Westpac Banking (WBC) AGM 2025 summary

Opening remarks and agenda

• Acknowledgement of traditional owners and commitment to reconciliation initiatives.

• Meeting agenda included addresses from the Chairman and CEO, director elections, shareholder resolutions, and Q&A.

• Voting was conducted by poll, with results to be published post-meeting.

Financial performance review

• CET1 capital ratio at 12.5%, reinforcing a strong capital position.

• Net profit (excluding notable items) was AUD 7 billion, with return on tangible equity at 11%.

• Deposit growth of 7% outpaced loan growth of 6%, raising the deposit-to-loan ratio to 85%.

• Total expenses increased by 9% due to transformation investments and higher staff costs.

• Earnings per share were AUD 2.01, with share buybacks contributing AUD 0.03.

Board and executive committee updates

• New directors Deborah Hazleton, David Cohen, and Pip Greenwood were nominated for election.

• Peter Nash sought re-election, with the board unanimously supporting his nomination.

• Margie Seale stepped down as Chair of the Remuneration Committee, succeeded by Deborah Hazleton.

• Board composition reflects a blend of continuity and renewal, with a focus on financial services expertise.