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 5 May 2026

Westpac NZ half year results

Westpac New Zealand (Westpac NZ)i has reported a 4% increase in net profit for the 6 months ended 31 March 2026 compared to the same period last year and is well-placed to support households and businesses through current economic uncertainty.

Net profit was $545m, down 19% compared to the previous six months, due to higher impairment provisions in the face of worsening economic conditions and margin compression as the bank responded to official cash rate reductions.

Westpac’s net interest margin to 31 March was 2.29%, up 0.03% on the prior corresponding period but down 0.10% on the previous six months

Key financials

(All comparisons are for the 6 months ended 31 March 2026 versus the 6 months ended 31 March 2025)

• Pre-provision profit of $795 million, up 4%.

• Net profit of $545 million, up 4%.

• Net operating income of $1,555 million, up 4%.

• Operating expenses of $760 million, up 4%.

• Net impairment charge of $37 million, compared with an impairment charge of $33 million in the same period last year.

• Net interest margin 2.29%, up 3 basis points.

• Home lending up 5% to $73.3 billion, Business lending up 6% to $35.0 billion, Deposits up 3% to $83.7 billion.