Books A$37 mln impairment benefit vs A$2.2 bln charge in 1H20 Australian bank recovery a qtr ahead vs global peers-Citi Targets A$8 bln cost base by 2024, smaller head office, branches (Updates share movement)
SYDNEY, May 3 (Reuters) - Westpac first-half cash earnings more than tripled from last year’s plunge, helped by money it had previously set aside to cover potential COVID-19 losses, Australia’s second-largest bank said on Monday, sending shares sharply higher.
The Sydney-based lender also said it will close some branches and accelerate its focus to digital banking under a cost-cutting plan unveiled on Monday that targets a 21% reduction in its cost base.
Books A$37 mln impairment benefit vs A$2.2 bln charge in 1H20 Australian bank recovery a qtr ahead vs global peers-Citi Targets A$8 bln cost base by 2024, smaller head office, branches (Updates share movement)
SYDNEY, May 3 (Reuters) - Westpac first-half cash earnings more than tripled from last year’s plunge, helped by money it had previously set aside to cover potential COVID-19 losses, Australia’s second-largest bank said on Monday, sending shares sharply higher.
The Sydney-based lender also said it will close some branches and accelerate its focus to digital banking under a cost-cutting plan unveiled on Monday that targets a 21% reduction in its cost base.
Westpac Profit Soars as Economic Recovery Drives Turnaround yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
May 03 2021, 5:51 PM
May 03 2021, 3:09 AM
May 03 2021, 5:51 PM
(Bloomberg) Westpac Banking Corp.âs half-year profit climbed as a continued recovery in the nationâs economy drove a further reduction in pandemic loan-loss provisions at Australiaâs second-largest lender.
(Bloomberg) Westpac Banking Corp.âs half-year profit climbed as a continued recovery in the nationâs economy drove a further reduction in pandemic loan-loss provisions at Australiaâs second-largest lender.
Cash earnings rose to A$3.5 billion ($2.7 billion) in the six months through March 31, compared with A$993 million in the same period a year earlier, the Sydney-based bank said in a statement Monday. That beat the A$3.4 billion average estimate of three analysts surveyed by Bloomberg. The firm will pay a 58 Australian cent interim dividend.