News: WBC Westpac Banking Corp Posts Q1 Cash Earnings Of A$1.58 Bln

Feb 3 (Reuters) - Westpac Banking Corp (WBC) :

• Q1 NET INTEREST MARGIN 1.91%%
• Q1 CASH EARNINGS OF A$1.58BN
• WESTPAC SEES COSTS (EXCLUDING NOTABLE ITEMS) LOWER IN FY22 AND DECLINE FURTHER THROUGH YEAR
• QTRLY IMPAIRMENT CHARGE OF A$118M
• REMAINS COMMITTED TO ITS A$8BN COST TARGET BY FY24
• GIVEN COVID-19, SUPPLY CHAIN DISRUPTIONS AND REDUCED ACTIVITY IN CERTAIN SECTORS, CONSIDER IT PRUDENT TO INCREASE PROVISIONS
• AT DEC 31, CET1 CAPITAL RATIO 12.2%
• 1Q22 STATUTORY NET PROFIT A$1,815 MILLION
• ENVIRONMENT HOWEVER REMAINS HIGHLY COMPETITIVE, AND WE CONTINUE TO SEE PRESSURE ON MARGINS
• NET INTEREST MARGINS ARE EXPECTED TO DECLINE FURTHER THROUGH FY22
• EXPECT THE INCREASE IN LIQUID ASSETS NEEDED TO OFFSET THE RUNDOWN IN THE CLF TO BE LARGELY COMPLETE BY THE END OF MARCH 2022
• CONTINUES TO WORK WITH APRA ON PREVIOUSLY DISCLOSED REGULATORY BREACHES IN RELATION TO ADVANCED MEASUREMENT APPROACH
• INTENDS TO PROVIDE AN UPDATE ON ITS OPERATING RANGE FOR CET1 CAPITAL RATIO WITH ITS 1H22 RESULTS