Nearly $1 billion profit slip after tax
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;
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$251 m |
Goodwill writedown on its E-trade platform |
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$212 m |
Costs relating to AmBank settlement with Malaysian Government |
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$108 m |
Customer remediation charges |
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$135 m |
Accounting losses from AmBank goodwill writedown |
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$63 m |
Restructuring charges |
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$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.
