Australia’s CBA to pay maximum dividend allowed

SYDNEY: Commonwealth Bank of Australia (CBA) slashed its annual dividend by more than half to the maximum payout allowed by regulators, even as bad loan provisions amid the coronavirus pandemic drove its annual cash profit below market expectations.

The payout by Australia’s largest lender is expected to set the pace for other banks in the country, where dividends are closely watched as around 8% of the population manage their own retirement income.