ANZ’s annual results provide a mixed bag of ups and downs.
The underlying profit for the year was up 10% to $3.37 billion, revenue was up 17%, but net profit fell 11% to $2.94 billion.
A sharp 29% rise in bad debts, mostly coming from New Zealand, is a weighty factor in these results. Institutional business, however, rose by a healthy 36%.
The full-year dividend will be 56 cents a shares, down 25% on last year.
CEO Mike Smith says the Australian economy remains fragile, and that caution would be prudent in the current environment.
Shares in ANZ have risen 53% this year, but have dropped on early trading this morning.
ANZ Banking Group
ASX Code: ANZ
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For more on this news story:
- ANZ: “ANZ 2009 Annual Result”
- The Australian: “ANZ profit falls 11pc to $2.9bn”
- Sydney Morning Herald: “Bad debt blight hits ANZ”