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ANZ reports massive profit drop

Lachlan Maddock
— 1 minute read

The bank’s cash profit was down 42 per cent for the full year off the back of multibillion-dollar credit impairments.

ANZ’s cash profit was $3.76 billion, down 42 per cent due to COVID-19 credit impairment charges of $2.74 billion and a first half impairment of Asian associates of $815 million, also related to the pandemic. 

“We could never have forecast 2020, a year that started with devastating bushfires in Australia and unwound with the waves of a pandemic that continues today,” said CEO Shane Elliott.

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“While we still cannot predict its course, we remain confident we can deal with its impacts.”

The bank will pay a final dividend of 35 cents per share fully franked. 

“We have focused on supporting our customers while also building the strength of our balance sheet,” said outgoing chairman David Gonski.

“This gradual increase in our dividend from the deferred half-year dividend paid in September will also help support our shareholders who we know rely on dividends, while remaining in line with APRA’s guidance on dividends.”

More to come. 

 

ANZ reports massive profit drop
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