Westpac flags hit to first-half profit from Middle East shock, energy disruption
13/04/2026 23:16
April 14 (Reuters) - Australia's Westpac Banking Corp WBC.AX said on Tuesday that escalating turmoil in the Middle East is likely to raise inflation and interest rates, driving higher provisions and a one-off cost linked to the pending sale of its RAMS mortgage portfolio. The bank said reported net profit after tax for the first half of 2026 will fall by A$75 million ($53.24 million), reflecting the expected impact of energy market supply disruptions, increased provisioning and sale-related expenses. ($1 = 1.4088 Australian dollars) (Reporting by Roushni Nair in Bengaluru) ((Roushni.Nair@thomsonreuters.com;))
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