ANZ today announced a Statutory Profit after tax for the Half Year ended 31 March 2020 of $1.55 billion, down 51% on the prior comparable period. This decline was driven primarily by credit impairment charges of $1.674 billion that included increased credit reserves for COVID-19 impacts of $1.031 billion. The valuation of investments in Asian associates was impaired by $815 million, largely due to the impact COVID-19 is having in those markets.
Cash Profit for its continuing operations was $1.41 billion, down 60% from the prior comparable period. Cash Earnings per Share decreased 60% to 50 cents.
Entering the crisis with a strong capital position, ANZ’s Common Equity Tier 1 Capital Ratio is 10.8% at 31 March 2020. Return on Equity decreased to 4.7%.
ANZ’s Board also determined it will defer its decision on the 2020 Interim Dividend until there is greater clarity regarding the economic impact of COVID-19.
All financials are on a Cash Profit Continuing Basis with growth rates compared to the Half Year ended 31 March 2019 unless otherwise stated.