ANZ sees 5% fall to $6.4b full-year profit

Company News

by Rachael Jones

Australia and New Zealand Banking Group (ASX:ANZ) have released their results for the Financial Year to 30 September 2018 showing a 5 per cent dip in its annual cash profit from continuing operations to $6.49 billion.

The full-year cash profit — which leaves out the one-off items —is down 16 per cent to $5.8 billion.

The profit was propped up by a $1 billion drop in bad debts, in large part driven by exiting its Asian ventures.

The impact of the royal commission is seen in the results with external legal costs hitting $55 million (pre-tax) for the 2018 financial year.

CEO David Hisco says they have had a significant reduction in provision charges – funds set aside for bad debts – due to credit quality improvements across their Retail, Commercial and Agri businesses.

Shares in ANZ (ASX:ANZ) are 1.83 per cent higher at $25.66.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.