The groups reported net profit came to $3.1 billion while cash earnings came to $3.2 billion, down 22 per cent from the prior corresponding period.
Excluding the major remediation costs of $617 million and wealth restructuring expenses of $136 million, cash earnings were down 5 per cent.
The banks statutory net profit was down 24 per cent to $3.1 billion.
Net fee income dropped by 35 per cent, or $452 million, partially due to lower advice revenue. Fewer planners and declined activity gave way to a revenue fall of 16 million.
Westpac also had a cash earnings loss of $305 million from its wealth business BT Financial Group, with the divisions revenue plummeting by 63 per cent to $439 million.
The bank listed changes in pricing structure, the e…
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