November 3, 2019 / 9:06 PM / 10 days ago

Australia's Westpac profit falls 15%, cuts dividend

Nov 4 (Reuters) - Westpac Banking Corp reported a 15% drop in full-year cash earnings on Monday and cut its dividend, as Australia’s No.2 lender also set aside more money to meet compliance and customer compensation costs.

Cash earnings came in at A$6.85 billion ($4.74 billion) for the year ended Sept. 30, down from A$8.07 billion a year earlier.

The company’s cash earnings came roughly in line with an estimate of A$6.8 billion, according to analysts polled by Reuters.

It cut its final dividend to 80 cents per share, from 94 cents a share a year earlier.

$1 = 1.4459 Australian dollars Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Susan Fenton

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