Westpac’s Coinbase windfall fails to offset hit to profit

Additional provisions: Australia’s second-largest bank is set to report its first-half results on May 3, with earnings slated to be US$218mil lower. — AFP

BENGALURU: Westpac Banking Corp says one-off gains from its exposure to a US cryptocurrency exchange and a buy-now-pay-later firm failed to offset a hit to first-half cash earnings from customer refunds and write-downs.

Australia’s second-largest bank is set to report its first-half results on May 3, with earnings slated to be A$282mil (US$218.38mil or RM895mil) lower.