Australia's Westpac underwrites dividend payout as cash earnings plunge

said on Monday it would resume paying dividends as it reported a 62% plunge in cash earnings due to write-downs, lower margins and a record fine over a money-laundering case.

Citigroup will underwrite a dividend reinvestment scheme, where the payment, 61% lower than in 2019, will be made in shares rather than cash, safeguarding its capital but diluting shareholders who do not participate in the scheme. The settlement ended a difficult chapter for Australia’s oldest bank, which has seen it lose about a third of its value since the lawsuit was announced in November last year.

Westpac Banking Corp reported a 62% plunge in cash earnings due to write downs , lower margins and a record fine over a money laundering case .

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