Quick Recap:
- 3Q23 net profit: $1.8 billion
- Resilient operating revenue with disciplined margin management
- Inflationary pressures led to higher expenses: supplier costs & wages
- Capital, funding & liquidity above regulatory minimums
- Credit impairment provisions: $5.1 billion as of 30 June 2023
- 3Q23 Group NIM: 2.06%; Excluding Notable Items, NIM: 1.96%
- Core NIM: 1.86%, down due to mortgage competition, offset by higher earnings on capital & hedged deposits
- Deposit to loan ratio: 84.1%; Deposit growth: $8.7 billion; Loan growth: $6.4 billion
- 2H23 expenses up ~5% due to inflation, tech investments & customer simplification
- Full-time employee reduction ~2% in 2H23
- Notable Items: one-off expenses for cost reset & Commonwealth's Compensation Scheme of Last Resort levy.
News: WBC UPDATE 1-Westpac Q3 quarterly cash earnings boosted by rising rates, expenses weigh, page-2
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