Westpac admits dropping ball on state bank customers

Westpac has announced a net profit of $6.9 billion, down one per cent from a year ago. (Con Chronis/AAP PHOTOS)

Westpac is promising to better support its subsidiary bank brands after losing customers because of overpriced mortgage products for home owners.

The percentage of Australian consumers who consider a Westpac bank as their main financial institution fell from 16.8 per cent a year ago to 15.4 per cent at the end of 2024/25, even as the lender grew its overall customer deposit level by seven per cent to $723 billion.