Tax ben­e­fit for St Ge­orge

Townsville Bulletin - - Investor -

WEST­PAC Bank­ing Cor­po­ra­tion says $ 1.1 bil­lion will be added to its first half statu­tory net profit through tax con­sol­i­da­tion from its takeover of St Ge­orge. The ad­di­tional net profit, to be recorded in its re­sult for the six months to March 31, will not be in­cluded in its cash profit re­sult. The tax ad­just­ment will also add about 40 ba­sis points to West­pac’s cap­i­tal ra­tios, with the im­pact to be spread over the next four years. West­pac has in­di­cated ben­e­fi­cial im­pacts of the St Ge­orge merger.

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