Westpac reports 66% profit decline
Westpac has reported a 66% decline in statutory net profit to $2.2 billion on the back of a 62% decline in cash earnings.
In a result which Westpac chief executive, Peter King, described as “disappointing” he said it had been a particularly challenging year for the big group.
The bank board declared a final fully franked dividend of 31 cents per share, and the company said that neither the chief executive or group executives would receive short-term incentives this year.
“Despite the challenging period, our balance sheet remains strong,” King said. “We have improved our capital position with our common equity tier 1 (CET1) capital ratio rising 46 basis points to 11.13% and our funding and liquidity ratios are comfortably above regulatory requirements”.
Discussing the outlook, King said that COVID-19 had been a once in a 100 year health and economic crisis and the near-term economic outlook would remain uncertain.
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