Westpac has joined rivals, NAB and ANZ in revealing more hits to the bottom line for 2018-19 from customer remediation and compensation costs.
Westpac said late on Wednesday that its second-half profits will take a $341 million hit from customer compensation costs.
Westpac is due to reveal its full-year (and second half results) in the first week of November.
Total one-off items for 2018-19 will be $1.13 billion for Westpac after $753 million in the March half year.
“As part of our ‘get it right put it right’ initiative we are determined to fix these issues and stop these errors occurring,” chief executive Brian Hartzer said in a statement to the ASX.
“We will continue to review our products and services to ensure they deliver the right outcomes for customers, and if necessary, make further provisions.”
Earlier this month the NAB revealed a $1 1billion hit from compensation and remediation costs (and over $300 million from the write-down of tech expenses). Seven days later the ANZ revealed a $485 million hit to second-half cost from customer refunds.
