ANZ today delivered a 21 per cent fall in annual net profit of $3.319 billion.
The reduction in profit was impacted by a $1.4 billion increase in credit impairment charges and a $700 million charge for credit risk on derivatives.
Mike Smith, ANZ chief executive said “the growth in credit losses is disappointing but our ability to manage and absorb this shows a high level of resilience”.
“Managing a large commercial bank means managing through a range of conditions. While we expect choppy conditions to continue in 2009, ANZ is well positioned to manage this cycle, to continue to invest and maximise the opportunities which arise.”
Today's other news
Who do you aggregate through?
Thank you for your vote, you can see the results here.
The results are in for the Third-Party Lending Report 2020, revea...
A low-deposit mortgage lender has announced changes to its third-...
Businesses with an annual turnover of less than $200,000 have far...