Westpac Banking Corp (ASX:WBC) has disclosed its unaudited net profit for Q3 at a robust A$1.8 billion.

Other key financial indicators such as the core net interest margin (NIM) was reported at 1.86%, while the group’s NIM for the quarter was 2.06%.

Additionally, the third quarter registered a CET1 ratio of 11.9%.

The bank’s credit quality remained resilient in Q3 2023, with a deposit to loan ratio showing an improvement at 84.1% in Q3.

However, expenses for the second half of 2023 to date have increased by approximately 5% compared to the first half of the year.

The ratio of collectively assessed provisions to credit risk-weighted assets rose by 4 basis points, reaching 1.37% in the quarter.

Westpac remains committed to cost discipline, as recent cost reset actions led to a full-time equivalent employee reduction of 2% for the second half of 2023 to date.

The bank notes that the expenses for the second half of 2023 until now have surged about 5% compared to 1H23.

Westpac Banking Corp (ASX:WBC) is a major Australian bank offering a wide range of financial services such as retail, business and institutional banking.