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...National Australia Bank provides banking services, credit and access card facilities, leasing, housing and general finance, international banking, investment banking, wealth management, funds management, life insurance and custodian, trustee and nominee services. Co.'s division include: Australian Banking, which provides products and services to retail and business customers; National Australia Bank Limited Wealth, which provides superannuation, investment and insurance solutions; and New Zealand Banking, which comprises the Retail, Business, Agribusiness, Corporate and Institutional and Insurance franchises in New Zealand. As of Sept 30 2016, Co. had total assets of A$777.62 billion.
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