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.

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