© Reuters. FILE PHOTO: A woman exits the ground floor of an office building with Westpac logo amidst the easing of the coronavirus disease (COVID-19) restrictions in the Central Business District of Sydney, Australia, June 3, 2020. REUTERS/Loren Elliott/File Photo
(Reuters) – Australian lender Westpac Banking (NYSE:) Corp said on Thursday it expects its net profit after tax in fiscal 2023 to decline by A$173 million ($109.11 million) due to certain one-off items, including the sale of its asset management business and write-down of assets.
The bank sees an increase in provisions for customer refunds and associated payments and restructuring costs, among others, in fiscal 2023. Westpac reported a net profit attributable of A$5.69 billion in fiscal 2022.
The company noted that the notable items recorded in fiscal 2023 are significantly lower than the notable items of A$874 million recorded in fiscal 2022.
The net impact of these one-off items will reduce the bank’s common equity tier 1 capital ratio by 4 basis points, it added.
($1 = 1.5855 Australian dollars)
