March 25 (Reuters) - Westpac Banking Corp (WBC) :
- WESTPAC HAS ANNOUNCED THAT ITS CASH EARNINGS1 IN FIRST HALF 2019 WILL BE REDUCED BY AN ESTIMATED $260 MILLION
- EXPECTED REDUCTION DUE TO PROVISIONS ARISING FROM FURTHER WORK ON ITS CUSTOMER REMEDIATION PROGRAMS
- OF ESTIMATED $260 MILLION IMPACT ON H1 CASH EARNINGS, ABOUT 90% RELATE TO ISSUES IDENTIFIED IN PREVIOUS FINANCIAL YEARS
- OF ESTIMATED $260 MILLION IMPACT ON H1 CASH EARNINGS, AROUND HALF OF PROVISIONS RELATE TO FINANCIAL ADVICE BUSINESS
- $260 MILLION INCLUDES COSTS ASSOCIATED WITH IMPLEMENTING REMEDIATION PROGRAMS ALONG WITH INTEREST ON FEES TO BE REFUNDED
- WILL COMMENCE REMEDIATION IN GROUP'S H2 2019 FOR CUSTOMERS OF AUTHORISED REPRESENTATIVES STILL OPERATING UNDER BTFG LICENCES
- WORK IS UNDERWAY TO DETERMINE EXTENT OF SERVICES PROVIDED BY AUTHORISED REPRESENTATIVES WHO ARE NO LONGER OPERATING UNDER BTFG'S LICENCES
Source text: http://bit.ly/2Olw1l3
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News: WBC Westpac Banking Corp Says H1 Cash Earnings Will Be Reduced By An Estimated $260 Mln
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