ANZ Bank Profit Slumps 42% as Bad Debts Surge; Dividend Cut
- Bad-debt provision swells to A$2.74 billion on Covid recession
- CEO ‘confident’ bank can deal with impacts of pandemic
A pedestrian walks past an illuminated logo at an ANZ bank branch in Sydney.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Australia & New Zealand Banking Group Ltd. full-year profit fell the most in more than a decade as the coronavirus-induced recession swelled bad-debt charges.
Cash earnings from continuing operations fell 42% to A$3.76 billion ($2.7 billion) in the 12 months ended Sept. 30, the Melbourne-based bank said Thursday. That was broadly in line with analyst estimates of A$3.79 billion.