Original article by James Eyers
The Australian Financial Review – Page: 15 & 20 : 13-Oct-21

Westpac has advised that a $965m writedown associated with its institutional banking division will reduce its profit for the second half of 2020-21 by $1.3bn. Westpac will also make further provision of $172m for customer remediation and potential legal action in the wake of the Hayne royal commission. Westpac’s common equity tier 1 capital ratio will be reduced by 15 basis points as a result of the writedowns. Meanwhile, the Commonwealth Bank has indicated that its own its remedial action plan has been completed, more than three years after entering into an enforceable undertaking with the prudential regulator.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA