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.


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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