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About: http://data.cimple.eu/news-article/b1688c49d4a77aeb9e05e721da93f7ba2a3915e1c56b270f93f26119 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Australia's ANZ Bank announced Thursday a 50-percent dive in after-tax profits, as the lender set aside Aus$1 billion ($655 million) to cover expected losses resulting from the coronavirus fallout. The bank announced credit impairment charges of Aus$1.67 billion -- with Aus$1 billion of that marked for the impact of coronavirus -- slashing after-tax profits by 51 percent in the first half of the financial year. It also deferred a decision on its interim dividend amid ongoing uncertainty about the economic outlook. ANZ chief executive officer Shayne Elliott described it as a "reasonable result" given the "tough trading conditions" even before the onset of the coronavirus crisis. "While the health implications of this crisis are different, the reality is the financial sector has faced major shocks every seven to 10 years on average," he said. Elliott said the bank had taken a "conservative" approach in recent years -- including focusing on owner-occupier home loans -- and had entered March with "historically low" loan losses that held it in good stead. ANZ chairman David Gonski said the bank had deferred a decision on dividends based on economic uncertainty and advice from the Australian Prudential Regulation Authority to all financial institutions. "This was a very difficult decision and the Board considered all options available as we understand the impact this will have on those shareholders who rely on dividends," he said. The result comes just days after another major Australian bank, NAB, reported its earnings had shrunk by 25 percent in the first half of the financial year. hr/arb/jah
schema:headline	ANZ profits dive as bank builds virus war chest
schema:mentions	Dividend Australia Chief executive officer Virus Severe acute respiratory syndrome coronavirus 2 David Gonski Owner-occupancy Shayne Elliott Australian Prudential Regulation Authority Australia and New Zealand Banking Group National Australia Bank Microsoft Outlook
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-30 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	86 (xsd:integer)

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