Australia's Westpac to take $1.44 billion impairment charge in first-half result [Reuters]
Westpac Banking Corporation (WBK)
US:NYSE Investor Relations:
westpac.com.au/about-westpac/investor-centre
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Source: Reuters
Australia's Westpac to take $1.44 billion impairment charge in first-half result (Reuters) - Australia’s Westpac Banking Corp ( WBC.AX ) on Tuesday said it expects to record pre-tax impairment provisions in its first-half results of A$2.24 billion ($1.44 billion), which includes provisions for an expected jump in credit losses due to the coronavirus outbreak. About A$1.6 billion of the impairment charges are predominantly related to COVID-19 impacts, the country’s second-largest lender said. The impairments are in addition to provisions of A$1.43 billion the lender announced earlier this month, mostly for an expected fine over accusations it enabled millions of illegal payments, including between known child sex offenders.
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