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Another of Australia’s big four banks has revealed the true cost of the coronavirus to its bottom line and announced its decision on dividends.
Westpac’s net profit was $1.190 billion, a decrease of $1.983 million, or 62 per cent compared to 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 announced an impairment charge of $2.2 billion and followed ANZ’s lead by deferring a decision on its dividend.
More to come.
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