SYDNEY (S&P Global Ratings) Nov. 6, 2023--Westpac Banking Corp.'s credit profile will remain robust despite a A$1.5 billion share buyback. Australia-based Westpac (AA-/Stable/A-1+) today announced a statutory profit from operations for the full year to Sept. 30, 2023, of A$7.2 billion, an increase of 26% on the prior year. We expect Westpac's capital levels to remain strong notwithstanding the A$1.5 billion on-market share buyback. As of Sept. 30, 2023, Westpac's common equity Tier 1 (CET1) ratio stood at 12.4%. Westpac will manage its CET1 ratio above 11%, well above Australian Prudential Regulation Authority's regulatory capital requirement of 10.25%. Credit losses over the next two years should remain low; that is, at about pre-pandemic levels of 15 basis points. We believe
