Westpac refund costs approach $1 billion

Original article by Lucas Baird, Aleks Vickovich
The Australian Financial Review – Page: 20 : 24-Oct-19

Westpac has advised that its financial accounts for the second half of 2018-19 will include an after-tax provision of $341m for its customer remediation program. This will lift the bank’s remediation costs for the full year to $958m, and $1.9bn on a pre-tax basis since 2017. Westpac has also flagged the potential for significant financial penalties as a result of Austrac’s investigation into its compliance with anti-money laundering laws. Westpac’s financial results for the year to 30 September will be released in early November.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, EVANS AND PARTNERS ASIA FUND – ASX EAF, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s