ANZ warns of tough going as profit falls

Original article by Richard Gluyas
The Australian – Page: 17 & 21 : 1-Nov-19

The ANZ Bank’s 2018-19 cash profit was steady at $6.47bn, although its net profit fell seven per cent to $5.95bn. ANZ has warned that trading conditions are likely to remain ‘challenging’ for some time, with CEO Shayne Elliott noting that consumers are opting to save rather than spend their money in the low interest rate environment. He has also rejected suggestions that banks are ‘profiteering’, arguing that ANZ’s return on equity of 10.9 per cent is not unreasonable. ANZ’s final dividend of $0.80 per share will be franked to 70 per cent.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

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