Advertisement
Canada markets closed
  • S&P/TSX

    22,781.43
    -206.85 (-0.90%)
     
  • S&P 500

    5,408.42
    -94.99 (-1.73%)
     
  • DOW

    40,345.41
    -410.34 (-1.01%)
     
  • CAD/USD

    0.7370
    -0.0037 (-0.50%)
     
  • CRUDE OIL

    68.16
    -0.99 (-1.43%)
     
  • Bitcoin CAD

    73,868.90
    +787.56 (+1.08%)
     
  • XRP CAD

    0.72
    +0.01 (+1.12%)
     
  • GOLD FUTURES

    2,526.80
    -16.30 (-0.64%)
     
  • RUSSELL 2000

    2,091.41
    -40.65 (-1.91%)
     
  • 10-Yr Bond

    3.7100
    -0.0210 (-0.56%)
     
  • NASDAQ

    16,690.83
    -436.83 (-2.55%)
     
  • VOLATILITY

    22.38
    +2.48 (+12.46%)
     
  • FTSE

    8,181.47
    -60.24 (-0.73%)
     
  • NIKKEI 225

    36,391.47
    -265.62 (-0.72%)
     
  • CAD/EUR

    0.6644
    -0.0019 (-0.29%)
     

Australia's Westpac warns of $109 million hit to fiscal 2023 profit

FILE PHOTO: A woman exits the ground floor of an office building with Westpac logo in Sydney

(Reuters) - Australian lender Westpac Banking Corp said on Thursday it expects its net profit after tax in fiscal 2023 to decline by A$173 million ($109.11 million) due to certain one-off items, including the sale of its asset management business and write-down of assets.

The bank sees an increase in provisions for customer refunds and associated payments and restructuring costs, among others, in fiscal 2023. Westpac reported a net profit attributable of A$5.69 billion in fiscal 2022.

The company noted that the notable items recorded in fiscal 2023 are significantly lower than the notable items of A$874 million recorded in fiscal 2022.

The net impact of these one-off items will reduce the bank's common equity tier 1 capital ratio by 4 basis points, it added.

($1 = 1.5855 Australian dollars)

(This story has been corrected to say Westpac warns of a hit, not lower fiscal 2023 profit, in the headline)

(Reporting by Roushni Nair in Bengaluru; Editing by Shailesh Kuber)