[SYDNEY] ANZ Bank posted a 24 per cent drop in annual net profits Thursday on the back of restructuring costs as it aims to become “more agile” with less emphasis on Asia.
The Australia and New Zealand Banking Group’s result for the year to September 30 came in at A$5.7 billion (S$5.95 billion).
Cash profit, the financial industry’s preferred measure which strips out volatile items, was down 18 per cent at A$5.9 billion, largely in line with expectations.
The slump was largely due to more than A$1.0 billion in one-off charges, including for ANZ’s software capitalisation policy and a writedown on the value of its investment in Malaysia’s AmBank.
It paid a dividend of 80 cents, in line with what share…
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