Westpac Reports 65.7% Increase in Net Profit in H1 FY23

Westpac, an Australian multinational banking and financial services company, today released its financial results for the first half of its fiscal year 2023 (H1 FY23), seeing the net profit totaled $4,001 million during the six months ended March 2023, an increase of 65.7% compared to $2,414 million in H2 FY22 and an increase of 22.0% compared to $3,280 million in H1 FY22.

Key Figures for H1 FY23:

• Net interest income came in at $9,113 million, 2.7% higher than $8,873 million in H2 FY22 and 10.0% higher than $8,288 million in H1 FY22.

• Non-interest income amounted to $1,890 million, jumping 275.7% compared to $503 million in H2 FY22 and slightly dropping 2.7% compared to $1,942 million in H1 FY22.

• Net operating income reached $11,003 million, up 17.4% compared to $9,376 million in H2 FY22 and up 7.6% compared to $10,230 million in H1 FY22.

• Pre–provision profit was $6,015million, up 52.4% compared to $3,947 million in H2 FY22 and up 23.8% compared to $4,857 million in H1 FY22.

• Profit before income tax expenses was $5,625 million, up 50.0% compared to $3,751 million in H2 FY22 and up 19.2% compared to $4,718 million in H1 FY22.

• Profit after income tax expenses was $4,005 million, up 65.8% compared to $2,415 million in H2 FY22 and up 22.0% compared to $3,284 million in H1 FY22.

• Group net interest margin (NIM) stood at 1.96%, equivalent to that of H2 FY22 and 5 points higher than 1.91% in H1 FY22.

• Core NIM was 1.90%, 10 points higher than 1.80% in H2 FY22 and 20 points higher than 1.70% in H1 FY22.

• Return on average ordinary equity came in at 11.30%, comparing to 6.93% in H2 FY22 and 9.25% in H1 FY22.