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- Banking giant Westpac (WBC) shaved 66 per cent off its statutory net profit amid what CEO Peter King called “a particularly challenging year”
- The big four bank posted its annual results this morning, labelling the financial result as “disappointing”
- Westpac’s statutory net profit came in at $2.29 billion — down two thirds on FY19’s result
- Cash earnings took a similar hit, down 62 per cent to $2.6 billion
- In response to the downturn, Westpac will fork out a 31-cent dividend— a substantial markdown on last year’s 80 cents-per-share yields
- And as it prepares for COVID-19’s lasting economic impacts, the financial giant’s impairment provisions have blown out from $2.2 billion to $6.2 billion
- WBC shares tumbled 1.28 per cent in midday trade, priced at $17.68
Banking giant Westpac (WBC) shaved 66 per cent off its statutory net profit amid what CEO Peter King called “a particularly challenging year”.
The big four bank posted its annual results this morning, labelling the financial result as “disappointing”.
Ultimately, the Chief Executive behind Australia’s oldest bank chalked this year’s result up to higher impairment charges and a slump in economic activity, brought on by COVID-19.
Westpac’s statutory net profit came in at $2.29 billion — down two thirds on FY19’2 result. Cash earnings took a similar hit, down 62 per cent to $2.6 billion.
As a result, cash earnings per share fell 63 per cent to 72.5 cents per share
In response to the downturn, Westpac will fork out 31 cents for every share held to shareholder— a substantial markdown on last year’s 80 cents-per-share yields.
And as it prepares for COVID-19’s lasting economic impacts, the financial giant’s impairment provisions have blown out from $2.2 billion to $6.2 billion.
Speaking to the results, CEO Peter King said COVID-19 was a “once in 100-year health and economic crisis”.
“The impacts are profound across communities, workplaces and on individuals,” he told investors.
Westpac’s final dividends will hit investors’ accounts on December 18.
WBC shares tumbled 1.28 per cent in midday trade, priced at $17.68 at 12:25 pm AEDT.
