April 28, 2020 / 12:16 AM / in a month

Australia's Westpac to take $1.44 bln impairment charge in H1 result

April 28 (Reuters) - Australia’s Westpac Banking Corp 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.

$1 = 1.5513 Australian dollars Reporting by Rashmi Ashok in Bengaluru; Editing by Tom Hogue

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