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RPT-UPDATE 3-Australia s Westpac earnings more than triple, plans to slash costs by 21%

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.

Major Asian banks log market-cap growth in Q1 as economic recovery persists | Hellenic Shipping News Worldwide

Major Asian banks log market-cap growth in Q1 as economic recovery persists | Hellenic Shipping News Worldwide
hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.

Major Asian banks log market-cap growth in Q1 as economic recovery persists

Blog Blog Blog Blog 7 Apr, 2021 Author Mc Dowell RamintasRehan Ahmad All but one of the 20 largest banks in Asia-Pacific saw growth in their market capitalization during the quarter ended March 31, continuing the momentum from the previous quarter, as economic recovery from the COVID-19 pandemic persisted across the region. Industrial & Commercial Bank of China Ltd. retained its top slot on the ranking list in the quarter after recording a 10.93% quarter-over-quarter growth in market cap to $290.24 billion, according to data compiled by S&P Global Market Intelligence. China Construction Bank Corp., China Merchants Bank Co. Ltd., Agricultural Bank of China Ltd. and Bank of China Ltd. saw their market cap grow 11.32%, 17.13%, 8.27% and 6.66%, respectively, and kept their positions on the list.

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