{"id":123465,"date":"2021-05-02T22:10:05","date_gmt":"2021-05-02T22:10:05","guid":{"rendered":"https:\/\/precoinnews.com\/?p=123465"},"modified":"2021-05-02T22:10:05","modified_gmt":"2021-05-02T22:10:05","slug":"westpac-profits-rebound-as-it-unveils-cost-cutting-plan","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/westpac-profits-rebound-as-it-unveils-cost-cutting-plan\/","title":{"rendered":"Westpac profits rebound as it unveils cost-cutting plan"},"content":{"rendered":"
Westpac\u2019s half-year profits rebounded 256 per cent from the depressed levels of a year ago to $3.5 billion, as the lender also lifted its dividend and announced a major plan to slash its cost base.<\/p>\n
In its results on Monday morning, chief executive Peter King vowed to cut Westpac\u2019s cost base by more than $2 billion over the next three years, as it sells businesses, ramps up a digital transformation program, and responds to long-term pressures on returns.<\/p>\n
<\/p>\n
Peter King vowed to cut Westpac\u2019s cost base by more than $2 billion over the next three years, as it sells businesses, ramps up a digital transformation program, and responds to long-term pressures on returns.<\/span>Credit:<\/span>Wayne Taylor<\/cite><\/p>\n Westpac\u2019s cash profits for the March half, which were weighed down heavily last year by provisions for bad loans due to COVID-19, rebounded by 256 per cent to $3.5 billion compared with a year ago, or 119 per cent from the September half. Westpac will pay an interim dividend of 58c a share, after it axed the interim payment last year in response to the pandemic.<\/p>\n \u201cIt has been a promising start to the year with increased cash earnings, growth in mortgages and continued balance sheet strength,\u201d Mr King said.<\/p>\n \u201cFirst half earnings were considerably higher than the prior corresponding period, mainly due to an impairment benefit reflecting improved asset quality and a better economic outlook.\u201d<\/p>\n More to come<\/strong><\/p>\n A concise wrap of the day on the markets, breaking business news and expert opinion delivered to your inbox each afternoon. Sign up\u00a0here.<\/p>\nMarket Recap<\/h3>\n
Most Viewed in Business<\/h2>\n