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    WBC   AU000000WBC1

WESTPAC BANKING CORPORATION

(WBC)
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Westpac Flags A$1.3 Billion Profit Hit

10/11/2021 | 05:07pm EST

By Alice Uribe

SYDNEY--Westpac Banking Corp. flagged a hit of 1.3 billion Australian dollars (US$960 million) to its reported net profit and cash earnings in the second half of fiscal 2021 due to a range of notable items.

The items include a A$965 million writedown of assets at Westpac Institutional Bank following an annual impairment test, extra provisions for customer refunds, payments and associated costs, and litigation provisions of A$172 million.

Westpac said the notable items are estimated to reduce the group's Common Equity Tier 1 capital ratio by around 15 basis points, while noting that the writedown of goodwill and capitalized software has no net impact on regulatory capital as they are already capital deductions.

The charges associated with the notable items were partly offset by a A$55 million gain on the sale of Westpac General Insurance, and A$54 million for the reversal of previous writedowns associated with Westpac Pacific as the business is no longer held for sale.

Westpac is due to announce its fiscal 2021 results on Nov. 1.

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

10-11-21 1907ET

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Analyst Recommendations on WESTPAC BANKING CORPORATION
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Financials
Sales 2022 19 681 M 13 809 M 13 809 M
Net income 2022 5 366 M 3 765 M 3 765 M
Net Debt 2022 - - -
P/E ratio 2022 13,9x
Yield 2022 5,93%
Capitalization 75 850 M 53 254 M 53 218 M
Capi. / Sales 2022 3,85x
Capi. / Sales 2023 3,73x
Nbr of Employees 40 143
Free-Float 99,6%
Chart WESTPAC BANKING CORPORATION
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Westpac Banking Corporation Technical Analysis Chart | WBC | AU000000WBC1 | MarketScreener
Technical analysis trends WESTPAC BANKING CORPORATION
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Last Close Price 20,70 AUD
Average target price 25,61 AUD
Spread / Average Target 23,7%
EPS Revisions
Managers and Directors
Peter Francis King Chief Executive Officer, MD & Director
Michael Rowland Chief Financial Officer
John McFarlane Chairman
Scott Collary Chief Operating Officer
Leslie Wilson Vance Group Executive-Financial Crime & Compliance
Sector and Competitors