The Westpac Banking Corp (ASX: WBC) share price is in focus today following the release of its 2026 half-year results, highlighting a statutory net profit of $3.4 billion, up 3% on the prior corresponding period, and an interim fully franked dividend of 77 cents per share.
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What did Westpac report?
- Statutory net profit: $3.4 billion (up 3% vs 1H25, down 5% vs 2H25)
- Net profit excluding notable items: $3.5 billion (up 1% vs 1H25)
- Common equity tier 1 (CET1) capital ratio: 12.4%, above the 11.25% target
- Interim fully franked dividend: 77 cents per share
- Total lending and deposit growth: both up 7% year-on-year
- Return on equity (ROE): 9.6%
What else do investors need to know?
Westpac delivered solid results during a period of global uncertainty, with balance sheet growth supported by increases in both lending and deposits. The bank grew Australian mortgages 7% year-on-year (excluding RAMS) and reported a 16% jump in business lending, focusing on agriculture, health, and professional services.
Credit quality remains sound, with stressed exposures as a percentage of total committed exposures down to 1.16%. The bank's prudent approach saw credit impairment provisions increase to $5.2 billion, with an overlay added for energy-intensive sectors. Cost management remains in focus, with expenses down from the prior half.
What did Westpac management say?
Chief Executive Officer Anthony Miller said:
Our strong balance sheet and disciplined focus will allow us to support customers through global uncertainty. Growth is solid across lending and deposits, with several highlights. We are managing costs while backing Australians through current challenges.
What's next for Westpac?
Westpac remains cautious amid geopolitical and economic challenges, particularly ongoing conflict and its impact on energy prices. The bank says it is ready to work with government and industry to support business and households through uncertainty, including further investments in a sustainable energy system.
The UNITE transformation program is in its implementation phase, aimed at simplifying operations and supporting long-term growth. Westpac has reaffirmed its ambition to improve productivity, invest in technology including AI, and maintain its focus on regional Australia with continued branch support and growth in agribusiness lending.
Westpac share price snapshot
Over the past 12 months, Westpac shares have risen 19%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 7% over the same period.
