ANZ profit falls by 21% to $3.319 billion
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Australia’s fourth largest bank, the ANZ announced an annual profit fall of 21% to $3.319 billion in what was a result within previous indicated guidance by the ANZ.
Bearing increasing pressure to the global financial crisis the ANZ was still able to record a cash profit that fell 23 per cent to $3.03 billion. Despite the pressure on the ANZ Bank CEO Mike Smith was pleased with the way the ANZ was able to absord and deal with the financial crisis gripping the globe.
The ANZ had taken $1.95 billion in provisions for its exposure to problem loans and the deteriorating global econony. The bank also took a $721 million charge for credit risk on derivatives. This was an increase from $45 million a year ago.
Mike Smith told reporters, “If everything stabilises, and we get back on track, then I expect to see an increase in earnings”. This is a positive sign from a CEO that is hanging his reputation on the success of the ANZ’s push to become a super regional bank within the Asia Pacific region.
ANZ declared a final dividend of 74 cents, taking the total dividend for 2008 to $1.36, the same as in 2007.
Click ANZ to read the profit media release announced this morning.
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