Royal Commission refunds weigh on Aussie banks

A$1.7 billion of remediation costs taken by Big Four in H1

Australian banks continue to count the cost of misconduct, illuminated by the Royal Commission enquiry report, published in February.

The Big Four banks collectively subtracted A$1.7 billion ($1.2 billion) pre-tax from their first-half earnings (September 2018 to March 2019), up from A$1.3 billion in the second half of last year. 

Westpac took A$896 million of provisions in H1, the majority of which were used to refund customers bilked by the group’s financial planners and mis-sold certain

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