ANZ profit down 40% for FY20
ANZ’s statutory profit after tax is down 40% to $3.58 billion for the full year ended 30 September, 2020, on the previous corresponding period, mostly driven by credit impairment charges.
In an announcement to the Australian Securities Exchange (ASX), the bank said its cash profit for its continuing operations was down 42% to $3.76 billion.
“The decrease was primarily driven by full year credit impairment charges of $2.74 billion, which increased from prior year due to the impact of COVID-19 and a first half impairment of Asian associates of $815 million, also related to the pandemic,” it said.
The bank had a proposed a fully-franked final dividend of 35 cents per share.
ANZ chief executive, Shayne Elliott, said the bank had entered 2020 in robust condition with a strong balance sheet and record levels of capital and liquidity as well as provisions for potential future losses.
“Institutional performed well in a market well in a market defined by high levels of liquidity, low interest rates and geopolitical tensions. Increased volatility led to strong activity in markets demonstrating the benefits of a diversified business,” he said.
Elliott noted the bank was “well positioned” to assist customers as the global economy improved.
Recommended for you
Selfwealth has provided an update on the status of its scheme implementation deed with Bell Financial Group as well as whether rival bidder Svava remains in the picture.
Magellan Financial Group has reported its first half FY25 results while appointing a new chief financial officer and promoting Sophia Rahmani to chief executive.
Schroders Australia has launched two active ETFs and plans to further expand its listed range over the year ahead.
Platform Netwealth has reported its financial results for the first half of FY25, reporting an 80 per cent increase in net flows, with its CEO viewing a “huge opportunity” from private assets.
