(Reuters) -Australian lender Westpac said on Thursday it had recognised a restructuring charge of A$273 million ($177.72 million) in the second half of fiscal 2025, as part of its productivity initiatives under its Fit for Growth program. The Fit for Growth program is a broader approach that uses proven models to optimise performance that helps […]
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Australia’s Westpac flags $177 million restructuring charge in second half of fiscal 2025
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(Reuters) -Australian lender Westpac said on Thursday it had recognised a restructuring charge of A$273 million ($177.72 million) in the second half of fiscal 2025, as part of its productivity initiatives under its Fit for Growth program.
The Fit for Growth program is a broader approach that uses proven models to optimise performance that helps companies manage their costs in a more strategic way.
The expense will be included in operating expenses for the six months with no impact to the group’s net profit after tax or the composition of line items, the bank said in a statement.
Westpac also flagged a A$56 million hit to its reported net profit after tax for the full year due to notable items that relate solely to hedging items.
Westpac will release its full-year results on November 3.
($1 = 1.5361 Australian dollars)
(Reporting by Sneha Kumar in Bengaluru; Editing by Shreya Biswas)