News: WBC Westpac Posts FY Statutory Net Profit Of $2,290 Mln, Down 66%

Nov 2 (Reuters) - Westpac Banking Corp (WBC) :

• FY STATUTORY NET PROFIT $2,290M, DOWN 66%
• ARE ADDRESSING ISSUES THAT HAVE IMPACTED PERFORMANCE IN OUR MORTGAGE BOOK AND EXPECT TO SEE IMPROVEMENT START TO FLOW IN 2021
• EXPECTED ECONOMIC GROWTH TO IMPROVE THROUGH 2021 AND 2022, UNEMPLOYMENT WOULD REMAIN ELEVATED FOR SOME TIME
• MORE THAN TWO THIRDS OF WESTPAC'S MORTGAGE CUSTOMERS WHO DEFERRED REPAYMENTS HAVE NOW RE-COMMENCED REPAYMENTS
• "WE REMAIN IN AN UNCERTAIN ECONOMIC ENVIRONMENT, HOWEVER RECENT BUDGET HAS PROVIDED SIGNIFICANT STIMULUS TO BUSINESSES AND HOUSEHOLDS"
• REMAINED WELL CAPITALISED WITH A STRONG BALANCE SHEET AND AMPLE LIQUIDITY TO CONTINUE TO SUPPORT ITS CUSTOMERS
• INTENDING TO RETURN TO HALF YEARLY DIVIDEND CYCLE
• AIMING FOR MORTGAGE GROWTH IN LINE WITH MAJOR BANKS BY 2H21
• ECONOMIC FORECASTS FOR SYSTEM BUSINESS LENDING EXPECTED DECLINE OF ABOUT 3.5% IN FY21
• LIFE INSURANCE EARNINGS LIKELY TO REMAIN UNDER PRESSURE IN FY21
• LOW INTEREST RATES EXPECTED TO IMPACT DEPOSIT SPREADS AND EARNINGS ON HEDGED BALANCES IN FY21