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
Bell Financial Group has announced a 44 per cent decline in half-year net profit after tax but record funds under advice as it transitions into a diverse wealth management business.
Having predicted three ETF trends for Australia at the start of this year, State Street has shared how these are tracking and whether Australia will successfully reach US$30 billion ETF inflows for 2025.
Magellan fund manager Nikki Thomas is to depart next month as the firm reviews its range of global equity funds and transitions her High Conviction fund.
Sydney-based alternative fund manager East Coast Capital Management has formed its first advisory council as it enters its next phase of growth.
