Mortgage Business
Westpac earnings to dip by $280m
By Malavika Santhebennur
27 April 2021
The lender has said its cash earnings will be reduced in 1H21 due to notable items, including write-down of goodwill related to lender’s mortgage insurance.
Westpac has announced that its cash earnings in the first half of the 2021 financial year (1HFY21) will be reduced by $282 million (after tax), while its statutory net profit will also be reduced due to what it said are notable items.
The notable items after tax include the write-down of goodwill in the group’s lenders mortgage insurance business as it is now held for sale.