News: WBC Westpac Announces A$3.5bn Off-Market Buy-Back

Nov 1 (Reuters) - Westpac Banking Corp (WBC) :

• EXPECT AUSTRALIA CREDIT GROWTH EXPANDING 6.8% IN 2022
• A$3.5BN OFF-MARKET BUY-BACK
• MARGINS WERE DOWN IN COMPETITIVE, LOW-RATE ENVIRONMENT, AND AS FORESHADOWED, COSTS WERE MUCH HIGHER IN FY21
• WHILE NOTABLE ITEMS WERE LOWER, THEY REMAIN ELEVATED AS WE CONTINUE TO WORK ON FIXING OUR ISSUES AND SIMPLIFYING OUR BUSINESS
• BEGUN TO SEE BETTER MOMENTUM IN INSTITUTIONAL AND BUSINESS PORTFOLIOS.
• EXPECT OUR COSTS TO BEGIN REDUCING IN YEAR AHEAD FROM OUR SIMPLIFICATION AND COMPLETION OF KEY PROGRAMS IN OUR FIX PRIORITY
• EXPECT THREE MORE INTERNATIONAL OFFICES TO CLOSE BY END OF 2022
• AUSTRALIAN BUSINESS LOAN BOOK GROWING FOUR PER CENT IN SECOND HALF
• WE EXPECT COSTS TO BEGIN REDUCING IN YEAR AHEAD
• AS AT SEPT 30, COMMON EQUITY TIER 1 CAPITAL RATIO 12.32%
• NEXT YEAR WE EXPECT TO REDUCE OUR COST BASE AS WE HEAD TOWARDS OUR A$8 BILLION COST TARGET
• COMMITTED TO RESOLVING A NUMBER OF OUTSTANDING REGULATORY ISSUES WHERE OUR ACTIONS WERE NOT GOOD ENOUGH
• EXPECT THE AUSTRALIAN ECONOMY TO EXPAND BY 7.4 PER CENT IN 2022
• SEES DEMAND FOR HOUSING IS LIKELY TO REMAIN ELEVATED BUT HOME PRICE INCREASES SHOULD MODERATE TO 8% NEXT YEAR

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