Westpac’s Miller hands down first result, urges calm amid global uncertainty

Marina Gainulina
07:30am May 05 2025

Westpac CEO Anthony Miller says the bank is in a strong position to support customers through uncertain times, as he hands down his first half year result as CEO.

Miller, who took over from Peter King last December has posted a $3.5 billion net profit excluding notable items, down one percent on the first half of 2024. Westpac will pay a 76 cents per share interim ordinary dividend, with Miller saying the result “demonstrates our achievements and ensures we are ready for the challenges ahead.”

“Westpac’s very strong balance sheet is important given global uncertainty,” Miller said. “Our capital, liquidity and deposit-based funding enables us to support our customers and our community.”

With a CET1 capital ratio of 12.2 per cent, and a deposit to loan ratio of 84 per cent, Miller notes the bank is well placed to handle uncertainty affecting global markets.

“Changes to global trade policies have impacted markets and funding for the bank,” Miller said.

“Geopolitical uncertainty is a key risk that’s as high as it has been for a very long time. Despite the volatility, it’s important that we look through the noise and avoid reacting to the headlines.”

Westpac Institutional Bank was the stand-out performer in the past half, with net profit increasing 11 per cent and lending up 15 per cent, against the first half of 2024.

It reflects Miller’s goal to target higher return segments. Australian Business lending is up 14 per cent against the first half of 2024. Total loans and customer deposits across the bank also recorded growth, up 5 per cent to $825 billion and 7 per cent to $697 billion respectively, against 1H24.

“We’re managing margins actively in a competitive environment achieving sustainable growth in our target areas,” Miller said.

Customers resilient

Despite the cost of living challenges, signs of relief are evident as credit quality remained strong and mortgage delinquencies fell.

Miller says he’s impressed by the resilience of Westpac customers, with the improvement in credit quality metrics “indicating we may have passed the low point in the cycle.”

He’s made customer service excellence a key priority for his tenure as CEO, including lifting the bank’s net promoter scores, a key measure of customer satisfaction.

“Westpac’s award-winning app is an important driver, along with our scam-prevention technology and future investment in next-generation initiatives like our corporate transaction platform, Westpac One and new business lending origination platform, BizEdge,” Miller said.

Westpac’s economists are expecting three more interest rate cuts by the end of this year, starting with a 25 basis point reduction in May.

Fresh off the federal election result, Miller says he’s looking forward to working with the Government on the challenges and opportunities ahead, “including providing more housing, guaranteeing access to cash with a sustainable long-term model and challenging ourselves as to how we compete as a nation going forward.”

Marina Gainulina

Marina Gainulina (she/her) is a Content Producer for Westpac Wire. Graduating with a Bachelor of Communications & Media (Journalism) degree, Marina has spent a decade as a lifestyle journalist and luxury marketer, crafting commercial and editorial content for global brands including Tiffany & Co., Hugo Boss, NIVEA and GRAZIA.

Don't miss

Related articles

Westpac unveils investment product aimed at improving social outcomes

By James Thornhill
Editor, Westpac Wire

Westpac contract with NSW Government cements enduring partnership

By James Thornhill
Editor, Westpac Wire

King signs off as CEO with Westpac well placed for the future

By James Thornhill
Editor, Westpac Wire

Browse topics