(Adds forecast details)
Oct 24 (Reuters) -
Australia's Westpac Banking Corp (WBC) warned on Monday that its second-half reported net profit and cash earnings will be reduced by A$1.3 billion ($824 million) after tax, citing a loss on the sale of its life insurance business, among others.
Westpac, the country's third-largest lender, said the one-off charge will have a net positive impact of 12 basis points (bps) on its common equity tier 1 capital ratio as the unit sale added 17 bps.
The bank said it expects the
sale of
its Australian life insurance business to Japan's Dai-ichi Life Holdings 8750.T announced in August last year to result in a loss of A$1.1 billion, with other expenses, writedowns and an increase in provisions further adding to the one-off charge.
Westpac is set to announce its fiscal 2022 results on Nov. 7. Rivals National Australia Bank (NAB) and Australia and New Zealand Banking Group (ANZ) will report their annual results on Nov. 9 and Oct. 27, respectively. ($1 = 1.58 Australian dollars) (([email protected]; Twitter: https://twitter.com/sameer_manekar))
News: WBC UPDATE 1-Australia's Westpac sees $824 mln hit in second half from unit sale
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Last
$33.82 |
Change
0.100(0.30%) |
Mkt cap ! $115.7B | |||
| Open | High | Low | Value | Volume |
| $33.45 | $33.91 | $33.45 | $143.6M | 4.249M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1200 | $33.81 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $33.85 | 2990 | 2 |
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| Last trade - 16.10pm 31/07/2025 (20 minute delay) ? |
| WBC (ASX) Chart |