Australia's Westpac sees over $2 billion hit to earnings amid virus [Reuters]
Westpac Banking Corporation (WBK)
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westpac.com.au/about-westpac/investor-centre
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Source: Reuters
Australia's Westpac sees over $2 billion hit to earnings amid virus SYDNEY (Reuters) - Westpac Banking Corp ( WBC.AX ) said it would write down more than A$3.67 billion ($2.36 billion) in its first-half results, with most of the charges stemming from the economic deterioration expected from the coronavirus outbreak. Westpac is the second of Australia’s Big Four banks to reveal estimates of losses related to the pandemic, taking a larger charge and a more forthright approach than its smaller peer National Australia Bank ( NAB.AX ) on Monday, analysts said. Australia’s second-largest bank said on Tuesday that it would take a pre-tax impairment charge of A$2.24 billion due to potential virus-related credit losses, equivalent to about 0.62% of gross loans, up from 0.13% in the previous half. That was on top of the A$1.43 billion after-tax impairment charge it flagged earlier, partly to cover a potential fine over accusations it enabled millions of illegal payments including between kn
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