Original article by Joyce Moullakis
The Australian – Page: 21 : 9-Oct-19
The ANZ Bank has advised that its cash profit for the second half of 2018-19 will be marred by an after-tax charge of $559m due to increased provisions for customer-related remediation. ANZ has now announced a total of $1.22bn in after-tax compensation charges since 2017. Australia’s major banks have set aside a combined $7.6bn pre-tax to compensate customers, and Jarrod Martin of Credit Suisse expects this to increase. ANZ will release its financial results for the year to 30 September in late October.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, CREDIT SUISSE (AUSTRALIA) LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, MORGANS FINANCIAL LIMITED, CITIGROUP PTY LTD