Westpac’s profits will decline just as CEO Miller challenges clients

(Bloomberg) – Westpac Banking Corp.’s profits have slipped as CEO Anthony Miller bites customer payouts as high cost of living in the Australian economy.

Most of them read from Bloomberg

Unauthorized net income for the three months ended December 31st has reached $1.7 billion ($1.1 billion), the Sydney-based bank said in a statement Monday. Hedges contributed to much of the fall, otherwise margins and profits remained flat.

A few months later, Miller was at the helm at Westpac as the Australian economy headed towards a stage of expected monetary policy easing where it could potentially curb the bank’s margins. Analysts are also wary of the outlook after stock prices have risen by more than 40% over the past year.

“While the cost of living and high interest rates remain challenging for some customers, many companies face cost pressures and lower demand,” Miller said in a statement. “Encouraged, inflation has eased and the Reserve Bank of Australia was able to lower its cash rate early tomorrow.”

Most of them read from Bloomberg BusinessWeek

©2025 Bloomberg LP