This report does not constitute a rating action. SYDNEY (S&P Global Ratings) May 5, 2025-- Westpac Banking Corp. will maintain a strong credit profile, supported by robust regulatory capital and low credit losses. We anticipate credit losses will stay low over the next two years, at about pre-pandemic levels. Westpac today reported net profit after tax of A$3.3 billion for the six months ended March 31, 2025, down 1% compared with the same period a year earlier. A focus on higher-return segments including 14% growth in business lending reinforced the outcome. We believe completion of Westpac's "Unite" technology enabled simplification project will support the bank's business franchise and stability, with execution crucial to its success. The results at Westpac (AA-/Stable/A-1+),
