Australia And New Zealand Banking FY Profit Down 40%

Australia And New Zealand Banking Group Ltd.(ANZ.AX,ANZBY.PK,ANZ) announced statutory profit after tax for the full year ended 30 September 2020 of A$3.58 billion, down 40% on the prior comparable period.

Cash profit for its continuing operations was A$3.76 billion, down 42% on the prior comparable period.

The decrease was primarily driven by full year credit impairment charges of A$2.74 billion, which increased from prior year due to the impact of COVID-19 and a first half impairment of Asian associates of A$815 million, also related to the pandemic.

ANZ Chief Executive Shayne Elliott said,"We could never have forecast 2020, a year that started with devastating bushfires in Australia and unwound with the waves of a pandemic that continues today. While we still cannot predict its course, we remain confident we can deal with its impacts."

The company announced a proposed 2020 final dividend of 35 cents per share which will be paid to shareholders on Wednesday, 16 December 2020.

The Dividend Reinvestment Plan and Bonus Option Plan will continue to operate in respect of the 2020 final dividend without a discount, the company said.

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