Virus crisis round two begins. Westpac needs capital

Wednesday 15 April 2020

Westpac may need to top up its capital after announcing a big increase in provisions for the March half that will put its capital ratio right on the “unquestionably strong” benchmark.

The bank announced yesterday that increased provisions and asset write-downs would add up to around A$1.43 billion after tax for the March half.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.