News: WBC UPDATE 1-ANZ to take $97 mln hit to second-half cash profit

(Adds detail on charges, background on Westpac)

Oct 20 (Reuters) - Australia and New Zealand Banking Group (ANZ) on Wednesday warned of an after-tax hit of A$129 million ($96.66 million) to its second-half statutory and cash profit, citing remediation charges at its retail and commercial unit.

Australia's fourth-largest bank said the hit includes remediation charges of A$113 million associated with the review of its banking products at Australia Retail and Commercial segment, with the rest being restructuring charges.

In aggregate, these items would have an impact of about 3 basis points to the bank's common equity tier-one capital at level two, it said in a statement.

ANZ's warning comes a week after Australia's second-largest bank Westpac (WBC) flagged a one-off charge of $956 million against its second-half profit due to remediation charges and a weaker earnings outlook at its institutional banking unit.

ANZ, which posted a A$2.99 billion cash profit in the first-half, will report its full-year results on Oct. 28.

($1 = 1.3346 Australian dollars)