Westpac drops latest bank shocker

Westpac out with the latest bank shocker

More on the charge:

Profit smashed. CET1 at 10.8% is only OK for now. Still, it’s solid start to building provisions thanks to no dividend. I wouldn’t expect it come in the second half either.

One positive was NIM holding up. Another is that new CEO Peter King is throwing in the kitchen sink to clear the decks, as it were.

But with provisions and remediations still rolling out, there’s not much to cheer about here.

David Llewellyn-Smith
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