Westpac Banking Corporation (ASX:WBC) released its FY2020 results for the FY2020. During the period, the Company reported a 66% drop in the statutory NPAT. Cash EPS declined by 63% to 72.5 cents. WBC declared a fully franked dividend of 31 cents per share.
As per Westpac’s CEO, Peter King, 2020 was a challenging period for the Company and the earnings were impacted by the higher impairment charges, improved notable items and the sharp decline in economic activity. Further, WBC incurred higher expenditures due to improved resourcing to handle COVID-19 demands and fixing the compliance issues.
At AEST 11:30 AM, WBC shares were trading at A$17.710, down by 1.117% from the previous close.