Westpac's FY23 profit drops by $173m due to notable items

Westpac Banking Corporation has announced that its reported net profit after tax for FY23 will be reduced by $173 million due to notable items.

This is significantly lower than the FY22 notable items of $874 million.

The notable items for FY23 include the sale of the Advance Asset Management business, an increase in provisions for customer refunds and litigation costs, restructuring costs, write-down of assets, and unrealized fair value gains and losses on economic hedges.

These notable items have reduced the Common Equity Tier 1 capital ratio by 4 basis points.

The full-year results for FY23 will be announced on November 6, 2023.