Westpac cuts dividend for the first time in a decade as profit falls 15%

The bank last cut its dividend at the end of the 2009 financial year, when the sector was reeling from the global financial crisis

Westpac has cut its dividend for the first time in a decade after the bank’s full-year cash profit fell 15% to $6.85bn.

Australia’s second largest lender also announced a $2.5bn capital raising to help meet regulatory capital requirements and expected litigation costs related to the issues that forced a near $1bn customer remediation provision.

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from World news | The Guardian https://ift.tt/2WCQ16R