Westpac profit tumbles as Royal Commission compensation bites

Westpac's half-year profit has fallen by almost a quarter as the cost of customer compensation mounts and home-lending growth stagnates. 

The bank's net profit fell 24 per cent to $3.2 billion for the half-year to March 31. 

Chief executive Brian Hartzer told an investor briefing that customer remediation was a priority with $1.4 billion put aside for refunds over the next three years after revelations of misconduct emerged at last year's Royal Commission.

Here's my report from The World Today