Westpac Banking Corp (WBK)
17 May 2019
Mon, May 6 2019
SYDNEY Australia's second-biggest lender Westpac Banking Corp posted its lowest half-year profit since 2013 on Monday, as interest income shrank along with the housing market, and costs rose as the bank compensated customers for botched service.
* Westpac H1 cash profit A$3.30 bln vs A$3.52 bln analyst view
May 6 Australia's No. 2 lender, Westpac Banking Corp, posted a 22 percent fall in first-half cash earnings on Monday, hit by a surge in customer refunds following a landmark inquiry.
* Half-year cash earnings to be hit by an additional A$357 mln (Recasts, adds background)
April 30 Australia's Westpac Banking Corp on Tuesday flagged a total impact of A$617 million ($434 million) to its first-half cash earnings from provisions for refunding wronged customers.
March 25 Australia's Westpac Banking Corp said on Monday its first-half cash earnings would fall about A$260 million ($184.03 million) on account of provisions for customer refunds in the wake of an inquiry into financial sector wrongdoing.
March 25 Australia's Westpac Banking Corp said on Monday its first half cash earnings will fall about A$260 million ($184.03 million) on account of provisions for customer refunds in the wake of an inquiry into financial sector wrongdoing.
SYDNEY Westpac Banking Corp, said on Tuesday it would exit its financial advice business, the last of Australia's top four banks to do so, as regulators increase pressure on the scandal-ridden financial sector to act in customers' best interests.
* Retains investment platforms, private bank and retirement biz
March 19 Australia's Westpac Banking Corp said on Tuesday it was exiting the provision of personal financial advice through a sale agreement with Viridian Advisory, in a bid to cut costs and simplify its structure.