ANZ Downgrades FY18 Profit Expectations. FVE AUD 30 Unchanged
Wide-moat-rated Australia and New Zealand Banking Group disappointed with a wide range of provisions and charges that will reduce fiscal 2018 profits. In a confusing mismatch of items, we reduce our forecast cash earnings for continuing operations by AUD 584 million to AUD 6.3 billion for fiscal 2018. Another AUD 127 million after tax of customer refunds are allocated to discontinued operations and excluded from our cash profit forecast. The bank’s strong capital position is little affected, and...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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