Miller says customers showing resilience amid uncertainty

Marina Karpathios
07:35am May 05 2026

Westpac has reported its 2026 Half Year Result, with CEO Anthony Miller pointing to customer resilience and continued momentum despite global uncertainty.

Westpac says customers are proving resilient despite ongoing global uncertainty, as CEO Anthony Miller handed down the bank’s half‑year result.

 

Miller reported a $3.5 billion net profit excluding notable items, down one per cent on the second half of 2025 and up one per cent on the first half of 2025. Westpac will pay an interim ordinary dividend of 77 cents per share.

 

“This half, we’ve delivered solid operating momentum while investing for the future. Our strong balance sheet and disciplined focus will allow us to support customers through global uncertainty,” Miller said.

 

Last month the bank increased provisions reflecting the uncertain environment, but Miller maintains customers are navigating the challenges.

 

“Westpac is well positioned to deal with the impacts of ongoing conflict. Our role is to stay close to customers, back them through current challenges and make sure help is there when it’s needed,” he said.

 

Even so, he warned the impacts of global conflict will linger.

 

“The war in the Middle East is presenting challenges for some customers and the economic impact of the conflict will continue through the year,” he said.

 

“The disruption to energy supply chains has driven a rise in prices and we’re seeing this flow through to businesses and households, with some sectors more affected than others.”

 

In Westpac’s first half result, lending and deposit growth remained solid. Australian business lending increased 16 per cent over the year, while institutional lending rose 23 per cent, driven by stronger relationships with existing clients. Customer deposits grew 7 per cent, supported by transaction account growth. Expenses were down 2 per cent compared with the prior half.

 

Across the organisation, Miller said execution was gathering pace as the bank focused on delivery, including the Unite program, which is “solidly in implement phase.” 

 

“We’ve got the team in place, we’re clear on what needs to be done and the focus now is very simply on delivery,” he said. “There’s a strong sense of ownership and you can see that coming through in how we’re performing and serving customers.” 

 

Ahead of next week’s Federal Budget, the bank’s CEO signalled the need for reform to boost productivity across the economy.

 

“We’re ready to work with the Government to ensure Australia is better prepared for future events, including through ongoing investment in a reliable, sustainable energy system,” he said.

 

“We must embrace the opportunity for genuine reform to ensure the nation remains competitive.”

 

“Boosting productivity must be the country’s priority, particularly through an uplift in skills and training alongside a committed and inclusive adoption of AI and other emerging technologies,” Miller said.

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