ANZ has released the impact that refunds and the royal commission have had to its full year cash profit.
The bank has announced a $374 million hit to profits as part of their refunds to customers and related remediation costs.
The compensation has arisen from customers receiving inappropriate advice or for services not provided with former aligned dealer groups, as well as compensation arising from product reviews.
The Royal Commission has also had a hit on profits with external legal costs costing the banks $55 million (pre-tax) for the 2018 financial year.
The restructure of the Australia and Technology divisions of ANZ has cost the bank $104 million in the second half of 2018.
The impact of these charges on ANZ's common equity tier 1 is expected to be less than 10 basis points.
ANZ's end of financial year statement for 2018 will be released at the end of October.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
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