News: WBC Westpac Sees Notable Items Affecting 2H21 Results Of A$1.3 Bln

Oct 12 (Reuters) - Westpac Banking Corp (WBC) :

• NOTABLE ITEMS AFFECTING 2H21 RESULTS OF A$1.3BN
• NOTABLE ITEMS AFTER TAX INCLUDE A A$965M WRITE-DOWN OF ASSETS IN WESTPAC INSTITUTIONAL BANK (WIB) FOLLOWING THEIR ANNUAL IMPAIRMENT TEST
• REPORTED NET PROFIT AND CASH EARNINGS IN 2H21 WILL BE REDUCED BY A$1.3 BILLION (AFTER TAX) DUE TO NOTABLE ITEMS
• IN AGGREGATE ITEMS ARE ESTIMATED TO REDUCE GROUP'S CET1 CAPITAL RATIO BY AROUND 15 BASIS POINTS
• NOTING THAT WRITE-DOWN OF GOODWILL AND CAPITALISED SOFTWARE HAS NO NET IMPACT ON REGULATORY CAPITAL AS THEY ARE ALREADY CAPITAL DEDUCTIONS
• NOTABLE ITEMS AFTER TAX INCLUDE ADDITIONAL PROVISIONS FOR CUSTOMER REFUNDS, PAYMENTS, ASSOCIATED COSTS, AND LITIGATION PROVISIONS OF A$172M