This report does not constitute a rating action. SYDNEY (S&P Global Ratings) Nov. 3, 2025--Westpac Banking Corp. will maintain its robust credit standing, supported by strong capital levels and low credit losses, in our view. Westpac (AA-/Stable/A-1+), one of Australia's four major lenders, today announced a net profit after tax of A$7.0 billion (excluding notable items) for the year ended Sept. 30, 2025. This is down 2% over the prior year. The results, including a 9% increase in operating expenses driven by higher staffing and technology costs, were in line with our expectations. Westpac?s technology transformation is progressing well. We believe system consolidation and process simplification will enhance efficiency and the customer experience supporting cost reductions and strengthening Westpac?s digital
