Westpac Banking Corporation (WBC.AX)
- Reuters
Westpac flags $82 million hit to FY24 net profit from notable items
Westpac Banking Corp, Australia's third-largest lender by market value, said on Tuesday its 2024 net profit would take a A$123 million ($82.26 million) hit due to impacts from certain notable items. The bank attributed the hit to the unrealised fair value gains and losses on economic hedges and net ineffectiveness on qualifying hedges recognised during the year. Westpac, which had reported a net profit of A$7.195 billion for fiscal 2023, is scheduled to report its 2024 results Nov. 4.
- TipRanks
Westpac Finalizes Exit from Auto Finance Sector
Westpac Banking (AU:WBC) has released an update. Westpac Banking has announced a deal to sell its auto finance loan portfolio to Resimac Group Limited, with the transaction expected to be finalized in the first half of 2025 and valued between $1.4 and $1.6 billion. This sale marks the completion of Westpac’s exit from the auto finance sector, a process that began with a partial sale in 2021 and is not anticipated to significantly affect the company’s financial statements. For further insights in
