Original article by Michael Bennet
The Australian – Page: 19 & 23 : 3-May-16

Shares in Australia’s major banks were sold down on 2 May 2016, after Westpac posted lower-than-expected cash earnings of $A3.9bn for the first half of 2015-16. This was three per cent higher than previously, but impairment charges rose by 96 per cent to $A667m and the bank’s return on equity fell to 14.2 per cent. CEO Brian Hartzer says Westpac will cease offering financial products that do not generate a sufficient return. Shareholders will receive an unchanged interim dividend of $A0.94 per share.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ARRIUM LIMITED – ASX ARI, SLATER AND GORDON LIMITED – ASX SGH, UBS HOLDINGS PTY LTD, BELL POTTER SECURITIES LIMITED, ARNHEM INVESTMENT MANAGEMENT PTY LTD