- SYDNEY, AAP – Westpac says its first-half earnings due next week will be lower by $282 million, mostly due to compensating customers.The bank on Monday outlined money being put aside for customer refunds and legal expenses of $220 million, along with write-downs of software ($115 million) and costs.
Some of the refunds relate to financial planners charging fees for no service.
These items were partially offset by gains such as a revaluation of Westpac’s investment in cryptocurrency group Coinbase of $288 million.
The bank said it had already flagged $212 million of the $282 million in an earlier update.
The bank is due to report first-half earnings on May 3.
Shares were up by 0.6 per cent to $25.27 at 1149 AEST.
Westpac outlines $282m cut to H1 earnings
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