ANZ has bolstered its default provision for credit impairments to almost $1 billion, the bank’s chief executive Mike Smith revealed yesterday.
In a trading update Mr Smith said the bank now expected its total provision charge for credit impairment to be around $975 million for the six months ended 31 March 2008. This was a significant adjustment from the previously estimated $567 million for the full year to March 2008.
Mr Smith emphasised that the bank’s underlying business was in good shape with “profit before provisions in line with market expectations”.
However due to exposure to risks yet to crystallise in its commercial property and stockbroking segments, as well as general changes in credit conditions, the bank was taking a “conservative approach” to reviewing its provision requirements.
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