NEWSLETTER
© Reuters. FILE PHOTO: A woman leaves the ground floor of an office building with the Westpac logo amid the easing of coronavirus disease (COVID-19) restrictions in the Central Business District of Sydney, Australia, on June 3, 2020. REUTERS/Loren Elliott/File Photo
(Reuters) – Australian lender Westpac Banking (NYSE 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 management business of assets and the amortization of assets.
The bank expects an increase in provisions for customer refunds and associated payments and restructuring costs, among others, in fiscal 2023. Westpac reported an attributable net profit of A$5.69 billion in fiscal 2022.
The company noted that notable items recorded in fiscal 2023 are significantly lower than the A$874 million notable items recorded in fiscal 2022.
The net impact of these extraordinary items will reduce the bank’s Common Equity Tier 1 capital ratio by 4 basis points, it added.
($1 = 1.5855 Australian dollars)
