News: WBC Westpac Posts HY Cash Earnings Of $993 Mln

May 4 (Reuters) - Westpac Banking Corp (WBC) :

• HAS DEFERRED DECISION ON DETERMINING AN INTERIM DIVIDEND AND NO DIVIDEND WILL BE PAID IN JUNE 2020
• AS AT MARCH 31, COMMON EQUITY TIER 1 CAPITAL RATIO OF 10.8%
• HY NET PROFIT ATTRIBUTABLE DOWN 62% TO $1,190 MILLION
• HY CASH EARNINGS $993 MILLION VERSUS $3,296 MILLION
• HY NET INTEREST MARGIN 2.21% VERSUS 2.09%
• ADDITIONAL EFFECTS OF COVID-19 EXPECTED TO EMERGE IN SECOND HALF 2020
• GIVEN RECENT EVENTS, RECOVERY IN HOUSING MARKET UNLIKELY TO BE SUSTAINED
• HAS NOT RECEIVED ANY CONCERNS FROM APRA ON THE BANK’S CAPITAL POSITION
• KEPT APRA INFORMED ABOUT STRESS TESTING SCENARIOS AND CAPITAL POSITION
• BOARD WILL CONTINUE TO REVIEW DIVIDEND OPTIONS OVER COURSE OF THIS YEAR
• BOOKED AFTER-TAX COST OF $258 MILLION FOR PROVISIONS FOR ESTIMATED CUSTOMER REFUNDS & PAYMENTS ASSOCIATED COSTS AND LITIGATION IN H1
• MORTGAGE 90+ DAY DELINQUENCIES UP 5 BASIS POINTS OVER HALF WHILE 30+ DAY MORTGAGE DELINQUENCIES 23 BASIS POINTS HIGHER

Source: https://reut.rs/2W20tpP

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