Westpac (ASX:WBC) profit drops 16 per cent in “disappointing year”
Westpac (ASX:WBC) has announced a 16 per cent slide in statutory net profit to $6.8 billion for the 2019 full year.
Cash earnings were also lower down 15 per cent to $6.85 billion.
The bank’s net interest margin has dropped 10 basis points to 2.12 per cent.
The final fully franked dividend has ben slashed to 80 cents per share, down 15 per cent from 94 cents per share last year.
Westpac Group CEO Brian Hartzer has described the 2019 result as “disappointing “ saying financial results are down significantly in a challenging, low-growth, low interest rate environment.
He also said the result was impacted by customer remediation costs and the reset of Westpac’s Wealth business.
Shares in Westpac (ASX:WBC) closed 1.17 per cent lower at $27.88 on Friday.
Copyright 2019 – Finance News Network
Source: Finance News Network
