tyb
and this one too
that not gonna work either "fren"
larping bullshit and all that.
you have fun wit 'dat though.
See if you were real you'd be moar discreet about it.
but you're not so you aren't
buh-bye faggit
Westpac Defers Dividend as Profits Plunge to Two-Decade Low
Westpac Banking Corp. deferred its dividend after soaring bad-debt provisions and a potential record anti-money laundering fine sent first-half earnings plummeting to the lowest in almost two decades.
Cash earnings fell 70% to A$993 million ($636 million) in the six months ended March 31, Sydney-based Westpac said Monday, its smallest profit since 2002. The bank is also considering selling smaller units, including its wealth and insurance operations, as part of new Chief Executive Officer Peter King’s overhaul plan. “This is the most difficult result Westpac has seen in many years,” King said in a statement. “The bank is dealing with the twin impacts of Covid-19 and some of our own issues.”
The profit plunge adds to a dismal earnings season for Australia’s biggest banks, which have historically been among the world’s most profitable. None made a loss even during the global financial crisis and shareholders had grown accustomed to generous dividend payouts.
That’s now a fading memory, as the combination of the coronavirus crisis and the cost of cleaning up years of misconduct slashes earnings across the industry. National Australia Bank Ltd. and Australia & New Zealand Banking Group Ltd.’s first-half profits both slumped more than 50%.
Like ANZ Bank, Westpac deferred its decision on whether to pay a dividend a move that will hurt retail shareholders until the economic outlook is clearer. Australia is heading for its steepest downturn in 90 years, according to James McIntyre, Australia economist at Bloomberg Economics.
‘Difficult Decision’
“This was a difficult decision given many retail shareholders rely on Westpac dividends,” the bank said. Last year it paid a first-half dividend of 94 Australian cents a share, for a total of about A$3.3 billion. Options for the dividend will be reviewed over the course of the year, the bank said.
The stock fell 0.9% in early Sydney trading, taking its decline this year to 37%.
Like banks globally HSBC Holdings Plc last week took its biggest charge for bad debt in almost nine years Australia’s big lenders have reported soaring provisions for bad debts as they brace for the fallout from the near-shuttering of the economy.
Westpac’s are the biggest of the local banks. Loan-loss provisions increased to A$5.8 billion, which includes about A$1.6 billion predominantly related to the impact of Covid-19. It had already disclosed A$1.43 billion of charges to cover customer-compensation costs and the potential penalty to settle allegations it committed Australia’s biggest breach of anti-money laundering laws, including failing to detect payments linked to child abuse.
Westpac committed 23 million breaches of anti-money laundering and counterterrorism financing laws.
sauce
https://www.washingtontimes.com/news/2019/nov/26/westpac-bank-chief-resigns-over-money-laundering-s/
In addition to steering the bank through the coronavirus crisis, King, who was appointed permanent CEO a month ago, is also leading efforts to restore the reputation of Australia’s second-biggest bank after the money-laundering scandal cost the previous CEO and chairman their jobs and raised questions about its risk controls.
As part of his overhaul, King said he will simplify the bank to focus on its Australia and New Zealand businesses. Several units, which lack sufficient returns or scale including wealth platforms, life insurance and auto finance will be moved into a new Specialist Businesses division.
The bank will then conduct a strategic review of the units, including whether to sell them. Australia’s other major lenders have already sold peripheral businesses, particularly in wealth management and advice, as they retreat to focus on traditional banking operations.
https://www.msn.com/en-us/money/news/westpac-defers-dividend-as-profits-plunge-to-two-decade-low/ar-BB13yhIm
it's fuggen hilarious…still.
gonna have to check for two dashes in future articles. did not add the purple
welcome to yesterday and do as they do not as they say. No filings so far that indicate this.
there has been the odd tanker in/and out of south China sea from Okinawa lately as well. Was one earlier going in
don't make the pepes..you memefags do a much better job than I could. Not a heavy graphics pepe any longer.
will use in future
ty anon