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

) 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.

🧐

Global Depression

🧐

Yesterday NAB, today Westpac.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The richest ZIP code in the US was approved for a $2 million stimulus loan - Business InsiderThe richest ZIP code in the US, a private island off the coast of Miami, applied for a small business loan. It received $2 million in funding — but residents voted to reject it. 26m unemployed Americans and then you get wealthy islands asking for tax payer money? My god. I’ll take it Is this the island where everyone on it got Covid-19 tested?
Source: BusinessInsider - 🏆 729. / 51 Read more »

Caterpillar is about to report earnings, and Oppenheimer sees stock stabilizingCaterpillar is set to report earnings, one of the largest industrials stocks to give insight into how the coronavirus pandemic has hit the sector. TradingNation TradingNation Upside? For Cat? In 2020? Yeah right.
Source: CNBC - 🏆 12. / 72 Read more »