ANZ reports 51% first half decline

ANZ covid-19 coronavirus NAB Shayne Elliott dividend

30 April 2020
| By Mike |
image
image
expand image

ANZ is the latest of Australia’s big four banks to reveal the impact of the COVID-19 pandemic, reporting a 51% decline in first half net profit to $1.55 billion.

The ANZ half follows on from a similar result for National Australia Bank (NAB) with ANZ saying the result was largely driven by credit impairment charges of $1.674 billion that included credit reserves for COVID-19 impacts of $1.031 billion.

It said cash profit from continuing operations was down 60% to $1.41 billion

The board decided to defer a decision on its 2020 interim dividend until there was greater clarity.

ANZ chief executive, Shayne Elliott described it as a reasonable result given the tough trading conditions before the crisis hit.

He said the coming months would be difficult but noted that the swift action of the Australian and New Zealand Governments as well as the healthy state of corporate balance sheets going into the crisis had both countries well placed to not only manage the health aspects but also the economic impacts.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

3 days 21 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 1 day ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 3 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 days 19 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

1 day 22 hours ago