A deep dive into Westpac's results

McGrath says it was “a solid result” and once notables, such as the sale of Westpac Life, are excluded “it was slightly down year-on-year, and our margin was flat on 2021”.

“What's great to see is we've got returning momentum to the business. So we've particularly in the second half we were lifting our market share in both mortgages and business lending.”

Westpac’s home lending was up 5% which is on par with system growth over the year.

Mortgage advisers now account for 51% of Westpac’s home loan book. That is 8.5% growth from 46.7% to 51% during the year. As it is the total book that indicates adviser flow, or the amount advisers originated during the year was well over the 50% mark.