Bob Mac Smith. Fifth generation farmer and Westpac customer.
IN THIS REPORT
02 2016 HIGHLIGHTS
Supporting Customers
Supporting Shareholders
Supporting Employees
Supporting Communities
CHAIRMAN'S REPORT
12 CEO'S LETTER
2016 financial performance
Profitability
Revenue performance
Expense performance and investment in growth
Credit costs and asset quality
Summary - financial performance
Customer and market performance
Creating a workforce for the future
Bridging the trust gap 22 History and our future 22 Summary
24 SUSTAINABILITY LEADERSHIP
28 FIVE-YEAR SUMMARY
30 EXECUTIVE TEAM AND BOARD
REMUNERATION
FINANCIAL CALENDAR
& CONTACT DETAILS
1817GOVERNOR LACHLAN MACQUARIE ESTABLISHES THE BANK OF NEW SOUTH WALES
1851GOLD FEVER AND NEW SETTLEMENTS LEAD TO
THE BANK'S EXPANSION AND GROWTH
1861FIRST NEW ZEALAND BRANCH OPENS IN AUCKLAND
1982BANK OF NEW SOUTH WALES AND COMMERCIAL BANK OF AUSTRALIA MERGE TO CREATE WESTPAC
ON THE COVER
Bob Mac Smith, fifth generation farmer and Westpac customer. Read Bob's story on page 23 and online via the website address below.
THIS PAGE
Bob Mac Smith's canola crop in the NSW Central Tablelands.
2016annualreport. westpacgroup.com.au Visit our website to read more online, including customer storiesWestpac Banking Corporation ABN 33 007 457 141
1992OFF THE BACK OF THE ECONOMIC DOWNTURN OF THE EARLY
1990S, WESTPAC
For almost 200 years, Westpac has supported Australia and New Zealand.
As Australia's oldest company, we've been a constant thread, through the ups and downs of economic cycles as a partner in the country's development. Our story is one of innovation, growth, resilience, and adaptation.
It's why we've been in business for 200 years.
As we approach our third century we're continuing to transform. The community wants more from banks. And Westpac is responding: we've strengthened our balance sheet; we're digitally transforming our operations and we're reviewing our policies, processes and incentives to further drive our service culture. In doing so, customers can trust we have their interests at heart and if we make a mistake we will set things right.
It's this attitude that will help us support customers, shareholders, employees and the community into the next 200 years.
DECLARES A LOSS OF $1.6BN, SPARKING A SIGNIFICANT RESTRUCTURE
1990sAUSTRALIAN AND NEW ZEALAND RETAIL FOOTPRINT EXPANDS WITH THE ACQUISITIONS
OF CHALLENGE BANK, TRUST BANK (NZ) AND BANK OF MELBOURNE
2002STRATEGIC RESHAPING WITH SALE OF AGC AND EXPANSION OF WEALTH
MANAGEMENT, ACQUIRING ROTHSCHILD AUSTRALIA ASSET MANAGEMENT AND BT FINANCIAL GROUP
2008WESTPAC MERGES WITH ST.GEORGE BANK
2011RELAUNCH BANK OF MELBOURNE
20178 APRIL MARKS WESTPAC'S 200TH ANNIVERSARY
To mark Westpac's 200th anniversary on 8 April, 2017 we are publishing 'The Westpac story', charting our history from 1817. It will be available to
all shareholders online via
e-book next year.
2
2016 HIGHLIGHTS
WESTPAC GROUP
Supporting
Customers1
No.1
Westpac Live ranking in Forrester's 2016 Global Mobile Banking
Functionality Benchmark2
FOCUS ON GREAT SERVICE
Introduced "Our Service Promise", a program of actions and commitments. Developed by our people, it defines our expectations of what it means to deliver consistently
CUSTOMER COMPLIMENTS
3x
3 times as many
compliments as complaints3
MAKING BANKING EASIER
22%
CUSTOMER COMPLAINTS
31%
across Australian
operations
great service in every customer interaction.
13 million
customers
HELPING CUSTOMERS
START OR GROW BUSINESSES
Our redesigned branches allow business customers to connect with business specialists via video conference
of banking products sold online in Australia
Branches redesigned to complement changing customer needs
HELPING CUSTOMERS ACHIEVE THEIR GOALS
From buying a home to starting and growing a business, we've helped customers achieve their goals
$404bn in Australian home loans NZ$45bn in New Zealand home loans
$150bn in Australian business loans NZ$29bn in New Zealand business loans
Emily Hartmann from Bank of Melbourne's Retail and Business Banking team.
$973m Life insurance in-force premiums
All comparisons in this review are against results for the 12 months ended 30 September 2015 unless otherwise stated
Westpac's mobile banking app, Westpac Live, rated No.1 in the Forrester 2016 Global Mobile Banking Functionality Report
Across the Australian branch network in the second half of 2016
Westpac Banking Corporation published this content on 09 November 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 November 2016 05:24:04 UTC.
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