable Items).
• Operating expenses of $695 million, up 11%.
• Net impairment charge of $23 million, compared with an impairment charge of $154 million in the previous period.
• Net interest margin 2.09%, down 2 basis points excluding Notable Items.
• Home lending up 3% to $67.4 billion, Business lending up 1% to $32.7 billion, Deposits down 1% to $78.8 billion.