Waters got in to the cracks, and softened the mortar behind it. You'll need to dig the hole out to get rid of the soft mortar, fill it with some sand and cement, and then repaint the surface and seal the cracks.
It might be a hole for a pipe that's been filled and a few pebbles poked in - it has that appearance- so maybe a weak mortar mix was used, and rain has got into it. Possibly
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