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Westpac flags A$341M hit to fiscal H2 cash earnings due to customer remediation

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.