Business
ANZ in huge profit plunge but ratings agency applauds bad loan provisioning move – NEWS.com.au
ANZ in huge profit plunge but ratings agency applauds bad loan provisioning move
ANZ has posted a full-year profit plunge after increasing its provisions against loans going bad as borrowers struggle to recover from the economic fallout of the global health crisis.The bank’s cash profit for 2019-20 was $3.7 billion, down 42 per cent from $6.4 billion for the previous financial year.
“This decrease was primarily driven by full-year credit impairment charges of $2.74 billion, which increased from prior year due to the impact of COVID-19 and a first-half impairment of Asian associates…
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