Nearly $1 billion profit slip after tax
The group now has a "powerhouse" position in the industry
- 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;
Goodwill writedown on its E-trade platform
Costs relating to AmBank settlement with Malaysian Government
Customer remediation charges
Accounting losses from AmBank goodwill writedown
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.