ASX 200 reporting season: Westpac
Westpac sees a 9% profit decline amid hedge accounting impacts, while Bendigo Bank grapples with margin pressures. BlueScope Steel and A2 Milk deliver mixed results as economic dynamics shift.
(AI video summary)
This video was created on 17 February for IG audiences by ausbiz.
Key financial results
First half (H1) 2025 results:
Westpac (ASX:WBC)
- Unaudited net profit after tax (NPAT): $1.7 billion
- NPAT growth: -9% year-over-year (YoY)
- Net interest margin: 1.82%
- Customer deposit growth: $14.4 billion
Westpac cited cost of living pressures and high interest rates as ongoing challenges for customers. Chief Executive Officer (CEO) Anthony Miller suggested that the Reserve Bank of Australia (RBA) might cut the cash rate soon, potentially easing household financial stress. Westpac's share price fell over 4% on Monday.
Bendigo and Adelaide Bank (ASX:BEN)
- Revenue: A$265.2 million
- Revenue growth: -1.1% YoY
- Statutory NPAT: A$282.3 million
- NPAT growth: -23.2% YoY
- Dividend per share (DPS): A$0.30
CEO Richard Fennell noted that income was impacted by margin pressures due to higher funding costs, which supported accelerated lending growth. The bank anticipates official interest rates to be cut to 3.5% this calendar year, projecting a more positive economic outlook.
BlueScope Steel (ASX:BSL)
- Earnings before interest and tax (EBIT): A$308.8 million
- NPAT: A$179.1 million
- NPAT growth: -59% YoY
- DPS: A$0.30
BlueScope's North Star steel mill in Ohio experienced a 65% drop in earnings to $182 million. Despite the profit slump. CEO Mark Vassella forecasted a slight improvement in underlying earnings in the second half (H2) 2025, with expectations of $360 million to $430 million, driven by improving conditions in Australia and cost-cutting measures. The company's share price surged 12% on Monday.
A2 Milk (ASX:A2M)
- Revenue: A$893.8 million
- Revenue growth: 10.1%
- NPAT: A$91.7 million
- NPAT growth: 7.6% YoY
- DPS: A$0.085
- Earnings per share (EPS): A$0.127
CEO David Bortolussi highlighted the company's record market share of 5.3% in China's infant milk formula market. A2 Milk also gained market share in the Australian liquid milk market with its lactose-free products.
Lendlease (ASX:LLC)
- Operating profit after tax (OPAT): A$122 miilion
- OPAT growth: up by A$133 million
- Statutory NPAT: A$48 million
Lendlease returned to profitability, anticipating EPS of A$0.54 to A$0.62 this financial year. The statutory profit after tax was $48 million, with $74 million in negative investment property valuations. The company expects gearing to decrease in the H2 2025.
Aurizon (ASX:AZJ)
Aurizon announced an interim dividend of A$0.092 per share, 60% franked, following a 4% reduction in earnings. The company expects full-year earnings between $1.6 billion and $1.74 billion.
Audinate (ASX:AD8)
Audinate reported a 29% decline in H1 2025 profit but anticipates moderate strengthening in the H2 2025.
Findi (ASX:FND)
Payments provider Findi projects record financial year 2025 (FY 25) earnings in the $30 million to $32 million range, driven by organic growth. The company also announced a 54% increase in ATMs to be deployed under its contract with the State Bank of India.
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