Ann: 2022 Annual General Meeting Results, page-12

The way i see it is just maths.

Low interest rates makes for smaller gross revenues, if the bank borrows 1billion at 1% and lends that to customers at 2%, the bank make s1% on a billion which is $10million gross less operating expenses.

If the same volume of loans happens, 1billion but they borrow at 3.25% and lend out at 4.99% they make 1.74% on the billion which $17.4 million gross for the same operating expenses.

During last few years additional regulations have added to costs etc as mentioned by hudathunkit, at the same time gross revenues are falling with lower interest rates.

So profits dropped and so did dividends.

Some will argue that the banks only add 1% to the interest rates of their loans but IMO that is not the case.

As general rule a higher interest rate market makes for more profitable banks, but subject to other forces like regulation, economic growth, housing market, good/bad management decisions etc.