Westpac: Announces corporate restructure and unaudited quarterly results

Westpac Announces corporate restructure and unaudited quarterly results

• Westpac (WBC) has posted $1.58 billion in unaudited cash earnings in Q1 as it brings forward its restructuring plans to create a ‘simpler’ bank
• Unaudited statutory net profit of $1.82 billion was recorded, an 80 per cent increase on the quarterly average of 2H21
• The company also announced it has established a three year plan to reduce its cost base to $8 billion by 2024
• A key part of the plan is now being implemented to create a smaller, more focussed head office, reducing the size of corporate functions by around 20 per cent
• Shares were trading 1.92 per cent higher today at $21.00 each