Another Messy Half Expected for ANZ Bank With More Specified Charges; FVE Unchanged
A week ahead of the release of full-year fiscal 2016 results, Australia and New Zealand Banking Group announced an additional AUD 360 million (after tax) in specified charges to be booked in the second half taking total specified charges for fiscal 2017 to AUD 1.08 billion, net of tax. The adjustments are noncash in nature so are expected to be excluded from the cash profit result. Nonetheless, the announcement is still disappointing and surprising given the quantum of charges already taken in t...Australia and New Zealand Banking Group provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. Co. operates on a divisional structure with six divisions: Australia, Institutional, New Zealand, Wealth Australia, Asia Retail & Pacific and Technology Services & Operations and Group Centre. Co.'s core products offered include deposits, credit cards, loans, investments and insurance, retail products provided to consumers, and banking and financial solutions provided to business customers through managers, among others. As of Sept 30 2015, Co. had total assets of A$914,869,000,000 and total deposits of A$566,847,000,000.
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