Asset Level: WBC's Equity to Asset ratio (7.6%) is moderate.

Allowance for Bad Loans: WBC has a sufficient allowance for bad loans (238%).

Low Risk Liabilities: 68% of WBC's liabilities are made up of primarily low risk sources of funding.

Loan Level: WBC has an appropriate level of Loans to Assets ratio (76%).

Low Risk Deposits: WBC's Loans to Deposits ratio (1.3x) is appropriate.

Level of Bad Loans: WBC has an appropriate level of bad loans (0.43%).
 Balance Sheet Summary
Balance 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Loans 6,93,059 7,14,770 7,09,690 6,84,919 6,61,926 6,23,316 5,80,343 5,36,164 5,14,445 4,96,609 4,77,655 4,63,459 3,13,545 2,75,377 2,36,380 1,95,589
Other Assets 2,18,887 1,91,856 1,69,902 1,66,956 1,77,276 1,88,840 1,90,499 1,64,933 1,64,167 1,73,619 1,40,622 1,26,128 1,26,131 1,02,243 65,081 64,164
Total Assets 9,11,946 9,06,626 8,79,592 8,51,875 8,39,202 8,12,156 7,70,842 7,01,097 6,78,612 6,70,228 6,18,277 5,89,587 4,39,676 3,77,620 3,01,461 2,59,753
Deposits and other borrowings 5,91,131 5,63,247 5,59,285 5,33,591 5,13,071 4,75,328 4,60,822 4,24,482 3,94,991 3,70,278 3,37,385 3,29,456 2,33,730 2,02,054 1,69,637 1,49,454
Debt Issues 1,50,325 1,81,457 1,72,596 1,68,356 1,69,902 1,71,054 1,52,251 1,44,133 1,47,847 1,65,931 1,50,971 1,33,024 1,00,369 87,126 66,080 41,771
Loan Capital 23,949 21,826 17,265 17,666 15,805 13,840 10,858 9,330 9,537 8,173 9,632 11,138 8,718 7,704 5,957 4,214
Other labilities 78,467 74,589 65,873 70,920 82,243 98,019 97,574 75,615 79,972 82,038 80,171 79,398 77,388 62,828 43,661 47,102
Total Liabilities 8,43,872 8,41,119 8,15,019 7,90,533 7,81,021 7,58,241 7,21,505 6,53,560 6,32,347 6,26,420 5,78,159 5,53,016 4,20,205 3,59,712 2,85,335 2,42,541
Total Shareholder's equity and NCI 68,074 65,507 64,573 61,342 58,181 53,915 49,337 47,537 46,265 43,808 40,118 36,571 19,471 17,908 16,126 17,212

Common Size Balances 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Loans 76% 79% 81% 80% 79% 77% 75% 76% 76% 74% 77% 79% 71% 73% 78% 75%
Other Assets 24% 21% 19% 20% 21% 23% 25% 24% 24% 26% 23% 21% 29% 27% 22% 25%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Deposits and other borrowings 65% 62% 64% 63% 61% 59% 60% 61% 58% 55% 55% 56% 53% 54% 56% 58%
Debt Issues 16% 20% 20% 20% 20% 21% 20% 21% 22% 25% 24% 23% 23% 23% 22% 16%
Loan Capital 3% 2% 2% 2% 2% 2% 1% 1% 1% 1% 2% 2% 2% 2% 2% 2%
Other labilities 9% 8% 7% 8% 10% 12% 13% 11% 12% 12% 13% 13% 18% 17% 14% 18%
Total Liabilities 93% 93% 93% 93% 93% 93% 94% 93% 93% 93% 94% 94% 96% 95% 95% 93%
Total Shareholder's equity and NCI 7% 7% 7% 7% 7% 7% 6% 7% 7% 7% 6% 6% 4% 5% 5% 7%
 Income Statement
Particular 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Interest Income 27,047 33,222 32,571 31,232 31,822 32,295 32,248 32,248 36,873 38,098 34,151 30,446 29,081 22,075 18,091 15,544
Interest Expense (10,351) (16,315) (16,066) (15,716) (16,674) (18,028) (18,706) (20,188) (24,371) (26,102) (22,309) (18,800) (21,859) (15,762) (12,449) (10,285)
Net Interest Income 16,696 16,907 16,505 15,516 15,148 14,267 13,542 12,821 12,502 11,996 11,842 11,646 7,222 6,313 5,642 5,259
Non-Interest Income 3,487 3,742 5,504 6,286 5,837 7,375 6,395 5,774 5,481 4,917 5,068 4,859 4,383 4,006 3,575 3,454
Net Operating Income 20,183 20,649 22,009 21,802 20,985 21,642 19,937 18,595 17,983 16,913 16,910 16,505 11,605 10,319 9,217 8,713
Operating Expenses (12,739) (10,106) (9,566) (9,434) (9,217) (9,473) (8,547) (7,976) (7,957) (7,406) (7,416) (7,171) (5,455) (4,689) (4,295) (4,159)
Impairment losses on loans (3,178) (794) (710) (853) (1,124) (753) (650) (847) (1,212) (993) (1,456) (3,238) (931) (482) (375) (382)
Profit Before Income Tax 4,266 9,749 11,731 11,515 10,644 11,416 10,740 9,772 8,814 8,514 8,038 6,096 5,219 5,148 4,547 4,172
Income Tax Expense (1,974) (2,959) (3,632) (3,518) (3,184) (3,348) (3,115) (2,947) (2,812) (1,455) (1,626) (2,579) (1,287) (1,630) (1,422) (1,223)
Net Profit for the year 2,292 6,790 8,099 7,997 7,460 8,068 7,625 6,825 6,002 7,059 6,412 3,517 3,932 3,518 3,125 2,949
Profit attributable to minority
interests (2) (6) (4) (7) (15) (56) (64) (74) (66) (68) (66) (71) (73) (67) (54) (251)
Net profit attributable to
equity holders of Westpac
Banking Corporation 2,290 6,784 8,095 7,990 7,445 8,012 7,561 6,751 5,936 6,991 6,346 3,446 3,859 3,451 3,071 2,698
Earnings (in cents) per share
Basic 63.70 196.50 237.50 238.00 224.60 255.00 243.70 218.30 194.70 233.00 214.20 125.30 206.00 186.90 167.20 148.90
Diluted 63.70 189.50 230.10 229.30 217.80 248.20 238.70 213.50 189.40 223.60 207.10 123.20 200.10 185.30 165.70 147.20
 Common Size Income Statement
Particular 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Interest Income 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100
Interest Expense (38.27) (49.11) (49.33) (50.32) (52.40) (55.82) (58.01) (62.60) (66.09) (68.51) (65.32) (61.75) (75.17) (71.40) (68.81) (66.17)
Net Interest Income 61.73 50.89 50.67 49.68 47.60 44.18 41.99 39.76 33.91 31.49 34.68 38.25 24.83 28.60 31.19 33.83
Non-Interest Income 12.89 11.26 16.90 20.13 18.34 22.84 19.83 17.90 14.86 12.91 14.84 15.96 15.07 18.15 19.76 22.22
Net Operating Income 74.62 62.15 67.57 69.81 65.94 67.01 61.82 57.66 48.77 44.39 49.52 54.21 39.91 46.75 50.95 56.05
Operating Expenses (47.10) (30.42) (29.37) (30.21) (28.96) (29.33) (26.50) (24.73) (21.58) (19.44) (21.72) (23.55) (18.76) (21.24) (23.74) (26.76)
Impairment losses on loans (11.75) (2.39) (2.18) (2.73) (3.53) (2.33) (2.02) (2.63) (3.29) (2.61) (4.26) (10.64) (3.20) (2.18) (2.07) (2.46)
Profit Before Income Tax 15.77 29.35 36.02 36.87 33.45 35.35 33.30 30.30 23.90 22.35 23.54 20.02 17.95 23.32 25.13 26.84
Income Tax Expense (7.30) (8.91) (11.15) (11.26) (10.01) (10.37) (9.66) (9.14) (7.63) (3.82) (4.76) (8.47) (4.43) (7.38) (7.86) (7.87)
Net Profit for the year 8.47 20.44 24.87 25.61 23.44 24.98 23.64 21.16 16.28 18.53 18.78 11.55 13.52 15.94 17.27 18.97
Profit attributable to minority
interests (0.01) (0.02) (0.01) (0.02) (0.05) (0.17) (0.20) (0.23) (0.18) (0.18) (0.19) (0.23) (0.25) (0.30) (0.30) (1.61)
Net profit attributable to
equity holders of Westpac
Banking Corporation 8.47 20.42 24.85 25.58 23.40 24.81 23.45 20.93 16.10 18.35 18.58 11.32 13.27 15.63 16.98 17.36
 Ratio Analysis
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
DuPont Ratios
ROE 22.95 23.00 23.50 23.10 10.80 17.40 17.80 13.90 15.20 16.30 16.20 13.32 13.65 13.05 10.65 3.37
Net Profit Margin 17.36 16.98 15.63 13.27 11.32 18.58 18.35 16.10 20.93 23.45 24.81 23.40 25.58 24.85 20.42 8.47
Asset Turnover 13.28 19.68 22.83 31.12 13.21 12.90 12.42 11.55 9.83 9.76 8.81 7.81 7.07 6.82 6.95 5.37
Equity Multiplier 6.80 5.51 5.68 5.00 8.22 6.91 7.31 7.09 6.99 6.82 7.10 7.27 7.39 7.59 7.35 7.54
Shareholder's Value
Dividends per ordinary share (cents) 100 116 131 142 116 139 156 166 174 182 187 188 188 188 174 31
Dividend payout ratio (%) 69.00 69.40 70.10 68.90 92.60 64.90 67.00 85.30 79.70 74.70 73.40 84.19 79.28 79.52 88.83 48.87
Basic earnings per share (cents) 144.80 167.20 186.90 206.00 125.30 214.20 233.00 194.70 218.30 243.70 256.30 224.60 238.00 237.50 196.50 63.70
Net tangible assets per ordinary share ($) 6.21 6.14 7.00 7.71 7.89 8.96 9.96 10.49 11.09 11.57 13.08 13.90 14.66 15.39 15.36 15.67
Business performance
Operating expenses to operating income
ratio (%) 48.3 47.3 45.4 47.0 43.4 43.9 43.8 44.2 42.9 42.9 43.8 43.5 42.9 43.5 48.9 63.1
Loan to Deposit Ratio 1.3 1.4 1.4 1.3 1.4 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.2
Net interest margin (%) 2.20 2.29 2.19 2.07 2.38 2.21 2.19 2.16 2.14 2.09 2.09 2.10 2.06 2.13 2.12 2.03
Capital adequacy
D/E ratio 14.15 17.87 20.28 21.73 15.13 14.38 14.38 13.71 13.71 14.63 14.15 13.49 12.89 12.70 12.89 12.33
Total equity to total assets (%) 6.60 5.30 4.70 4.40 6.20 6.50 6.50 6.80 6.80 6.40 6.60 6.90 7.20 7.30 7.20 7.50
Total equity to total average assets (%) 6.80 5.70 5.40 4.80 6.30 6.60 7.00 6.90 6.90 6.70 6.80 7.00 7.20 7.40 7.30 7.40
Tier 1 ratio (%) 6.80 6.90 6.50 7.80 8.10 9.10 9.70 10.30 10.70 10.60 11.40 11.17 12.66 12.78 12.84 13.23
Total capital ratio (%) 9.70 9.60 9.50 10.80 10.80 11.00 11.00 11.70 12.30 12.30 13.30 13.11 14.82 14.74 15.63 16.38
Credit quality
Net impaired assets to equity and
collectively assessed provisions (%) 1.30 1.50 1.40 3.00 5.70 6.20 6.30 5.60 4.10 2.50 1.80 1.79 1.29 1.14 1.41 2.21
Total provisions for expected credit
losses/impairment on loans and
credit commitments to total loans (basis
points) 43.50 57.20 56.30 68.90 101.20 104.90 88.00 82.00 73.00 60.00 53.00 54.00 45.00 43.00 54.00 88.00
 DuPont Analysis
35.00

30.00

25.00

20.00

15.00

10.00

5.00

0.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
ROE 22.95 23.00 23.50 23.10 10.80 17.40 17.80 13.90 15.20 16.30 16.20 13.32 13.65 13.05 10.65 3.37
Net Profit Margin 17.36 16.98 15.63 13.27 11.32 18.58 18.35 16.10 20.93 23.45 24.81 23.40 25.58 24.85 20.42 8.47
Asset Turnover 13.28 19.68 22.83 31.12 13.21 12.90 12.42 11.55 9.83 9.76 8.81 7.81 7.07 6.82 6.95 5.37
Equity Multiplier 6.80 5.51 5.68 5.00 8.22 6.91 7.31 7.09 6.99 6.82 7.10 7.27 7.39 7.59 7.35 7.54

ROE Net Profit Margin Asset Turnover Equity Multiplier

 Income Growth
45,000 80%

40,000
70%

35,000
60%

30,000
50%

25,000

40%

20,000

30%
15,000

20%
10,000

10%
5,000

- 0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Gross Income 27,047 33,222 32,571 31,232 31,822 32,295 32,248 32,248 36,873 38,098 34,151 30,446 29,081 22,075 18,091 15,544
EBIT % 27% 25% 23% 18% 20% 24% 22% 24% 30% 33% 35% 33% 37% 36% 29% 16%
Net Income % 17% 17% 16% 13% 11% 19% 18% 16% 21% 23% 25% 23% 26% 25% 20% 8%

Gross Income EBIT % Net Income %

 Shareholder's Value
300

250

200

150

100

50

0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Dividends per ordinary share (cents) 100 116 131 142 116 139 156 166 174 182 187 188 188 188 174 31
Dividend payout ratio (%) 69.00 69.40 70.10 68.90 92.60 64.90 67.00 85.30 79.70 74.70 73.40 84.19 79.28 79.52 88.83 48.87
Basic earnings per share (cents) 144.80 167.20 186.90 206.00 125.30 214.20 233.00 194.70 218.30 243.70 256.30 224.60 238.00 237.50 196.50 63.70
Net tangible assets per ordinary share ($) 6.21 6.14 7.00 7.71 7.89 8.96 9.96 10.49 11.09 11.57 13.08 13.90 14.66 15.39 15.36 15.67

Dividends per ordinary share (cents) Dividend payout ratio (%) Basic earnings per share (cents) Net tangible assets per ordinary share ($)
 Business Performance
2.50 70.0

2.40 60.0

2.30 50.0

2.20 40.0

2.10 30.0

2.00 20.0

1.90 10.0

1.80 0.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Net interest margin (%) 2.20 2.29 2.19 2.07 2.38 2.21 2.19 2.16 2.14 2.09 2.09 2.10 2.06 2.13 2.12 2.03
Operating expenses to operating income ratio (%) 48.3 47.3 45.4 47.0 43.4 43.9 43.8 44.2 42.9 42.9 43.8 43.5 42.9 43.5 48.9 63.1

Net interest margin (%) Operating expenses to operating income ratio (%)
 Capital Adequacy Graph
25.00

20.00

15.00

10.00

5.00

0.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
D/E ratio 14.15 17.87 20.28 21.73 15.13 14.38 14.38 13.71 13.71 14.63 14.15 13.49 12.89 12.70 12.89 12.33
Total equity to total assets (%) 6.60 5.30 4.70 4.40 6.20 6.50 6.50 6.80 6.80 6.40 6.60 6.90 7.20 7.30 7.20 7.50
Total equity to total average assets (%) 6.80 5.70 5.40 4.80 6.30 6.60 7.00 6.90 6.90 6.70 6.80 7.00 7.20 7.40 7.30 7.40
Tier 1 ratio (%) 6.80 6.90 6.50 7.80 8.10 9.10 9.70 10.30 10.70 10.60 11.40 11.17 12.66 12.78 12.84 13.23
Total capital ratio (%) 9.70 9.60 9.50 10.80 10.80 11.00 11.00 11.70 12.30 12.30 13.30 13.11 14.82 14.74 15.63 16.38

D/E ratio Total equity to total assets (%) Total equity to total average assets (%) Tier 1 ratio (%) Total capital ratio (%)
 Credit Quality
120.00

100.00

80.00

60.00

40.00

20.00

0.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Net impaired assets to equity and collectively assessed
1.30 1.50 1.40 3.00 5.70 6.20 6.30 5.60 4.10 2.50 1.80 1.79 1.29 1.14 1.41 2.21
provisions (%)
Total provisions for expected credit losses/impairment on
loans and 43.50 57.20 56.30 68.90 101.20 104.90 88.00 82.00 73.00 60.00 53.00 54.00 45.00 43.00 54.00 88.00
credit commitments to total loans (basis points)

Net impaired assets to equity and collectively assessed provisions (%) Total provisions for expected credit losses/impairment on loans and
credit commitments to total loans (basis points)