) 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.
Westpac said it would not pay a interim dividend in June, and would instead postpone its decision and review its options over the course of the year. “This is the most difficult result Westpac has seen in many years,” said Chief Executive Officer Peter King, but added that the bank was well capitalised and its liquidity and funding metrics were comfortably above regulatory requirements.
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What!? Oh. Banking, not Barking. Nevermind.