Westpac’s full-year profit plunges on bad debt and laundering fine
The result adds to an already dire earnings season for Australia’s banks
01 November 2020 - 23:28
Sydney — Westpac Banking’s full-year profit plunged after the lender was hit with a record fine for breaching anti-money laundering laws, and the coronavirus-induced recession swollen bad-debt charges.
Cash earnings fell 62% to A$2.61bn ($1.8bn) in the 12 months to end-September 30, the Sydney-based bank said in a statement on Monday. The results include a previously disclosed A$1.2bn charge for the laundering fine and the mounting cost of compensating wrongly treated customers. Bad-debt provisions increased to A$3.2bn as the recession smashes consumers and businesses...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.