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Westpac Banking Corporation Advises on Notable Items Affecting 2H 2021 to Reduce Profit by $1.3bn

12 Oct 2021  |  09:28:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Notable items affecting 2H21 results of $1.3bn

Westpac Banking Corporation announced that its reported net profit and cash earnings in 2H 2021 will be reduced by $1.3bn (after tax) due to notable items. The notable items after tax include a $965m write-down of assets (goodwill, capitalised software and certain other assets) in Westpac Institutional Bank (WIB) following their annual impairment test.

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