Westpac flags $1.2 billion blow to cash earnings

Notably Westpac will also be writing down Westpac Life Insurance Services and its Auto Finance business to the tune of $568 million after tax.

The bank said the global coronavirus pandemic has pulled value from some of the technology Westpac would use and sell to other businesses. "Following a review, the valuation of our life insurance business did not support the carrying value of its intangibles and so they have been written down. The cost of this write-down was $406 million," the bank said in a statement.The bank said the global coronavirus pandemic has pulled value from some of the technology Westpac would use and sell to other businesses.

"The impact of COVID-19 on asset values combined with the previously announced review of capitalised software has contributed to an impairment of capitalised software for some IT systems.Westpac's stock is currently trading at $18.76, having fallen 0.11 per cent since the announcement.

but i bet the executives got their money

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مصدر: smh - 🏆 6. / 80 اقرأ أكثر »

Westpac flags $1.2b hit to earnings on misconduct costs, write-downsWestpac has flagged a $1.2 billion hit to earnings caused by write-downs across its insurance businesses, a growing remediation bill and mounting costs related to the landmark legal case over anti-money laundering law breaches | CharlotteGriev1 CharlotteGriev1 They won't even notice... CharlotteGriev1 They wont take the hit...its customers will, all while the fat pigs in the board room snort from trough while patting themselves on the back saying how great they are.
مصدر: smh - 🏆 6. / 80 اقرأ أكثر »