ANZ today announced its first half 2021 Cash Profit will be impacted by a number of large/notable items:
- $135m (after tax) of equity accounted losses from AMMB Holding Berhad (‘AmBank') relating to goodwill impairment recognised by AmBank at 31 March 2021 (no impact on ANZ’s Common Equity Tier 1 ‘CET1’ capital).
- $251m (after tax) relating to the write-down of goodwill attributable to the ANZ Share Investing business as a result of that business being reclassified as held-for-sale, reflecting a continuation of the bank’s simplification strategy (no impact on ANZ’s CET1 capital).
- $108m (after tax) of additional customer remediation charges.
- $63m (after tax) comprised of restructuring charges and other smaller divestment impacts.
These large/notable items announced today are in addition to those previously advised during the half, namely:
- $48m (after tax) in respect of the agreement to settle a class action brought against ANZ in the United States during 2016, and related legal and other costs.
- $212m (after tax) of equity accounted losses from AmBank relating to the agreed settlement with the Malaysian Ministry of Finance as announced on 1 March (no impact on ANZ’s CET1 capital).
In aggregate, ANZ’s first half 2021 Cash Profit after tax will be impacted by $817m, equivalent to ~5 basis points of CET1 capital.
The following tables are provided to illustrate the impacts of the above items to continuing Cash Profit after tax (versus prior comparable period and half on half):