Westpac Banking Corporation (ASX:WBC) announced its first half year FY 2020 results for the period ended 31 March 2020. The snippet of the results as compared to prior corresponding year is as below.
- Cash earnings were $993 million, a dip of 70 percent.
- Statutory net profit of $1190 million, a decrease of 62 percent.
- Impairment charge was $2,238 million which includes potential impacts of coronavirus.
- CET1 capital ratio of 10.8 percent and Return on equity was 2.9 percent.
- Net interest margin was 2.13 percent, an increase of 1 bps.
WBC mentioned four key points in its result report, namely, building for the long term, improving risk management, supporting its customers and people, simplifying the Company’s operations.
