Westpac (ASX:WBC) report $2.2b first half 2020 impairment

Company News

by Rachael Jones

Westpac (ASX:WBC) today announced that impairment charges in its First Half 2020 (1H20) result are expected to be $2.2 billion pre-tax.

The impairment charge includes approximately $0.6 billion from individually assessed provisions and net write-offs together with approximately $1.6 billion of additional impairment charges predominantly related to COVID-19 impacts.

Westpac’s CET1 capital ratio at 31 March 2020 is expected to be 10.8 per cent.

Westpac CEO, Peter King, said: “The world is going through a once in a life-time health and economic crisis and we are committed to assisting as many customers as possible to bridge this shutdown period.

Shares in Westpac (ASX:WBC) are trading 2.2 per cent higher at $14.98.