Australia and New Zealand Banking Group (ANZ) today announced a profit after tax for the six months ending 31 March 2008 of $1,963 million – a seven per cent decrease from the same period last year.
The fall in profit was largely driven by a significant increase in credit impairment charges of $980 million. Despite this the bank emphasised that its collective provision balance remained the highest of any bank in Australia.
ANZ chief executive Mike Smith said that solid revenue growth had helped deliver strong growth in profit before provisions, and that while credit costs had increased sharply, the bank had been less affected than most of its global peers.
Commenting on the outlook for the remainder of 2008 Mr Smith said the environment was challenging but “with the steps we have taken to strengthen our balance sheet, we are particularly well placed to weather global volatility.”
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