Westpac (ASX:WBC) has deferred the decision on determining an interim dividend and no dividend will be paid in June 2020.
The bank also reported profits are down 62%.
Westpac Group CEO, Mr Peter King, said this is the most difficult result Westpac has seen in many years and it is significantly impacted by higher impairment charges due to COVID-19, as well as notable items including the AUSTRAC provision.
Westpac has also provisioned $900 million for a potential penalty relating to the AUSTRAC civil proceedings brought against it on 20 November 2019.
Shares in Westpac Banking Corp (ASX:WBC) are trading 1.89 per cent lower at $15.05.