Westpac Banking Corp. expects its cash earnings in the fiscal second half of 2019 to be reduced by an estimated A$341 million provisions for customer refunds, payments and litigation related to its misconduct in financial advisory services.
It was down from A$617 million booked in the fiscal first half ended March 30, the bank said Oct. 23.
The bank added 72% of the second-half provisions, or so-called the customer remediation programs, are related to customer payments.
In the six months ended Sept. 30, remediation related to its wealth management business totaled A$36 million, down from A$136 million in the fiscal first-half.
Westpac is set to announce its fiscal full-year results on Nov. 4.