) said on Monday it would not pay a dividend in June, as it posted a 70% drop in first-half cash earnings and announced a strategic review of its underperforming wealth, pension investments and insurance units.
The decision, expected by analysts after a similar move by Australia and New Zealand Banking Group last month, was prudent, the bank said, but acknowledged it would hurt many shareholders who rely on its dividends as a source of income. The Sydney-based lender said cash earnings for the six months ended March 31 fell to A$993 million , less than a third what it earned last year, and below an average forecast from 6 analysts of A$1.22 billion.
“As a result, we’ll focus where we have scale and competitive advantage, and that’s our banking businesses.”
is this due to displeasure with the westworld finale?
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Australia's Westpac first-half cash earnings plummet 70%, halts dividendWestpac Banking Corp on Monday deferred a decision on its interim dividend and posted a 70% drop in first-half cash earnings, hit by steep costs over a money laundering scandal and a surge in charges for bad loan provisions due to the coronavirus outbreak. What!? Oh. Banking, not Barking. Nevermind.
Herkunft: Reuters - 🏆 2. / 97 Weiterlesen »
Analysts say stocks like Southwest are buying opportunities during this dismal earnings seasonYour weekend brief: Analysts say stocks like Southwest are buying opportunities during this dismal earnings season Pro Are these analysts at banks also holding stock they want to offload CoughgoldmanCough Pro Has SECEnfDirectors asked about jimcramer and Gilead? Pro With Trump in charge.....I doubt it. His faulty handling of the virus response and subsequent shutdown have damaged the economy. Now we have huge debt that still won’t be able to save a large number of small businesses. Couple that with a potential 2nd wave of the virus.
Herkunft: CNBC - 🏆 12. / 72 Weiterlesen »