SYDNEY (S&P Global Ratings) May 8, 2023--Westpac Banking Corp. can absorb margin pressure and ensure its earnings remain solid over the next two years. The Australia-based bank's core net interest margin (NIM) improved to 1.90% from 1.80% for the first half of 2023, but its core NIM for the month of March 2023 fell. This reflects strong competition in the Australian mortgage market despite rising interest rates. Westpac (AA-/Stable/A-1+) announced today statutory profit from operations for the six months ended March 31, 2023, of A$4 billion, an increase of 22% on the prior corresponding period. The Australian major bank's results were solid across all Australian business segments and in line with our expectations. We expect Westpac's capital levels to remain
