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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Australia and New Zealand Banking Group Limited    ANZ   AU000000ANZ3

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

(ANZ)
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Australia and New Zealand Banking : Update on customer remediation impact on 2H19 results

10/07/2019 | 06:52pm EDT

News Release

For Release: 8 October 2019

Update on customer remediation impact on 2H19 results

ANZ today announced its second half 2019 Cash Profit will be impacted by a charge of $559m1 (after-tax) as a result of increased provisions for customer related remediation.

Continuing operations

Within continuing operations, remediation charges recognised in the second half of 2019 will be $405m after-tax ($485m before tax), largely related to product reviews in Australia Retail & Commercial for fee and interest calculation and related matters. These include historical matters recently identified during the period, as well as refinements to estimates of existing customer compensation programs and associated costs.

Discontinued operations2

Within discontinued operations, remediation charges recognised in the second half of 2019 will be $154m after-tax ($166m before tax), primarily associated with the advice remediation program and customer compensation charges for other Wealth products.

FY18 and estimated FY19 impacts to profit after tax:

Customer Remediation

Full Year 2019

Full Year 2018

($m)

($m)

Continuing Operations

475

295

Discontinued Operations

207

127

Total

682

422

Customer Remediation

2H 2019

1H 2019

($m)

($m)

Continuing Operations

405

70

Discontinued Operations

154

53

Total

559

123

The charges relate to issues that have been identified from reviews to date and these reviews remain ongoing.

ANZ Chief Financial Officer Michelle Jablko said: "We recognise the impact this has on both customers and shareholders. We are well progressed in fixing issues and have a dedicated team of more than 500 specialists working hard to get any money owed back to customers as quickly as possible."

For media enquiries contact:

For analyst enquiries contact:

Stephen Ries, +61 409 655 551

Jill Campbell, +61 3 8654 7749

Cameron Davis, +61 3 8654 7716

  1. All items are approximates on an unaudited after tax basis (in applicable tax jurisdictions unless otherwise stated)
  2. Discontinued operations represents our Australian Wealth businesses sold or agreed to be sold including OnePath Pensions and Investments, ANZ's aligned dealer groups and OnePath Life

Australia and New Zealand Banking Group Limited ABN 11 005 357 522

Disclaimer

ANZ - Australia & New Zealand Banking Group Ltd. published this content on 08 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 October 2019 22:51:00 UTC


© Publicnow 2019
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Shayne Cary Elliott Chief Executive Officer & Executive Director
Shane Buggle Chief Financial Officer
Paul Dominic O'Sullivan Chairman
Gerard Florian Group Executive-Technology
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