Horror Year for Australia’s Banks Capped by Westpac’s Worst Earnings Since 2009
- Full-year cash profit falls 15%, final dividend slashed
- Bank plans to raise A$2.5 billion capital in share sale
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Westpac Banking Corp. capped a horror year for Australia’s banks with its worst earnings since the global financial crisis.
The country’s second-largest bank will tap shareholders for A$2.5 billion ($1.7 billion) in new capital and slashed its dividend as full-year cash profit plunged 15% -- the first decline in earnings since the aftermath of the financial crisis in 2009.