Business
Westpac scraps first-half dividend due to uncertain outlook – Sydney Morning Herald
Westpac will not pay shareholders a first-half dividend due to the uncertain economic environment, the bank said as it reported third quarter profits of $1.32 billion.
Chief executive Peter King said COVID-19 was clearly affecting the business, pointing to lower profit margins, weaker activity, and loans that have been deferred by customers.
Westpacs priority has been to remain strong so we can continue supporting customers through this challenging period,” Mr King said.
We have maintained our strong balance sheet and increased provisions for bad debts to support our prudent approach to managing impairments.”
The decision not to pay a dividend stands in con…
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