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# Westpac FY2024 Net Profit Falls 3% to A$6.99 Billion as Margin Compression Weighs
- URL: https://www.theglobalbanker.com/westpac-fy2024-net-profit-falls-3-percent-net-interest-margin-australia/
- Published: 2024-11-04T12:09:00.000Z
- Updated: 2026-10-02T13:35:22.000Z
- Description: Westpac reported a 3% decline in full-year net profit to A$6.99 billion as its net interest margin fell two basis points to 1.93%, operating costs rose 2%, and return on equity stood at 9.8%.
- Author: TGB Editorial Team
- Tags: Banking News, Asia-Pacific, #archive

Westpac Banking Corporation reported a 3% decline in full-year net profit to A$6,990 million for the financial year ended September 2024, as its net interest margin narrowed and operating costs rose. The result was announced on 4 November 2024.

The bank generated net operating income of A$21.6 billion during the year while operating expenses rose 2% year-on-year to A$10.9 billion (7% excluding Notable Items). Return on equity stood at 9.8%. The Common Equity Tier 1 capital ratio was 12.5%.

#### MARGIN COMPRESSION AND COST PRESSURES

Westpac's net interest margin declined two basis points year-on-year to 1.93%. The Reserve Bank of Australia's rate-tightening cycle took the cash rate to 4.35% by late 2023\. 

#### DIVIDEND AND BUYBACK

Westpac's board declared a final dividend of A$0.76 per share, bringing the total dividend for FY2024 to A$1.51 per share. Total ordinary dividends rose 6% despite the year-on-year profit decline. 

Westpac also increased its share buyback by A$1 billion.