Ms McCann’s appointment is an internal one, as she is currently Group Executive, Customer & Corporate Services, and will take on the leadership mantle of the Consumer division from 12 May 2025.

Westpac CEO Anthony Miller said this was a wise appointment, given Ms McCann’s achievements thus far.

“Carolyn is an outstanding executive who has overhauled the operations of thebank in her current role,” he said.

“Under Carolyn’s leadership, our broker time to decision has more than halved, scam losses have been reduced by 40% and our customer complaints process has been dramatically simplified.

“Carolyn is a customer-focused leader who empowers her people to act. She will bring this focus to the Consumer division while we continue the search for a permanent chief executive.”

While Ms McCann is acting in this role, Carolyn Hoy – who is current General Manager, Property, Procurement and Resilience – will take on an acting role as Group Executive, Customer & Corporate Services.

This augments Ms Hoy’s 20-year experience with Westpac, in roles across Legal, Compliance and Risk.

Westpac shares have been trading at $32.30.

Join the discussion: See what HotCopper users are saying about Westpac and be part of the conversations that move the markets.

Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.

The bank entered a court-enforceable undertaking with the Australian Prudential Regulation Authority (APRA) following conversations with the former about non-financial risk management practices and risk culture.

The EU is also connected to the appearance of issues in ANZ’s Global Markets Business, which had promoted the regulator to express concern about an uplift in the bank’s non-financial risk work program.

More market news

Never-ending: And just like that, Trump’s tariffs are back causing more market chaos

Meet GeoGeorge: The HotCopper poster so accurate he got hired as an analyst

Chairman Paul O’Sullivan said the bank was working towards improving its practices around non-financial risk, but had more to do. “We are disappointed that we have not met APRA’s expectations about how the bank manages non-financial risk and its non-financial risk culture,” he said.

“A strong non-financial risk regime is critical to protecting our bank and our customers.”

ANZ has been trading at $29.66.

Join the discussion: See what HotCopper users are saying about ANZ Group Holdings and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.

Through its subsidiary in India, Transaction Solutions International (India) Pvt Ltd, Findi has secured the ATM deal, which it expects to deliver revenue of $250-$270 million and EBITDA of $125 to $135 million over 10 years (seven plus three years).

The agreement bumps up its ATMs in India by 54% – adding to the 4,219 ATMs awarded in October 2023.

The roll-out of the additional ATMs will start in October and take about five months.

Findi Executive Chairman Mr Nicholas Smedley said the growth was four times faster than that of their closest competitor.

“The upgrade of this contract is the direct result of Findi’s operational excellence and our speed of deployment of new ATMs – more than four times faster than our closest competitor,” Mr Smedley explained.

“Our ability to seamlessly and consistently deliver on significant ATM contracts has seen Findi awarded approximately 3,831 ATMs from new contracts and extensions in the 2025 year to date, valued at approximately $360-392 million total contract value.

“Our proven track record of contract execution reinforces our market position as the provider of choice with India’s major banks and positions us well for future opportunities.”

And Findi’s appointed Rothschild & Co for its planned Indian IPO in 2026.

“The appointment of leading global investment bank Rothschild is a key milestone for our aspiration of delivering a billion-dollar listing as we continue to drive financialinclusion for the unbanked across India,” Smedley said.

However, FY25 revenue guidance has been revised down to $68 million to $70 million from previous guidance of $80-$90 million. FY25 EBITDA guidance of $30-$32 million is at the lower end, of the previously stated guidance range of $30-$35 million.

Mr Smedley said the revised guidance was impacted by the deferred commencement of White Label ATM Licence (WLA) revenue.

That delays the receipt of about $15 million in revenue.

“While we were on track to deliver against our previous guidance, the delayed completion of the Indicash acquisition will now impact FY25 revenue performance,” Smedley said.

“Nonetheless, we remain on track for solid EBITDA performance for FY25, driven by the strong operational and strategic momentum in our existing ATM business and our growing FindiPay offering, together with our stringent approach to cost control.

“We are anticipating strong contributions from organic growth and acquisitions as we work towards the IPO of Findi India in 2026.”

Findi last traded at $4.56 and has a market cap of nearly $225 million.

Join the discussion. See what HotCopper users are saying about Findi Ltd and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.

The company today reported on a year with “increased innovation,” including the introduction of digital advice.

The overall number for underlying NPAT was $236 million in FY24, up from $205 million.

The superannuation and investments business also performed strongly, with underlying NPAT up 26.4% to $67M (from $53M in FY23), underpinned by solid market conditions, lower variable costs, and stronger cashflows.

However, AMP did record a 22.6% fall in underlying profit, with the number set at $72M for FY24, down from $93M in FY23. This was, the company said, due to continuing management of volumes as well as margins during the process of developing the new digital bank its working on.

But New Zealand Wealth Management did see an increase of 8.8% in underlying NPAT for FY24, which was $37M, up from $34M in FY23.

Chief Executive Alexis George said it had been a year of steady improvements.

“2024 was another year of strategic delivery for AMP as we build positive performance momentum and focus firmly on growth,” she said.

“We sold and transitioned the Advice business, hit cost targets and completed our $1.1 billion capital return program.

“Our wealth businesses are competing strongly in their chosen markets, driving positive performance, and we’re launching new offers including digital advice.

“In our North platform, there has been continued adviser take up of our innovative retirement products and managed portfolios, which is driving inflows. In Superannuation & Investments, our strong member proposition, including top-quartile investment returns for the year, are supporting the continued improvement in cashflows.”

AMP has been trading at $1.75.

Join the discussion: See what HotCopper users are saying about AMP Ltd and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

The team – a crucial component of the ‘Big 4’ bank’s Asian credit trading business, which nets up to $70 million a year – was said to have communicated its desire to leave late on Monday.

Additional rumours suggest they’ve been poached by rival Standard Chartered.

There was no news of these developments on Tuesday, when the ASX opened after the Australia long weekend – a day in which ANZ was trading higher, with shares at $30.52 (at 14:54 AEDT); a rise of 1.13% since market open.

ASIC is continuing its examination of the bank about its role in a $14 billion government bond sale. The regulator has labelled the case the ‘highest priority.’ The Federal Court dismissed an appeal by ANZ in October 2024.

In the wake of the scandal, the bonuses of senior executives and members of the Institutional and Corporate Banking team have been cut.

And with some credit traders confirmed as leaving – such as Ming Wo, who has worked for ANZ in Singapore, Sydney and London – others are rumoured to be on the way out, such as Timothy Teh and Adam Hall.

Join the discussion: See what HotCopper users are saying about ANZ Group and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

The acquisition – which was made for A$30 million – will facilitate the acceleration of Findi’s growth strategy by two years, providing it with around 25% its consolidated revenues from digital payments, post-completion.

Founded in 2010 by Amit Nigam – also founding executive of SpiceMoney – BankIT works on the premise of leveraging technology via an extensive Merchant network to deliver affordable and user-oriented finanical solutions to allow every Indian to manage their finances in a seamless and secure manner.

Mr Nigam aims to continue driving BankIT’s growth following the Findi acquisition. For the latter company, this deal will mean that Findi is now the only Pan-Indian ATM operator with a truly nationwide digital business.

Findi Executive Chairman Nicholas Smedley described the acquisition of BankIT as a transformational step change for Findi on its pathway to becoming an Indian payments bank.“This acquisition is a gamechanger for Findi and positions us to play a pivotal role in India’s transition into digital banking over the next 5 to 10 years, further driving financial inclusivity and reshaping the financial landscape in India,” he said.

“While successfully building our flagship FindiPay digital platform, we have been pursuing acquisitions such as this to enhance the depth and breadth of FindiPay to position Findi for further strong growth.”

Findi shares moved up following this news, and by 16:20 AEDT, they were trading at $4.62 – a rise of 22.87% since the market opened.

Join the discussion: See what HotCopper users are saying about Findi and be part of the conversations that move the markets.

Mr Matos – who will take over the role of CEO on July 3, 2025 – comes to the role with 30 years of experience across multiple sectors of banking, most recently as HSBC’s CEO of Wealth and Personal Banking.

He spent nine years at the latter global bank, holding roles such as Chief Executive Officer of HSBC Bank plc and HSBC Europe, as well as CEO Mexico (one of HSBC’s biggest markets) and Regional Head of Retail Banking in Latin America.

Mr Nunos has also worked at Santander, where he was Global Head of Consumer in its Retail and Commercial Division.

ANZ Group chairman Paul O’Sullivan said he believed this appointment would be an important step for the ‘big four’ bank going forward.

“We are very pleased an international banker of Nuno’s calibre and extensive experience will be joining ANZ as our new chief executive to lead the execution of our strategy,” he said.

“Nuno’s appointment is the culmination of long-term systematic work by the board onleadership succession.

“Having assessed multiple external and internal candidates, we know Nuno is the rightperson to build on the transformation already well progressed under the leadership of Shayne and his team.”

“Critically, Nuno has led several bank business, risk and technology transformations, which will be a significant benefit as we prepare to scale the migration of customers, including those from Suncorp Bank, across to ANZ Plus as well as supporting our focus on non-financial risk.”

Mr Elliott first joined ANZ in 2009 having also served as Global Managing Director Institutional and the Group’s Chief Financial Officer.

ANZ has been trading at $31.15 this morning.

Join the discussion: See what HotCopper users are saying about ANZ and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

Total income for the reporting period also held a significant skew in the direction of international income, with this being 65% of the total.

The quantity of assets under management had also risen – to $916.8 billion by the end of September 2024, up 3% compared to the same time in 2023, but also down 2% compared to 31 March 2024.

Macquarie declared an interim dividend of $2.60 – which is 35% franked, representing a payout ratio of 61%.

Managing director and CEO Shemara Wikramanayake said there were various factors underpinning the results.

“Macquarie’s improved performance this half year was underpinned by improved realisations in Macquarie Asset Management and further progress in the digitalisation programme in Banking and Financial Services, reflecting the ongoing benefits of our diversebusiness mix,” she said.

Macquarie Group has been trading at $231.51.

Join the discussion: See what HotCopper users are saying about Macquarie Group and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

Mr Miller is currently Chief Executive of Westpac’s Business & Wealth division, and his prior experience in executive roles included working at Deutsche Bank as CEO of the Australia/New Zealand division and Co-Head of Investment Bank, APAC.

He was also a Partner at Goldman Sachs, having spent 16 years working there.

Westpac Chair Steven Gregg said Miller’s extensive experience in the sector would position him as a strong leader in this role.

“Anthony is an exceptional leader. He’s an individual of integrity and he’s ready to leadAustralia’s oldest company,” he said.

“He has deep expertise in financial services and global banking and has built a considerable track record of delivery over 25 years.

“Anthony is ambitious for the future of Westpac and its customers. Since joining Westpacin 2020, he’s put the Institutional Bank on a path to reclaiming its leadership position.

“He’s spent the past year leading Business & Wealth, restoring growth and focusing oncustomers.”

Gregg also acknowledged the efforts and initiative of Peter King in the role.

“Peter’s time as CEO will forever be defined by his courage and commitment to Westpac.He leaves a significant legacy and we owe him a great debt of gratitude,” he said.

Westpac shares moved down on the news, and by 12:15 AEST, they were trading at $31.67 – a fall of 1.34% since the market opened.

Bendigo and Adelaide Bank (ASX:BEN) has seen its share price drop nearly 2% as it reported that cash earnings in the 2024 fiscal year had come in at $562 million – a fall of 2.6% from the figure of $576.9 the previous year.

Net profit had risen however, in FY24 to $545 million: a rise of 9.7% from $497 million in FY23.

The bank’s dividend was 63 cents – 2 cents higher from the previous year.

CEO Marnie Baker said she had been pleased with the year’s performance by BEN, which had registered a 3.4% rise in customer deposits, an increase of 2.6% in total lending for the 2024 fiscal year, with growth in residential lending volumes (up 6.4%) and agribusiness lending growing by 7.4%, with a focus particularly on Western Australia and Queensland.

At 12:15 AEST, BEN shares were $12.18: a fall of 1.81% since the market opened.

At the same time, shares in Tyro Payments Ltd (ASX:TYR) were $1.12: a rise of 14.29% since the market opened, as the payment solutions company told investors it had had a good year, with NPAT growing fourfold to $25.7 million, up from $6 million in FY23, while its earnings figure (EBITDA) had increased 31.6% year-on-year to $55.7 million, with an EBITDA margin of 26.4%.

Gross profit was up 9.1% year-on-year to $210.8 million.

Tyro said its stronger profit performance was underpinned by a successful pricing transformation, with a rise of 21% in the volume of Health transactions, while integrated banking had also come out strongly, with a 27% increase in banking users as well as a 29.4% rise in banking gross profit.

Looking ahead, the company said it anticipated growth to continue despite the economic headwinds facing merchant customers, and suggested that gross profit for FY25 could be between $218 million and $226 million.

NIB Holdings Ltd (ASX:NHF) also had a bad day on markets, with shares being 15.34% down (at $6.16) since the market opened, despite reporting net profit of a whopping 67.4% in FY24 (for $181.6 million), while telling investors that group revenue was also higher, sitting at $3.3 billion in the 2024 fiscal year: a rise of 9.3% from FY23.

The company said its flagship Australian Residents Health Insurance business was a strong performer for the year, achieving its highest sales ever in FY24, attracting higher value, combined hospital and extras policies.

Despite an increase in cost-of-living pressures, policyholder growth had come in 2.5% – outperforming anticipated industry growth of 1.9%.

NIB’s full year dividend (fully franked) was 29 cents per share, compared to 28 cps in FY23.

Online beauty retailer Adore Beauty Group Ltd (ASX:ABY) was another company with a positive narrative for the market. Adore – which last month acquired Australian beauty brand iKOU, as well as appointing a new CEO – told investors that its NPAT for FY24 was $2,175,000, a turnaround from its net loss of $559,000 in FY23.

This sent the company’s shares up 4.99% at 12:28 AEST, to $1.16.

Earnings (EBITDA) had been in-line with guidance, at $4.8 million: this was 661% higher than in FY23, with a margin of 2.5%.

Adore was also pleased to announce its ability to build a strong customer base, with the sales for the fiscal year including a record 519,000 returning customers, up 5.8% on FY23, and accounting for 79% of product sales.

Host Filip Tortevski argues ANZ has ‘really performed’.

“All things are leading to a nice continued run-up and resumption of this very uniform up-trend that it’s experiencing,” he said.

“As ANZ runs through these uptrends, it does experience more sharpness in its moves, and that’s when, really, you need to pay attention.

“Be prepared for upside, but also be prepared that at some time this upside will subdue.”

Mr Tortevski says history suggests the stock could test the $31.80 level.

ANZ closed below $30 today.

Uranium producer Paladin Energy (ASX:PDN) is Mr Tortevski’s ‘Proceed with Caution’ pick this week.

He said it was a positive caution, because the stock had been in a bullish uptrend, but was volatile and had pulled back close to 50%.

It closed at $10.24 today.

Mr Tortevski’s ‘Not Hot’ stock pick this week is Liontown Resources (ASX:LTR).

The lithium play has plummeted from its highs around $3.20 in June last year, in the days when it was pursued by Albemarle. Since then Gina Rinehart has secured 19.9% and Albemarle has sold down its 4% stake.

While Liontown produced its first spodumene recently from the Kathleen Valley project, Liontown was at a 52-week low yesterday. It closed below 80 cents today.

Dale Gillham is Chief Analyst at Wealth Within and international bestselling author of How to Beat the Managed Funds by 20%. He is also the author of Accelerate Your Wealth—It’s Your Money, Your Choice, which is available in bookstores and online at www.wealthwithin.com.au

Disclaimer: While Wealth Within holds an Australian Financial Services License (AFSL:226347) the information featured in this program is general in nature and therefore should not be relied upon. Before making any investment decisions, you should consult a licensed professional who can advise whether your investment decisions are appropriate for you.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

The bank registered an unaudited net profit of $1.8 billion in the third quarter, a rise of 6% on the quarterly average for the first half of the year. When the impact of notable items was excluded (specifically related to hedge accounting), this meant a 2% rise.

Westpac’s net interest margin (NIM) for the third quarter was at 1.92% – an increase of 3 basis points compared to the first half of 2024. Core NIM had risen 2 basis points to 1.92%.

Customer engagement with the bank was also solid during the quarter, with deposits growing by $15.5 billion, and loans growing by $14.7 billion.

Drilling into the first one, Westpac said that household deposit growth had been 3% and housing loan growth had registered at 8% for the period – both of these being strong numbers in given the inflation-impacted conditions for customers.

Chief Executive Officer Peter King said the numbers reflected Westpac’s emphasis on providing for customer needs.

“Our consistent focus on customer service has contributed to another solid quarter. We grew the business and maintained a strong financial position,” he said.

“I’m particularly pleased with our efforts to enhance customer experience and keep customers safe.

“This quarter we launched an online ID verification process for new to bank home loan customers, introduced mobile notifications alerting customers of bonus interest opportunities on their savings, reduced the time for existing small business customers to receive a cash-backed Bank Guarantee from up to five days to less than two days, and released a new version of Westpac Verify to enhance detection of payment scams and reduce mistaken payments.”

Mr King added that he was aware of how the cost of living and high interest rates were affecting people’s lives, including businesses which were witnessing weakened demand and cost pressures too.

Westpac has been trading at $29.66

.

In its full year results announcement, CBA noted that its net profit after tax (NPAT) for the 2024 fiscal year was $9,836 million – down 2% on FY23, as well as representing a 4% drop since the first half of the year.

The lower profit – which was still higher than what the market had priced-in – was explained as a result of inflation-impacted operating expenses, which were offset by a lower loan impairment expense.

Operating expenses came in at $12,218 million, with this being 3% increase from the previous fiscal year, as well as another 3% increase compared to the first half: and again inflation – plus an increased spend in technology to deliver strategic priorities – was behind the figure.

Nevertheless, CBA said that behind the figures lay evidence of volume growth in its core businesses, also revealing a dividend of $4.65 per share, fully franked – an increase of 3% from FY23.

CEO Matt Comyn agreed that Australians were doing it tougher under current market conditions, but added that the bank was well set up to support customers in this context.

“Our results demonstrate our continued focus on supporting our customers, our disciplined operational and strategic execution, and the strength of our balance sheet,” he said.

“Many Australians continue to be challenged by cost-of-living pressures and a fall in real household disposable income.

“With slower economic growth and moderating demand, our strong balance sheet allows us to continue to support our customers and the broader economy, and deliver sustainable returns.

“We have made it easier for our customers to access hardship assistance; provided eligible homeowner customers with the option to suspend mortgage repayments; and supported all customers with access to money management tools.”

However, commentators such as Saxo Asia Pacific Senior Sales Trader Junvum Kim suggested the presence of some underlying negative features among these results.

“Competitive pressures are significantly impacting CBA’s net interest margin (down 8 basis points year on year to 1.99%), leading to half-on-half declines across nearly all units,” he said.

“Furthermore, the rise in impairment provisions is emerging as a notable negative factor.”

At 13:05 AEST, CBA shares were trading at $133.32, a rise of 0.6% since the market opened.

According to the partnership, Entireti will acquire AMP’s advice licensees – Charter, Hillross and AMP Financial Planning – as well as self-licensed offer Jigsaw for $10.2 million, with these being grouped under a newly created joint venture entity, NewCo, in which AMP will hold a 30% stake.

Crucially, this development will push Entireti Services to the top position as Australia’s largest financial advice business service provider, with over 1,300 advisers.

Meanwhile, AZ Next Generation Advisory will take on AMP’s minority stakes in 16 advice practices for $82.2 million.

The new arrangement follows a bumpy few years for AMP in terms of legal issues.

In May 2023, the Federal Court ordered two AMP companies – AMP Life and AMP Financial Planning – to pay a combined penalty of $24 million after they breached the law by charging life insurance premiums and advice fees from the superannuation accounts of more than 2,000 deceased customers.

And a year before – in September 2022 – five companies that are or were part of the AMP Limited group were ordered by the Federal Court to pay $14.5 million in penalties for charging fees for services that were not provided to 1,452 superannuation members.

AMP CEO Alexis George said the new arrangement underscored AMP’s desire to invest in the future of the advice business, with this partnership set to transform the advice industry landscape in Australia – creating the largest advice business services provider, combined with flexible capital support.

“AMP has been dedicated to creating a new model for our advice business to providecertainty for AMP advisers and our people,” she said.

“Over the past three years we’ve made significant progress in transforming AMP Advice intoa sustainable, standalone advice business: we introduced a new service model, opened the approved product list, reduced operating costs and improved services to advisers which has significantly lifted adviser satisfaction.

“At the same time, we’ve considerably strengthened the North platform proposition to be compelling for both AMP advisers and Independent Financial Advisers.

“It was important in choosing these two partners that they had a strong track record, deepexperience and shared AMP’s commitment to delivering quality advice to more Australians: advisers will benefit from the combined scale of these businesses, delivering new servicesand technology, with capital backing.”

AMP has been trading at $62.28

The proposed purchase of Suncorp Bank has now been approved by the Federal Treasurer under the Financial Sector (Shareholdings) Act, or FSSA, a decision which opens the door for the transaction to be completed, after it was first announced in July 2022.

It had also previously received approval from the Australian Competition Tribunal in February 2024 and the passing of legislation by the Queensland government in June 2024 to amend the Metway Merger Act.

The targeted date of completion for the deal between the two companies is now set at 31 July 2024.

However, it remains subject to commencement of Queensland’s State Financial Institutions and Metway Merger Amendment Act, with the latter – upon proclamation – set to amend the Metway Merger Act to fulfil the remaining condition to facilitate the proposed acquisition.

Suncorp Group CEO Steve Johnston said the acquisition would be an important step for Suncorp Group in its bid to become a ‘dedicated Trans-Tasman insurer, proudly headquartered in Queensland’.

“Following completion, Suncorp will focus on meeting the evolving needs of insurance customers and addressing increasingly complex challenges such as climate change and affordability,” he said.

“This decision also brings us another step closer to the delivery of the jobs and investment package Suncorp agreed with the Queensland government as part of the sale process, with benefits not only for Queensland but across Australia and New Zealand more broadly.”

He added that Suncorp had agreed to waive the $10 million per annum brand license fee that ANZ was to pay for a period of five years, due to the conditions attached to ANZ’s FSSA approval.

The market responded warmly to the announcement, with Suncorp shares sitting at $17.55 at 11:09 AEST, a rise of 4.43 percent since the market opened.

There was however some growth from the second half of 2023, with net profits up 5% from that period.

Competition within the mortgage sector was evident in the drop of core net interest margin (NIM) by 9 basis points year on year compared to the first half of 2023, although this had also moderated during the six months, with a drop of three basis points from the second half of 2023.

The situation with loans was also weak, although in the green: the total number of loans rising 2% year on year, but with a lift of 5% from the second half of 2023.

CEO Peter King said that despite the headwinds, Westpac had kept its business within expectations, pleasing customers with an app rated the best in Australia, and shorter approval times for mortgage and business lending, as well as improved merchant payment services for business customers.

“This half, we’ve managed growth and margins in a disciplined way amid a slowing economy and competitive banking sector,” he said.

“Net profit after tax, excluding notable items, was down 1% for the half and 8% from the prior corresponding period.

“We grew our major Australian segments in a disciplined way with mortgages and deposits up 5% and business lending up 9% over the year.”

Commenting on the state of the Australian economy, Mr King said he knew things were tough for many people – adding that customers were increasingly contacting Westpac for assistance – but that for now, things were tracking smoothly, although this could change.

“We know Australians are doing it tough as a result of higher interest rates and the cost of living,” he said.

“Overall, the Australian economy is proving resilient. While economic growth has slowed,unemployment remains low by historical measures.

“We believe the economy is on track for a soft landing and, if this happens, this will be good news for many Australians.”

“However, this scenario is not certain. While inflation has fallen, getting it down to target range is proving difficult globally and here in Australia. It is likely interest rates will stay higher for longer.”

He noted challenges to the global economy, in particular instability in the Middle East and Europe, but added that he believed ‘Australia is one of the better places to be’.

Westpac has been trading at $26.42

Overall profit for the financial services group in the year ending March 31 2024 was $A3,522 million, a fall of 32 percent from the year ending March 31 2023.

There was also a fall of 27 percent (to $A3,014 million) seen in Macquarie’s annuity-style activities, with this registering in Macquarie Asset Management (MAM), Banking and Financial Services (BFS) and within some businesses in Commodities and Global Markets (CGM).

This was where the impact of ‘green investments’ was felt, particularly the investment in development of green energy portfolios in MAM.

Market-facing activities undertaken by Macquarie also saw a profit fall of 40 percent in FY 2024 (to $A3,699 million), compared to FY 2023, although the bank noted that the latter’s results had themselves reached record levels due to major instability on the markets during that time.

However, they noted an increase of seven percent in its assets under management during the period: these being $A938.3 billion, up from $A878.6 billion at 31 March 2023, which was put down to positive movements on the market as well as favourable developments in foreign exchange and investments made by MAM Private Markets-managed funds.

Macquarie Group Managing Director and Chief Executive Officer Shemara Wikramanayake observed that the bank had remained a profit-maker despite some difficult external headwinds.

“Despite ongoing economic uncertainty and subdued market conditions in many parts of the world, Macquarie’s client franchises remained resilient over the last year, with continued client growth, fundraising and new business origination across the Group as we delivered our 55th consecutive year of profitability since inception,” she said.

Shares in Macquarie Group fell throughout the day on the news, ultimately dropping by 2.372 percent to $183.54 by market close.