The net profit of Westpac fell nine per cent to $1.7 billion over the December 2024 quarter, with income down four per cent and expenses up one per cent.

The net interest margin fell a massive 20 basis points over the first quarter to 1.82 per cent from 2.02 per cent – most attributed to hedging.

The bank is growing at one time system, with growth in loans of five per cent and deposits of six per cent.

Arrears of 30 days or more on home loans fell over the quarter to 1.69 per cent from 1.82 per cent in December. Arrears of 90 days or more fell to 1.03 per cent from 1.12 per cent.

Interestingly, Westpac opted to make more detailed disclosures than is typical for the bank at a quarterly trading update.