Business
ANZ reports $528m hit to earnings as customer payout costs rise – Sydney Morning Herald
ANZ is the third major bank to announce a hit to earnings in the past week, raising eyebrows among some analysts.
Westpac reported the largest hit to earnings, flagging $1.2 billion made up by write-downs across its insurance businesses, a growing remediation bill and the $400 million expanded provision needed to pay for the penalty related to the legal case by AUSTRAC over breaches of anti-money laundering laws.
Evans and Partners banking analyst Matt Wilson said the big banks were trying to maximise their write-downs so they could boost profits next year, as the Australian Prudential Regulation Authority…
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