Westpac Banking Corporation Announced its 1H20 Results

  • May 04, 2020 AEST
  • Team Kalkine

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.

 


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