Westpac earnings plummet, halts dividend, flags insurance and wealth exit

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Westpac Banking Corp 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.

) 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.”

 

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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.
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