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ANZ reports fall in profit

by Staff Reporter7 minute read
The Adviser

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.”

Published: 23-10-08

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