ANZ bad loan charges soar; underlying profit rises
The local branch and subsidiary, ANZ National Bank, combined saw net profit for the three months ended June plunge 75% to $56 million, the branch's latest general disclosure statement shows.
However, that reflected a $244 million increase in its charges against profit for bad loans in the three months. Net interest income for the quarter was actually up 15.8% to $579 million.
That increase included increasing its charge to meet its obligations in the ING Diversified Yield and ING Regular Income Funds from $116 million at March 31 to $147 million at June 30.
ANZ's profit for the nine months ended June was down 43% to $478m with charges against profit for bad loans totaling $532 million. Only $122 million of these charges related to mortgages while another $102 million related to other retail exposures.
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