Original article by James Frost, James Eyers
The Australian Financial Review – Page: 13 & 16 : 7-May-19

Westpac has posted a 2018-19 interim net profit of $3.296bn, which is 22 per cent lower than previously. The result was marred by provisions of $617m associated with Westpac’s customer remediation program. Westpac’s costs increased by one per cent to $5.04bn, although costs fell by three per cent when compensation and restructuring costs are excluded. Meanwhile, net income was down 10 per cent at $9.979bn for the half-year. CEO Brian Hartzer expects house prices to bottom in late 2019 or early 2020.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WATERMARK FUNDS MANAGEMENT PTY LTD, CLIME ASSET MANAGEMENT PTY LTD, BT FINANCIAL GROUP PTY LTD, WESTPAC NEW ZEALAND LIMITED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE