Westpac flags A$260m earnings hit from customer refunds
Published Sun, Mar 24, 2019 · 10:49 PM
[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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Weak yen pressures Bank of Japan’s interest rate decision
Basel Committee adds climate risks to banking supervision standards
Crypto firm sues SEC to fend off oversight of Ethereum
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
S&P Global first-quarter profit beats estimates on strong product demand
Thai banks cut rate for some borrowers after push from PM