Below expectations: Pedestrians walk past a branch of Westpac in Sydney. Westpac slightly missed analysts’ expectations with cash earnings of A$6.85bil for the year ended Sept 30, down from A$8.07bil a year earlier. — Reuters
SYDNEY: Westpac Banking Corp is looking to raise A$2.5bil (US$1.73bil) 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.
Australia’s No. 2 lender plans to use the additional funds to meet tougher capital requirements and anticipated legal action related to customer remediation issues that have already led to an almost A$1bil charge.
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