Settlement of Legal Dispute Reduces ANZ’s Fiscal 2016 Profit Forecast. AUD 28 FVE Unchanged
Australian and New Zealand Banking Group’s settlement of the Pankaj and Radhika Oswal legal dispute will increase the bank’s bad debt expense for fiscal 2016 by AUD 145 million pretax. The commercial settlement surprised, but the upside is the cessation of the AUD 2.5 billion claim made by the Oswals following the receivership and sale of Burrup Fertilisers in 2010. We increase our bad debt expense forecast to AUD 2.1 billion from our previous forecast of AUD 2.0 billion. Forecast loan losses in...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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