April 28, 2020 / 12:02 AM / a month ago

BRIEF-Westpac Announces $2.2 Bln First Half 2020 Impairment Charge

April 28 (Reuters) - Westpac Banking Corp:

* WESTPAC ANNOUNCES $2.2BN FIRST HALF 2020 IMPAIRMENT CHARGE

* ANNOUNCED THAT IMPAIRMENT CHARGES IN ITS FIRST HALF 2020 (1H20) RESULT ARE EXPECTED TO BE $2,238 MILLION (PRE-TAX)

* CHARGE INCLUDES APPROXIMATELY $0.6 BILLION FROM INDIVIDUALLY ASSESSED PROVISIONS AND NET WRITE-OFFS

* 1H20 IMPAIRMENT CHARGE OF $2,238 MILLION EQUATES TO ABOUT 62 BASIS POINTS OF GROSS LOANS (ANNUALISED)

* CET1 CAPITAL RATIO AT 31 MARCH 2020 IS EXPECTED TO BE 10.8%

* SEES ABOUT $1.6 BILLION OF ADDITIONAL IMPAIRMENT CHARGES PREDOMINANTLY RELATED TO COVID-19 IMPACTS

* 1.6 BILLION ADDITION TO IMPAIRMENT CHARGE HAS A RELATIVELY SMALL IMPACT ON COMMON EQUITY TIER 1 CAPITAL RATIO CAPITAL (11 BASIS POINT DECREASE) Source text bit.ly/3cXfMFB Further company coverage:

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