The past six months has been a turning point for the bank. We are proactively addressing legacy issues while improving our products and services to ensure they deliver the right customer outcomes. Were exiting personal financial advice to focus on the parts of our wealth business where we have a competitive advantage, and we are delivering significant cost savings by simplifying our business.”
Net interest income was down 4 per cent in the half, while income from fees plunged 32 per cent. Like its rivals, the bank is also looking to cut costs in response to the weaker business conditions, and Westpac said that excluding remediation and restructuring, its expenses were down 3 per cent in the half.
Charges for impaired loans were $333 millio…
Read the full article at: https://www.smh.com.au/business/banking-and-finance/westpac-profit-slumps-22-per-cent-on-customer-compensation-costs-20190506-p51kdj.html