Westpac Banking Corp is looking to raise A$2.5 billion ($1.73 billion) from shar...
) is looking to raise A$2.5 billion from shareholders after reporting a 15% slide in full-year cash earnings, cutting its dividend for the first time in a decade and flagging weak trading conditions ahead.
“2019 has been a disappointing year,” Westpac Chief Executive Brian Hartzer said. “Financial results are down significantly in a challenging, low-growth, low interest rate environment.” The capital raising is the largest by a bank since Westpac’s own A$3.5 billion raising in 2015, according to Refinitiv data. Hartzer said the raising, most of which has been underwritten at A$25.32 per share, a 9% discount from Friday’s closing price, would provide flexibility amid the subdued economic outlook.
Excluding one-off items like the A$977 million hit for customer remediation, Westpac’s cash earnings dropped 4%. Only its New Zealand unit posted a rise, up 3%. “The decision ... was not easy,” Hartzer said. “However, we felt it was necessary to bring the dividend payout ratio to a more sustainable medium-term range given the capital raising and lower return on equity.”
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Box Office: ‘Terminator: Dark Fate’ Disappoints Overseas With $72 Million, ‘Joker’ Nears $1 BillionParamount, Skydance and Disney’s “Terminator: Dark Fate” failed to ignite much traction overseas, launching with a soft $72.9 million from 48 international territories. The sixth …
Consulte Mais informação »
Death knell or $1 million idea? Trump’s campaign tries to turn gaffes into gold.
Consulte Mais informação »
The First Look At ‘Diablo 4’ Raises A Few Red FlagsDiablo 4 just debuted at BlizzCon, but its arrival has raised a few questions.
Consulte Mais informação »
UK accountants gloomiest in a decade on Brexit and slow growthConfidence among British accountants in the economic outlook is falling at the f...
Consulte Mais informação »
Buffett's Berkshire tops profit forecasts despite trade drag, record cashBerkshire Hathaway Inc on Saturday said its quarterly operating profit rose more...
Consulte Mais informação »
Don Jr. Is Disgusted by People Who Trade on Their Family NameDonald Trump Jr. may not be the best messenger for the Trump camp's anti-nepotism argument
Consulte Mais informação »