Another big four reveals huge profit hit

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;

 

 

$251 m

Goodwill writedown on its E-trade platform

$212 m

Costs relating to AmBank settlement with Malaysian Government

$108 m

Customer remediation charges

$135 m

Accounting losses from AmBank goodwill writedown

$63 m

Restructuring charges

$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.