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By Harshita Swaminathan
(Reuters) -Australia's No. 3 lender Westpac Banking Corp on Monday reported a drop in annual earnings, hit by a charge on the sale of its life insurance unit, and raised cost guidance as it flagged lower home prices and higher unemployment into 2023.
Westpac revised its target for costs incurred to A$8.6 billion ($5.52 billion) by fiscal 2024 from a prior target of A$8 billion, citing wage increases from a tight labour market and continued regulatory costs.
Westpac's c...
>>> Read more: Australian lender Westpac sees profit drop on charge, raises cost target
(Reuters) -Australia's No. 3 lender Westpac Banking Corp on Monday reported a drop in annual earnings, hit by a charge on the sale of its life insurance unit, and raised cost guidance as it flagged lower home prices and higher unemployment into 2023.
Westpac revised its target for costs incurred to A$8.6 billion ($5.52 billion) by fiscal 2024 from a prior target of A$8 billion, citing wage increases from a tight labour market and continued regulatory costs.
Westpac's c...
>>> Read more: Australian lender Westpac sees profit drop on charge, raises cost target
