Westpac Banking Corporation (WBC) on Monday said its net profit and cash earnings in the second half of fiscal 2022 would be reduced by A$1.3 billion due to certain notable items.
The effect of notable items after tax includes a loss of A$1.1 billion on the sale of Westpac Life Insurance Limited. It also includes expenses and revaluations associated with the sale of Advance Asset Management and successor funds transfer of BT's personal and corporate superannuation funds. The notable items also include tax benefits from the sales of the motor vehicle and vendor finance businesses, expenses and write-downs associated with reducing the corporate and branch footprint, as well as an increase in provisions for customer refunds, associated costs and litigation costs.
The net impact of these notable items on the Common equity Tier 1 capital ratio was a positive 12 basis points. The impact was positive as the completion of the life insurance sale added 17 basis points while the other notable items had a 5-basis point impact.
The full-year results are scheduled to be released on Monday, November 7.
Shares of Westpac Banking corporation closed Monday's trading at A$23.87, up A$0.14 or 0.59 percent from the previous close.
For comments and feedback contact: editorial@rttnews.com
Business News