It’s getting harder for Australian financial regulators to avoid joining their peers in New Zealand, the UK and EU in ordering banks to suspend their dividends and other capital management moves such as share buybacks.
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Barclays, RBS, Lloyds, Standard Chartered, Santander and HSBC have all agreed to not proceed with dividends. Will Australian financial regulators follow their peers in the EU and UK and tell major banks to suspend dividends and planned buybacks?
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Analysts argue Australia’s banks are in a much better position to weather this storm than they were in 2008, and have been oversold on that basis.
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Bank shares took their second pounding of the week so far yesterday after Monday’s thumping and its clear investors were quite blinkered in their approach yesterday.
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The RBA's rate cut and bets that another will follow in the next month or so have seen questions again raised over the share prices and sustainability of bank dividends at their current levels.
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Jamie Nicol, Portfolio Manager for DNR Capital’s Australian Equities High Conviction Fund and SMA, spoke with Informed Investor about the rotation from growth to value.
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Scott Kelly, Portfolio Manager for the DNR Capital Australian Equities Income SMA, gives Informed Investor his thoughts about which are the best income stocks on the ASX at the moment.
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In this video DNR Capital Portfolio Manager Scott Kelly examines the dividend outlook for the major banks.
WATCH VIDEOCiti does not expect APRA to follow the RBNZ’s lead in suspending bank dividend payments, as too many self-funded retirees rely on that income with the cash rate at 0.25%. The regulator has indeed flagged an opposite capital approach — easing the timing on “unquestionably strong” levels in the face of the crisis.
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Credit Suisse downgrades earnings estimates on the back of the reduction in official cash rates but also taking note of an increase in bad debt provisions derived from economic stress.
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The broker has responded to the Commonwealth bank result with a series of charts. It is unclear how the result stacked up against forecasts.
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Morgan Stanley believes Commonwealth Bank is priced for a strong result so the potential for disappointment is great. The outlook for margins and costs, alongside expectations of a buyback, will be the main focus.
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FY19 net profit was -2% below Morgans' forecasts. The broker considers the result bodes well for the outlook for major bank earnings in terms of home lending and residential mortgage asset quality.
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