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Westpac has warned of a $1.22 billion hit to earnings ahead of its full-year results next week, partly due to the fallout from a money laundering and child exploitation scandal, and its life insurance business.

The bank on Monday outlined a series of write-downs and revaluations of its operations including life insurance worth $816 million.

There was also the additional $404 million set aside from the $1.3 billion penalty Westpac will pay over breaches of money laundering and terror financing laws.

Most of the breaches happened between 2013 and 2018.

The bank is due to give its full-year results on Monday next week.

Shares were higher by 0.05 per cent to $18.79 at 1150 AEDT.