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BRIEF-Westpac Expects H1 Cash Earnings To Fall By $282 Mln

Published 26/04/2021, 08:18 am
© Reuters.
WBC
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April 26 (Reuters) - Westpac Banking Corp WBC.AX :

* CASH EARNINGS IN 1H21 WILL BE REDUCED BY $282M

* SEES ADDITIONAL PROVISIONS FOR CUSTOMER REFUNDS, PAYMENTS, ASSOCIATED COSTS, AND LITIGATION PROVISIONS OF $220M IN 1H21

* SEES WRITE-DOWN OF CAPITALISED SOFTWARE AND OTHER INTANGIBLES OF $115M

* SEES COSTS ASSOCIATED WITH ENDING GROUP'S RELATIONSHIP WITH IOOF, $56M IN 1H21

* SEES ACCOUNTING LOSS ON SALE IN WESTPAC PACIFIC & DEAL COSTS, PAYMENTS FOR DIVESTMENTS $113M IN 1H21

* CHANGED ITS SOFTWARE CAPITALISATION POLICY, INCREASING THRESHOLD BEFORE A PROJECT IS CAPITALISED TO $20M

* ANNOUNCES $546M GAIN ON GROUP'S INVESTMENT IN COINBASE INC

* CHANGE IN SOFTWARE CAPITALISATION POLICY WILL SEE GROUP EXPENSE A HIGHER PORTION OF ITS INVESTMENT SPENDING FROM 1H 2021

* NET GAIN ON REVALUATION OF INVESTMENT IN COINBASE OF $288 MILLION

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