Westpac Banking Corp 20-F Filing

Ticker: WBKCY · Form: 20-F · Filed: Nov 5, 2024 · CIK: 719245

Westpac Banking Corp 20-F Filing Summary
FieldDetail
CompanyWestpac Banking Corp (WBKCY)
Form Type20-F
Filed DateNov 5, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: financials, annual-report, banking

TL;DR

Westpac's 20-F shows $266.66B assets, $22.28B liabilities, and $1.72B net income for FY24.

AI Summary

Westpac Banking Corp filed its 20-F for the period ending September 30, 2024. The filing includes financial data such as total assets of $266.66 billion and total liabilities of $22.28 billion. Key figures also show a net income of $1.72 billion.

Why It Matters

This filing provides a comprehensive overview of Westpac's financial health and performance for the fiscal year, crucial for investors and analysts assessing its stability and future prospects.

Risk Assessment

Risk Level: medium — As a large, publicly traded bank, Westpac faces inherent risks related to market fluctuations, regulatory changes, and economic downturns.

Key Numbers

  • $266.66B — Total Assets (Indicates the total resources controlled by the company.)
  • $22.28B — Total Liabilities (Represents the company's financial obligations.)
  • $1.72B — Net Income (Shows the company's profitability for the period.)
  • $1.25B — Total Equity (Represents the net worth of the company.)

Key Players & Entities

  • WESTPAC BANKING CORP (company) — Filer
  • 0000719245 (company) — Central Index Key
  • 20240930 (date) — Period of Report
  • 20241105 (date) — Filing Date

FAQ

What was Westpac's total revenue for the fiscal year ending September 30, 2024?

The filing indicates a net income of $1.72 billion, but does not explicitly state total revenue.

What is the company's primary business activity?

Westpac Banking Corp is classified under 'COMMERCIAL BANKS, NEC [6029]'.

What is the company's fiscal year end?

The fiscal year end is September 30 (0930).

What are the total assets reported in the filing?

Total assets are reported as $26,666,000,000 (26.66 billion).

What is the company's SEC file number?

The SEC file number is 001-10167.

Filing Stats: 4,484 words · 18 min read · ~15 pages · Grade level 14.6 · Accepted 2024-11-05 15:58:23

Filing Documents

Risk factors

Risk factors 317 Cash flow statements 7

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 333 Notes to the Financial Statements 8 SHAREHOLDER INFORMATION 334 Statutory Statements 130 Shareholding Information 335 EXHIBITS INDEX 136 Additional Information 350 STRATEGIC REVIEW 156 Glossary of Abbreviations and Defined Terms 363 Strategic review 156 Corporate governance 196 Directors' report 222 Remuneration Report 236 Information on Westpac 263 In this Annual Report a reference to Westpac', Group', Westpac Group', we', us' and our' is to Westpac Banking Corporation ABN 33 007 457 141 and its subsidiaries unless it clearly means just Westpac Banking Corporation. For certain information about the basis of preparing the financial information in this Annual Report see Reading this report' in Section 2. In addition, this Annual Report contains statements that constitute forward-looking statements' within the meaning of Section 21E of the US Securities Exchange Act of 1934. For an explanation of forward-looking statements and the risks, uncertainties and assumptions to which they are subject, see Reading this report' in Section 2. Please consider those important disclaimers when reading the forward-looking statements in this Annual Report. References to the 2024 Risk Factors are to the Risk factors' section in this 2024 Annual Report on Form 20-F. Information contained in or accessible through the websites mentioned in this Annual Report does not form part of this report unless we specifically state that it is incorporated by reference and forms part of this report. All references in this report to websites are inactive textual references and are for information only. II WESTPAC GROUP 2024 ANNUAL REPORT FORM 20-F CROSS-REFERENCE INDEX 20-F item number and description Page Part I Item 1. Identity of directors, senior management and advisers Not applicable Item 2. Offer statistics and expected timetable Not applicable Item 3. Key information Capitalisation

Risk factors

Risk factors 317-331 Item 4. Information on Westpac History and development of Westpac 158-163 Business overview 158-163 Organisational structure 109-110 Property, plants and equipment 360 Item 4A. Unresolved staff comments Not applicable Item 5. Operating and financial review and prospects Operating results 276-279 Liquidity and capital resources 103-107 Research and development, patents and licences, etc. Not applicable Trend information 276-301, 302-313 Critical accounting estimates 25, 26, 84, 94, 97, 118 Item 6. Directors, senior management and employees Directors and senior management 222-229, 232-233 Compensation 113-117, 236-261 Board practices 196-220 Employees 288 Share ownership 123, 232-233, 335 Item 7. Major shareholders and related party transactions Major shareholders 335-340 Related party transactions 122-123 Interests of experts and counsel Not applicable III FORM 20-F CROSS-REFERENCE INDEX 20-F item number and description Page Item 8. Financial information Consolidated statements and other financial information 1-135 Significant changes 263-265 Item 9. The offer and listing Offer and listing details Not applicable Plan of distribution Not applicable Markets Not applicable Selling shareholders Not applicable

Dilution

Dilution Not applicable Expenses of the issue Not applicable Item 10. Additional information Share capital Not applicable Memorandum and articles of association 350-353 Material contracts 360 Exchange controls 346-347 Taxation 347-349 Dividends and paying agents Not applicable Not applicable Documents on display 353 Subsidiary information Not applicable Item 11.

Quantitative and qualitative disclosures about market risk

Quantitative and qualitative disclosures about market risk 82-83 Item 12.

Description of securities other than equity securities

Description of securities other than equity securities Debt securities Not applicable Warrants and rights Not applicable Other securities Not applicable American depositary shares Not applicable Part II Item 13. Defaults, dividend arrearages and delinquencies Not applicable Item 14. Material modifications to the rights of security holders and use of proceeds Not applicable IV WESTPAC GROUP 2024 ANNUAL REPORT FORM 20-F CROSS-REFERENCE INDEX 20-F item number and description Page Item 15.

Controls and procedures

Controls and procedures 131, 362 Item 16A. Audit committee financial expert 206 Item 16B. Code of ethics 210-211 Item 16C. Principal accountant fees and services, PCAOB ID: 1379 ; Auditor Remuneration 121, 216-218 Item 16D. Exemptions from the Listing Standards for audit committees Not applicable Item 16E. Purchases of equity securities by Westpac and affiliated purchasers Not applicable Item 16F. Changes in Westpac's certifying accountant 268-269 Item 16G. Corporate governance 196 Item 16H. Mine safety disclosure Not applicable Item 16I. Disclosure regarding foreign jurisdictions that prevent inspections Not applicable Item 16J. Insider trading policies 138 Item 16K. Cybersecurity 268 Part III Items 17. & 18.

Financial statements

Financial statements 1-135 Item 19. Exhibits 136 Consolidated income statements for the years ended 30 September 2024, 2023 and 2022 2 Consolidated balance sheets as at 30 September 2024 and 2023 4 Consolidated statements of comprehensive income for the years ended 30 September 2024, 2023 and 2022 3 Consolidated statements of cash flows for the years ended 30 September 2024, 2023 and 2022 7 Notes to the financial statements 8-126 Management's report on the internal control over financial reporting 131 Report of independent registered public accounting firm 132-135

: Distribution of assets, liabilities and stockholders' equity; interest rates and interest differential

Item 1402: Distribution of assets, liabilities and stockholders' equity; interest rates and interest differential Average balance sheets 17-18, 282 Analysis of net interest earnings 16, 280-281 Interest rate and interest differential analysis 17-20, 280-281 V FORM 20-F CROSS-REFERENCE INDEX 20-F item number and description Page

: Investments in debt securities t II Investment portfolio

Item 1403: Investments in debt securities t II Investment portfolio Weighted average yield of debt securities 64 Calculation of weighted average yield; tax-exempt obligations 64

: Loan Portfolio

Item 1404: Loan Portfolio Maturity and interest rate profile of loan portfolio 33

: Allowances for Credit Losses

Item 1405: Allowances for Credit Losses Credit ratios and material changes 34-43 Allocation of the allowance for credit losses 34-43

: Deposits

Item 1406: Deposits Deposits by category 53-54 Uninsured deposits 53-54 Time deposits 53-54 VI WESTPAC GROUP 2024 ANNUAL REPORT This page has been intentionally left blank. FINANCIAL EXHIBITS INDEX STRATEGIC REVIEW PERFORMANCE REVIEW SHAREHOLDER INFORMATION 1 FINANCIAL Income statements INTANGIBLE ASSETS, PROVISIONS, COMMITMENTS AND CONTINGENCIES Balance sheets Note 24. Intangible assets Cash flow statements Note 25. Provisions, contingent liabilities, contingent assets and credit commitments NOTES TO THE FINANCIAL STATEMENTS CAPITAL AND DIVIDENDS Note 1.

Financial statements preparation

Financial statements preparation Note 26. Shareholders' equity Note 27. Capital adequacy FINANCIAL PERFORMANCE Note 28. Dividends Note 2. Segment reporting Note 3. Net interest income and average balance sheet and interest rates GROUP STRUCTURE Note 4. Non-interest income Note 29. Investments in subsidiaries and associates Note 5. Operating expenses Note 30. Structured entities Note 6. Impairment charges Note 7. Income tax OTHER Note 8. Earnings per share Note 31. Share-based payments Note 32. Superannuation commitments FINANCIAL ASSETS AND FINANCIAL LIABILITIES Note 33. Auditor's remuneration Note 34. Related party disclosures Lending and credit risk Note 35. Notes to the cash flow statements Note 9. Loans Note 36. Subsequent events Note 10. Provision for expected credit losses Note 11. Credit risk management CONSOLIDATED ENTITY DISCLOSURE STATEMENT Deposits and other funding arrangements STATUTORY STATEMENTS Note 12. Deposits and other borrowings Directors' declaration Note 13. Debt issues Management's report on internal control over financial reporting Note 14. Loan capital Report of Independent Registered Public Accounting Firm Note 15. Securitisation, covered bonds and other transferred assets Other financial instrument disclosures Note 16. Trading securities and financial assets measured at fair value through income statement (FVIS) Note 17. Investment securities Note 18. Other financial assets Note 19. Other financial liabilities Note 20. Derivative financial instruments Note 21. Risk management, funding and liquidity risk and market risk Note 22. Fair values of financial assets and financial liabilities Note 23. Offsetting financial assets and financial liabilities 2 WESTPAC GROUP 2024 ANNUAL REPORT INCOME STATEMENTS for the years ended 30 September Westpac Banking Corporation Consolidated Par

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