Aussie bank overhaul gets fat reality check - AntonyMCurrie -
Shares in Westpac fell more than 6% in morning trading on Nov. 1 after Australia’s second-largest bank by assets reported full-year cash earnings of A$5.35 billion that missed analysts’ estimates of A$5.5 billion, per Refinitiv. Cash earnings exclude certain items that are not deemed applicable to underlying earnings, such as gains or losses from selling a business, legal provisions and the like.
Westpac also announced a plan to buy back up to A$3.5 billion of stock and a dividend for the second half of the year of 60 cents a share. That takes the full-year dividend for the financial year to $1.18 a share, or 62% of cash earnings.A customer uses a National Australia Bank automatic teller machine in central Sydney November 12, 2014.
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