Westpac NZ reports slight profit dip, solid asset growth in annual statement

Westpac Banking Corporation’s New Zealand Banking Group announced its annual disclosure statement for the year ended 30 September 2025. The group reported a net profit attributable to owners of the Overseas Bank of NZ$1,242 million, a marginal decrease from NZ$1,253 million in the prior year. Total assets increased to NZ$140,750 million in 2025, up from NZ$133,501 million in 2024.

Net interest income saw a slight decline to NZ$2,902 million from NZ$2,929 million. However, non-interest income rose significantly to NZ$367 million from NZ$264 million, primarily driven by a substantial increase in trading income from NZ$20 million to NZ$121 million. Operating expenses increased to NZ$1,564 million from NZ$1,427 million.

The provision for expected credit losses on loans and credit commitments decreased to NZ$450 million for 2025, compared to NZ$502 million in 2024. The total regulatory capital ratio for the Overseas Banking Group stood at 21.7% in 2025, with a Common Equity Tier 1 capital ratio of 12.5%.