Big four bank takes billion-dollar hit, announces dividend decision

Another of Australia’s big four banks has announced its decision on dividends and will launch a shake-up of its wealth and superannuation businesses.

Advertisement
Advertisement
>Westpac’s net profit was $1.19 billion, a decrease of $1.98 million, or 62 per cent, compared with first half 2019. The fall was due to a significant increase in impairment charges due to the expected impacts of COVID-19, costs associated with AUSTRAC proceedings, and the impact of costs related to remediation and litigation.

Westpac is also moving several of its businesses, including wealth platforms, superannuation and retirement products, and general and life insurance into a new Specialist Businesses division, headed by Jason Yetton.

Westpac announced an impairment charge of $2.2 billion and followed ANZ’s lead by deferring a decision on its dividend.

More to come.

Big four bank takes billion-dollar hit, announces dividend decision
billion-dollar hit
ifa logo

latest news

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

from the web

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.