Westpac Banking Corporation (WBC.NZ) Stock Analysis & Winston Score

Westpac Banking Corporation is one of Australia's four major banks, offering everyday banking services like savings accounts, home loans, credit cards, and business loans. It serves millions of individual customers, small businesses, and large corporations across Australia and New Zealand. Founded in 1817, it is one of the oldest banks in the Southern Hemisphere and operates well-known brands including St.George, Bank of Melbourne, and BankSA. Westpac makes money primarily by charging interest on loans at a higher rate than it pays on deposits — a model called net interest income — plus fees for banking services and wealth management products. It operates mainly in Australia and New Zealand, with a market cap above $155 billion making it one of the largest financial institutions in the region. Its main competitive advantage is its scale and established customer relationships, though rising competition from digital-only banks and ongoing pressure on interest margins remain key risks to earnings growth.