Westpac flags $82 million hit to FY24 net profit from notable items

(Reuters) – Westpac Banking (NYSE:WBK) 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.

($1 = 1.4952 Australian dollars)