ANZ reports 51% first half decline


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.
Recommended for you
The $673 billion global investment manager has appointed a former Zenith sales head as it seeks to expand its reach in the Australian wealth management market.
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
Reach Alternative Investments has entered into a strategic partnership with Russell Investments to bolster its wholesale private markets offering for financial advisers and investors.
Boutique investment consulting and research house Genium Investment Partners has announced a senior appointment to drive further growth in its research ratings business.