The Australasian bank explained the fault when revealing the impact of a negative writedown of A$34 million relating to the credit card income accounting error on its upcoming full year results announcement.
To rectify the problem, Westpas says it removed the error from the system, improved controls, and made some management changes, CardLine has reported.
Despite the blunder, Westpac said it expected full year earnings growth of 9% to 10% for the 12 months to the end of September. However, the market was not impressed by the announcement as shares in the Sidney-headquartered bank fell by over 2% following the declaration.
