Westpac Banking (ASX:WBC, NZE:WBC) fiscal first-quarter results were solid operationally, but somewhat redundant due to upcoming management changes and execution of its information technology UNITE project, according to a Feb. 17, note by Jarden Research.

The company reported Monday that its net profit, excluding notable items, for the fiscal Q1 was AU$1.9 billion.

Net operating income, excluding notable items, for the three months ended Dec. 31, 2024, was AU$5.6 billion, up 2% from the quarter average in the second half of fiscal 2024. Before adjustments, net operating income was AU$5.3 billion.

While Jarden notes that the execution of the UNITE project is overdue, it comes with its risks, including execution challenges and potentially higher-than-expected costs.

Jarden believes that the WBC's positive results may be overshadowed by these risks.

Jarden Research downgraded Westpac's rating to underweight from neutral but maintained its AU$31.20 price target.

Shares of the company fell past 4% in Australia and past 6% in New Zealand in recent Monday trade.