Westpac takes financial hit

WESTPAC’S full-year profit will take a $A1.3 billion hit due to heavy write-downs as it shrinks its institutional bank and takes additional provisions for potential legal action and customer remediation after the banking royal commission.

Westpac takes financial hit Westpac takes financial hit Westpac takes financial hit Westpac takes financial hit Westpac takes financial hit

Peter King

And Westpac's inability to sell its Pacific business - after the deal was knocked back by the competition regulator in Papua New Guinea - will see $54 million of previous write-downs reversed.
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