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.

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.