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Westpac flags A$260m earnings hit from customer refunds

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Australia's Westpac Banking Corp said on Monday its first half cash earnings will fall about A$260 million (S$249 million) on account of provisions for customer refunds in the wake of an inquiry into financial sector wrongdoing.

[BENGALURU] Australia's Westpac Banking Corp said on Monday its first half cash earnings will fall about A$260 million (S$249 million) on account of provisions for customer refunds in the wake of an inquiry into financial sector wrongdoing.

About half of the provisions relate to the lender's financial advice business while the remainder relates to its business and consumer banking unit, Westpac said in a statement.

REUTERS

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