Westpac boasts profit bump as ‘outstanding issues’ continue to be fixed

Westpac boasts profit bump as outstanding issues continue to be fixed

Westpac reported that the company has performed well for 2021 year as it continues to simplify its business and address outstanding issues, such as IT challenges.

The red and white bank closed the 2021 financial year with a surplus profit of AU $ 5.46 billion, an increase of 138% over the previous year, and revenue increased by 5% annually to AU $ 21 billion.

“Despite some challenging times, earnings have increased, the balance is still strong, and I am happy with our progress in making Westpac a simple and strong bank,” Westpac manager Peter King told shareholders. The total cost is just over AU $ 13 billion, King said, showing that the bank manages many resources to solve problems, including IT network and domain integration, digital customer service, and reducing the use of third-party companies.

Read More: Zdnet

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