Westpac Australia: A$1.6b of covid-19 related provisions against profit

Tue, 28 Apr 2020

Westpac's Australian parent has announced a A$2.24 billion impairment charge will be booked in its first-half results scheduled to be released on Monday, including A$1.6 billion of provisions for losses due to the coronavirus crisis. Moreover, the bank said the covid-19 outbreak was still in its early stages and the impact on customers and Westpac itself remained "highly uncertain. "While impairment provisions have begun to increase, the extent of additional charges in subsequent periods will depend on the severity and duration of the dec...

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