Westpac's annual profit falls despite cost-cutting drive

Summarised from 2 outlets · 3 reports · Updated 1 Nov, 22:02 · Archive

Australia's second-biggest bank Westpac posted a one per cent fall in annual profit to $6.8 billion after cutting about 250 jobs.

Westpac, Australia's second-biggest bank, has revealed a one per cent fall in annual profit to $6.8 billion for fiscal 2026 after recently cutting about 250 jobs. Despite the profit decline, net interest income—the difference between interest earned and interest paid—rose by one per cent to $19.7 billion.

The bank reported strong growth in customer deposits and lending, which rose by six and five per cent respectively in the year ended September. Chief executive Anthony Miller said Westpac had supported more than 190,000 Australians to buy a home and is targeting $100 billion in housing-related lending by 2030.

Miller described the result as solid for a bank in the midst of a multi-year transformation program to simplify core systems, cut operating costs and lift its engagement with artificial intelligence. He said the domestic economy was holding up 'relatively well', though he noted inflation remained above the Reserve Bank's target range and interest rates were likely to remain elevated into 2027.

How it is being reported

• Westpac books $6.8b profit, CEO says economy uncertainWestpac’s profit missed expectations as chief executive Anthony Miller said Australia’s economic outlook remains uncertain.The West Australian · 1 Nov, 22:30
• Bank's profit falls in uncertain economic environmentWestpac has posted its first annual profit decline as its chief executive pushes ahead with an ambitious cost-cutting project after the bank recently shed jobs.Perth Now · 1 Nov, 21:34
• Bank's profit falls in uncertain economic environmentWestpac has posted its first annual profit decline as its chief executive pushes ahead with an ambitious cost-cutting project after the bank recently shed jobs.The West Australian · 1 Nov, 21:34

In this story: Westpac · Anthony Miller · Commonwealth Bank · Reserve Bank · Australia

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log