Annual Report of Bank

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WESTPAC GROUP ANNUAL REPORT 2011

westpac group annual report 2011

This report to shareholders, which will be lodged with the Australian Securities Exchange and the Australian Securities and Investments Commission, is also available on our website www.westpac.com.au/ investorcentre

Westpac Banking Corporation ABN 33 007 457 141 For more information about Westpac refer to ‘Section 1’ and ‘Contact Us’, or visit www.westpac.com.au/investorcentre

Table of contents
Annual Report Performance highlights Section 1 Chairman’s report Chief Executive Officer’s report Information on Westpac Business strategy Managing sustainability Five year summary – non-financial Outlook Significant developments Corporate governance Directors’ report Remuneration report Section 2 Five year summary Reading this report Review of Group operations Income statement review Balance sheet review Capital resources Commitments Divisional performance Westpac Retail & Business Banking Westpac Institutional Bank St.George Banking Group BT Financial Group (Australia) New Zealand Banking Other divisions Risk and risk management Risk factors Risk management Credit risk Liquidity risk Market risk Operational and compliance risk 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. 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.

2 3 4 6 8 8 11 13 15 16 23 41 53 77 78 79 81 83 89 93 94 95 98 100 102 104 106 107 109 109 114 114 116 117 118 118 121 123 124 129 284 291 292 300 304 306 Inside back cover

Other risks Other Westpac business information Section 3 Financial statements Notes to the financial statements Statutory statements Section 4 Shareholding information Additional information Information for shareholders Glossary of abbreviations and defined terms Contact us

Annual Report 2011

1

Performance highlights
Net profit after tax $6,991 million, up 10%
Net profit after tax1,6 ($m)
8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 –

Dividends $1.56, up 12%
Dividend per ordinary share (cents)
180 160 140 120 100 80 60 40 20 –

6,991

6,346

142

131

3,859

3,451

3,446

2,539

2,698

3,071

02

2,192

03

2,183

04

05

06

07

08

09

10

11

02

70

03

78

04

86

05

100

06

116

07

08

09

116

10

139

11

Cash Earnings $6,301 million, up 7%
Cash Earnings4,6,7,8 ($m)
7,000
6,301

Returns 16.0%
Cash Earnings to average ordinary equity4,6,7,8 (%)
25
22.7 23.0
5,879

4,675

2,244

2,271

2,559

2,804

2,000 1,000 –

3,079

3,507

10 5

02

03

04

05

06

07

08

09

10

11



02

03

04

05

06

07

08

09

14.0

3,000

10

16.1

11

Cash Earnings per ordinary share up 6%
Cash Earnings per ordinary share4,6,7,8 (cents)
250

2011

2010

% change 2011/2010

Reported earnings 1 Net profit after tax ($m) Earnings per share (cents) 209.3

200

198.3

167.2

163.7

150

189.4

197.8

Dividends per share (cents) 2 Return on equity (%) Expense...
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