Westpac profit dives as COVID19 bites, CEO Peter King pledges not to tap mortgage redraw facilities

Banking giant Westpac has revealed an ugly half-year profit result, which is down 62 percent to $1.2 billion. 

The bank has deferred its dividend to shareholders, and flagged $2.2 billion in charges for bad loans, which includes the potential impact of COVID-19. 

Mr King tells ABC's Peter Ryan that Westpac won't be following action of ME Bank, which has upset borrowers by tapping redraw facilities in mortgages.