Business
ANZ unveils $520m profit crunch – The Australian Financial Review
A rising compensation tab and write-downs of software and goodwill sees ANZ join its rivals with a half-billion-dollar profit warning.
The bank will also take an after tax charge of $138 million in the second half as a result of changes to the bank’s software amortisation policy. The bank made no such provisions in the first half.
“These changes were made to reflect the increasingly sorter useful life of various types of software assets caused by rapidly changing technology and business requirements,” the bank said in a statement to the ASX at 5.26pm.
The bank will write off $77 million in goodwill associated with its operations…
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