• Westpac reported FY24 revenue of AU$21.05B with NIM of 1.70%, facing 3% decline in NIM to 1.94% in 1H25 due to deposit competition
• Net interest income declined 3% in 1H25 to AU$9.35B, with core NIM stable but offset by lower balance sheet growth
• Dividend increased 6% to AU$1.53 per share (151 cents fully franked), implying 3.76% yield and supporting 76% payout ratio
• Housing mortgages represent 69% of loan book, creating concentrated vulnerability to Australian property market deterioration
• Stock down 0.9% as delayed RBA cuts extend NIM compression timelines and sector rotation pressures valuations

Westpac Banking Corporation, Australia’s second-largest bank by assets, declined…