Australia's Westpac warns of $109 million hit to fiscal 2023 profit
Reuters
Published Oct 25, 2023 04:41PM ET
Updated Oct 25, 2023 06:26PM ET
(Reuters) - Australian lender Westpac Banking (NYSE:WBK) Corp said on Thursday it expects its net profit after tax in fiscal 2023 to decline by A$173 million ($109.11 million) due to certain one-off items, including the sale of its asset management business and write-down of assets.
The bank sees an increase in provisions for customer refunds and associated payments and restructuring costs, among others, in fiscal 2023. Westpac reported a net profit attributable of A$5.69 billion in fiscal 2022.
The company noted that the notable items recorded in fiscal 2023 are significantly lower than the notable items of A$874 million recorded in fiscal 2022.
The net impact of these one-off items will reduce the bank's common equity tier 1 capital ratio by 4 basis points, it added.
($1 = 1.5855 Australian dollars)
(This story has been corrected to say Westpac warns of a hit, not lower fiscal 2023 profit, in the headline)
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Written By: Reuters
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