ANZ (ASX:ANZ) profit slips 7% on remediation costs

Company News

by Rachael Jones

ANZ (ASX:ANZ) today announced a Statutory Profit after tax for the Full Year ending 30 September 2019 of $5.95 billion, that’s down 7 per cent on the prior comparable period.

ANZ set aside $682 million to cover the cost of customer remediation, taking the total charges to $1.2 billion since 2017.

Cash Profit for its continuing operations was $6.47 billion, flat with the prior comparable period.

The bank was able to maintain its full-year dividend at $1.60 per share — although franking was cut to 70 per cent — and keep its tier 1 capital buffer stable.

The proposed Final Dividend is 80 cents per share, partially franked at 70 per cent.

This equates to $2.3 billion to be paid to shareholders against ANZ’s market capitalisation of $78 billion.

Shares in ANZ (ASX:ANZ) trading 3.2 per cent lower at $26.77.