ANZ reports 51% first half decline

30 April 2020

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

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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.

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