) 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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