ASX #4 Westpac

Westpac Banking Group

• 13 million customers (CBA 18m, NAB 10m)
• 35k people (CBA 55k, NAB 41k)
• Market cap $134.04 billion. Makes it fifth largest and NAB 4th largest (NAB M Cap $134.4 billion). - 7/11/2025
• CEO Anthony Miller
• 53.0%  Cost to income ratio ex Notable Items1  (CBA 45%, NAB - 50.8%?)
• 1.94% NIM (NAB 1.74% CBA 2.08%)
• YE Sept 2025 Net Operating Income $22 billion (including $3 billion non interest income) - NAB 20.8bn, CBA 28bn NOI
• PBIT $10b (NAB 9.6b, CBA 14.7bn) - Valuation slightly lower than NAB but broadly comparable
• PAT 6.9 billion (NAB 6.75b, CBA 10.2b)
• Loans of 851 billion (NAB 776 bn, CBA c.1 trillion)
• Housing Loans 580 bn (NAB 436bn)
• Deposits of 770 billion (NAB 736 billion, CBA 937 billion) - Balance SHeet line items of deposits and other borrowings
• Segments comparison
• Consumer Westpac - 8.4bn NOI, NAB Personal Banking 4.625 billion, CBA? (Westpac is bigger than NAB in this). CBA Retail Banking 13 billion
• Business and Wealth WEstpac 6.1 bn, NAB BPB 8.5 bn (NAB is bigger in this). CBA Business Banking 9 billion
• Institutional Westpac 3.8bn, NAB Corp & Instnl 4.094 - comparable. CBA Institutional Bamking and Markets 2.8billion
• NZ Westpac 2.8 bn, NZ NAB 3.1 bn, CBA NZ 3.0bn
• Westpac is stronger in consumer, NAB in Business and Wealth.
• CBA is strongest in retail banking, and comparable to NAB in Business Banking. For Institutional NAB Seems to be the biggest. 
• And to yesterday's note, only other operating income in NAB Institutional was lower, overall result was of growth.
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