ANZ reports $528m hit to earnings as customer payout costs rise

Add articles to your saved list and come back to them any time.Big four bank ANZ has announced a $528 million hit to cash profits ahead of its second-half results this week, booking a growing remediation bill, accelerated software costs and write-downs.

The value of ANZ's Pacific business was also written down, which attracted restructuring and accounting charges totalling a $202 million hit to the company's earnings. The bank also took a $138 million charge on its software assets.The bank's announcement comes after two of the other major banks recently announced similar hits to their profits.Advertisement, flagging $1.

"In a year where dividends are constrained by APRA, it makes sense to 'kitchen sink' as much as you can, which is what they’re doing," he said.

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