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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Westpac flags $1.2b hit to earnings on misconduct costs, write-downsWestpac has flagged a $1.2 billion hit to earnings caused by write-downs across its insurance businesses, a growing remediation bill and mounting costs related to the landmark legal case over anti-money laundering law breaches | CharlotteGriev1 CharlotteGriev1 They won't even notice... CharlotteGriev1 They wont take the hit...its customers will, all while the fat pigs in the board room snort from trough while patting themselves on the back saying how great they are.
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