Westpac reported strong financial results for the full year 2023, with net profit up 26% and EPS up 28%. Return on equity also increased by 2 percentage points to 10.1%.

Revenue growth was a key driver of the positive results, with a 10% increase driven by growth in loans and a slight improvement in net interest margins.

The bank has made progress in strengthening its franchise in consumer business and institutional banking, as well as completing portfolio simplification by exiting three businesses. This has released capital and provided more capacity for growth and simplification of the banking businesses.