Considering that the changes are all non cash you'd expect the dividend payout to be maintained & paid on an underlying basis excluding the adjustments.
PNC are very likely to go to great lengths to show what the PAT performance would have been without the retrospective adjustments & for comparative purposes going forward. Paying the dividend on an underlying basis would enforce this. There will clearly be a strategy to show these are one off adjustments that haven't changed the fundamentals of the business & that the cash receipts won't change.
The share price will take a significant hit & take a long time to put this behind it.
PNC Price at posting:
$2.46 Sentiment: Buy Disclosure: Held
