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‘Disappointing’: Westpac profits dive by 62 per cent, dividend slashed – The Sydney Morning Herald

Westpac will pay shareholders a sharply reduced dividend in what chief executive Peter King has described as “disappointing” results in a challenging year.

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Mr King said in a statement filed to the ASX on Monday morning Westpac’s full-year earnings had been impacted by higher impairment charges, increased notable items and the sharp decline in economic activity brought on by the pandemic.
“2020 has been a particularly challenging year and our financial result is disappointing,” he said. “At the same time, we have incurred higher expenses due to increased resourcing to handle unprecedented COVID-19 demands and fixing our compliance issues.”
Westpac’s…

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