Royal commission refunds drag bank profit down
businessbankingWestpac profit falls 22% as banking royal commission proves costlyThe fallout from the banking royal commission has cost Westpac about $1.45 billion.
The company profit for the six months to canada goose outlet canada March 31 was down to $3.296 billion.
The royal commission also pressured the major lenders to restructure wealth canada goose outlet canada goose coats on sale online management divisions, which resulted in Westpac booking a direct loss of $136 million.
past six months has been a turning point, chief executive Brian Hartzer said.
is a disappointing result reflecting weaker business conditions and canada goose outlet black friday the bank dealing decisively with outstanding issues.
are proactively Canada Goose Online addressing legacy issues while improving our products and services canada goose outlet store to ensure they deliver canada goose canadian goose jacket outlet parka the right customer outcomes.
exiting personal financial canada goose outlet shop advice to focus on the parts Canada Goose Outlet of our wealth business where we have a competitive advantage, and we are delivering significant cost savings by simplifying cheap canada goose canada goose outlet toronto factory our business.
The company said the controversies exposed in the royal commission had cost Westpac $1.45 billion over the past three years.
are centralising canada goose outlet store uk oversight of all remediation programs and have more than 400 employees working directly on remediation canada goose https://www.londonbc.co.uk factory sale projects to make refunds to customers as quickly as possible, the chief executive said.
Mr Hartzer said the bank had repaid about $200 million to customers in the past year and a half and expects more progress to be made this year canada goose uk black friday to win back trust.
safeguard against future issues, work is underway across the group to strengthen governance, improve culture and deliver more consistent customer outcomes, he said.
part of our it right, put buy canada goose jacket it right initiative we are determined to fix issues and stop these errors occurring again.
will continue to review our products and services to ensure they deliver the right outcomes for customers. bank recovery would also be impacted by consumers being cautious amid flat wage growth and continued weakness in canada goose store the housing market, Mr Hartzer said.
He canada goose outlet nyc said the timing of the canada goose outlet banking inquiry canada goose jacket outlet as well as the softening of the Australian economy had put pressure on Westpac next cheap canada goose few years.
are implementing the recommendations of the royal commission and other industry initiatives while continuing to invest in technology and digital platforms, Mr Hartzer said.