Panorama delivers for Westpac result

Westpac’s decision to withdraw its BT Panorama platform from sale appears to have been vindicated in the bank’s 2025 Interim Results showing solid year on year growth in funds under administration and good momentum in flows.

The performance of the Panorama platform business made a modest but important contribution to Westpac’s first half net profit after tax of $3.3 billion, down one per cent from the same period last year.

The directors declared an interim ordinary dividend of 76 cents per share.

The bank’s update to the Australian Securities Exchange (ASX) showed FUA on Panorama standing at $120.501 billion up 6% from the same period last year, with net flows excluding benefit payments up a remarkable 72% to $3.364 billion.

It said average FUA per account on Panorama rose 13% to $524,000 with managed account FUA rising 26% to $23,586 billion.

The ASX update noted the strategy towards the development of “one wealth platform” with the Asgard migration to Panorama listed for completion next year at a cost of around $70 million.

Commenting on the bank’s overall half-year result, Westpac chief executive, Anthony Miller described it as being strong with the business growing in the areas targeted.

He noted, however, that geopolitical uncertainty represents a key risk “that’s as high as it has been for a very long time”.

“Changes to global trade policies have impacted markets and funding for the bank. Despite the volatility, it’s important that we look through the noise and avoid reacting to the headlines. Australia is well placed to handle instability,” Miller said.