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Bond Market News
Westpac to Take One-off Charge of $956mn on H2 Profits
October 12, 2021
Australian banking major Westpac said that it will take a one-off charge of AUD 1.3bn ($956mn) against its H2 profits after quitting energy trading and provisions to ‘pay out customers seeking remediation for wrongly charged fees, and costs associated with the sale of its life insurance unit.’ Reuters notes that payouts and costs related to settling customer lawsuits would amount to AUD 172mn ($126mn) and selling costs/tax adjustments regarding the sale of its life insurance unit would amount to AUD 267mn ($196mn). The company also lowered its earnings outlook citing subdued financial markets.
Westpac’s dollar bonds were unchanged with its 5% Perp at 105.56, yielding 3.94%.
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