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ANZ profits up 45%

By Reporter
 — 1 minute read

The big four bank saw first half profits increase dramatically as it removed provisions associated with the COVID crisis.

In a statement, ANZ said its statutory net profit after tax for the first half of the 2021 year was $2.94 billion, up 45 per cent on the previous half as it released $491 million of credit provisions.

However the bank's cash profit before credit impairments and tax was $3.94 billion, down 10 per cent on the previous half.

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ANZ chief executive Shayne Elliott said work done at the bank in recent years to "simplify our operations, strengthen our balance sheet and de-risk the group" had helped ANZ to deliver a strong result.

"Following the trends of the first quarter, all parts of our business performed well," Mr Elliott said.

"Costs were down 2 per cent and we also increased investment in new digital capability that will provide ongoing productivity improvements and better customer outcomes."

Mr Elliott added that ANZ was still "well-placed to continue to support the ongoing economic recovery and customers doing it tough" and had almost $4.3 billion in reserve if conditions deteriorated.

"Our disciplined approach to capital management also meant we could support customers through the COVID-19 pandemic without the need to dilute existing shareholders through equity raisings," he said.

 

ANZ profits up 45%
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