⁍ Australia’s second-largest bank reached a A$1.3 billion settlement with Australia’s financial crime agency in September for allowing illicit payments.
⁍ Westpac said it would see a A$26 million pre-tax gain on the sale of its stake in Zip Co Ltd Z1P.AX in the first half of fiscal 2021.
⁍ Last week, National Australia Bank NAB.AX said it expects to take a A$264 million hit to its second-half cash earnings.
– Australia’s second-largest bank expects to take a $774 million hit to cash earnings in the second half of the year, mainly due to write-downs and provisions, Reuters reports. Westpac Banking Corp said on Monday it reached a $1.3 billion settlement with Australia’s financial crime agency in September for allowing illicit payments. The bank also set a $415 million aside for the fine. The bank said it would take a $26 million pre-tax gain on the sale of its stake in Zip Co. Ltd Z1P.AX in the first half of fiscal 2021.
Source: https://www.reuters.com/article/westpac-outlook/update-1-australias-westpac-expects-8704-mln-hit-to-second-half-cash-earnings-idUSL1N2HG0RE