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Westpac profit falls in wake of banking royal commission

Westpac’s half-year profit has fallen by almost a quarter due to the consequences of the banking royal commission.

The bank’s cash profit is down 22 per cent to $3.3 billion as they continue to address issues that were exposed during last year’s royal commission.

CEO of Westpac Brian Hartzer tells Ross Greenwood the slide in profit is a result of the bank trying to win back the trust of its customers.

“It is a disappointing result and that reflects some very large provisions we’ve taken to address issues in financial advice in particular that are things that just shouldn’t have happened.

“We are absolutely committed to fixing the issues so they don’t happen again and running this company in a way that earns its customers’ trust.”

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