Westpac New Zealand Economic and Sustainability Strategy Update
1H21 financial performance
Net profit after tax ($m)
Key financial metrics
For the six months ending
Mar-20
Sep-20 Mar-21
Change on
Mar-20
+104%
Revenue (NZ$m)
1,093
1,025
1,151
5%
-98
309
Net interest margin (%)
1.94
1.80
1.99
5 bps
523
Cost to income (%)
48.0
49.3
45.8
(2 ppts)
880
68
-10
256
Customer deposit to loan ratio (%)
Stressed exposures to TCE (%)1
79.4
80.7
81.8
2 ppts
1.64
1.59
1.56
(8 bps)
Lower collectively assessed provisions
from improved economic outlook and
improved asset quality
Key operating metrics
For the six months ending
Mar-20 Sep-20 Mar-21
Change on
Mar-20
Primarily due to higher volumes
and ongoing re-pricing benefits
Customers (millions)
Branches
1.35
1.34
1.33
(1%)
151
143
134
(17)
Consumer NPS
+21
+14
+16
Down 5
Business NPS
+1
+7
-1
Down 2
1H20
Net Interest
Income
Non Interest
Expenses Impairments
Tax
Agri NPS
+21
+34
+34
Up 13
1H21
Income
Service quality - complaints (000s)
9.6
9.5
9.3
(3%)
1 TCE is Total Committed Exposure.
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