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.
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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.
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