Close

Another big four reveals huge profit hit

  • We’re too busy

    Big banks stop trying to get new mortgage business

  • Landmark merger complete

    The group now has a "powerhouse" position in the industry

  • SPECIAL REPORTS

    • 2018 Commercial Lenders Roundtable
    • Top 10 Brokerages 2018
    • 2018 Brokers on Aggregators

    Just a few days ago, Westpac announced that its profits would take a $282 million hit and today, ANZ has followed suit – but has outdone its big four competitor considerably.

    ANZ’s announcement is that will reveal a $817 million after tax profit hit in its interim results announcement next Wednesday.

    Large items in the bank’s negative numbers include;

    $251 m

    Goodwill writedown on its E-trade platform

    $212 m

    Costs relating to AmBank settlement with Malaysian Government

    $108 m

    Customer remediation charges

    $135 m

    Accounting losses from AmBank goodwill writedown

    $63 m

    Restructuring charges

    $48 m

    Class action brought about ANZ in 2016

    ANZ is widely expected to show a first half profit in the region of $3 billion. This would be a considerable improvement from the same period last year. In 2020 the figure was just $1.55 billion, down 51% on the same period in 2019.

    Original Article