Westpac Banking Updates on 2024 Net Profit

(Reuters) – Westpac Banking (NYSE:WBK) Corp, Australia's third-largest lender by market value, announced on Tuesday that its 2024 net profit would be impacted by A$123 million (approximately $82.26 million) due to certain notable items.

The bank explained that this reduction is attributable to unrealised fair value gains and losses from economic hedges and net ineffectiveness on qualifying hedges recognized during the year.

Westpac, which reported a net profit of A$7.195 billion for fiscal 2023, is scheduled to release its 2024 financial results on November 4.

(Exchange rate: $1 = 1.4952 Australian dollars)