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Australia's Westpac sees over $2 billion hit to earnings amid virus

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Westpac Banking Corp said it would write down more than A$3.67 billion ($2.36 billion) in its first-half results, with most of the charges stemming from the economic deterioration expected from the coronavirus outbreak.

) said it would write down more than A$3.67 billion in its first-half results, with most of the charges stemming from the economic deterioration expected from the coronavirus outbreak.

Australia’s second-largest bank said on Tuesday that it would take a pre-tax impairment charge of A$2.24 billion due to potential virus-related credit losses, equivalent to about 0.62% of gross loans, up from 0.13% in the previous half. The statement suggests that despite the large charges, Westpac may not launch a capital raising when it announces interim results on May 4, Goldman Sachs analysts said.

The world’s No.12 economy is expected to plunge into its first recession in 30 years due to the health crisis, and the government has committed A$320 billion, or about 16% of GDP, in relief funding, Australia’s biggest emergency package ever.

 

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Yesterday NAB, today Westpac.

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