Westpac to recognise $273m restructuring charge in FY25
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The news: Westpac said it will recognise a pre-tax restructuring charge of $273 million in the second half of its 2025 financial year, as part of productivity initiatives through its 'Fit for Growth' program.
The context: The lender said the productivity benefits from the program are expected to balance out the expense.
"Modest benefits" were delivered in FY25, it said, with the majority to be realised during FY26 and FY27.
The expense will be included in operating expenses for the second half and will not be treated as a notable item.
The bank said its reported net profit after tax in FY25 will be reduced by $56 million due to notable items that related solely to hedging items which reverse over time. This compares to a $123 million reduction in FY24.
Westpac's full-year results are due to be announced on 3 November.
The source: ASX
