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
Some 42 per cent of CEOs say they are actively reinventing their business to stay relevant in the next decade, with consumer services the most common choice for asset and wealth managers.
Former Ophir Asset Management chief executive, George Chirakis, has joined private equity manager Scarcity Partners, while the asset manager has appointed a replacement from Macquarie.
Australian Unity has appointed a fund manager for its Healthcare Property Trust, joining from Centuria Healthcare, as it restructures the product with a series of senior appointments.
Financial advisers nervous about the liquidity of private markets funds for their retail clients are the target of fund managers launching semi-liquid products which offer greater flexibility and redemptions.
