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ANZ to report modest earnings growth

24 October 2022 5:49AM

ANZ will include a net after-tax charge of A$113 million for notable items in its September half results, which will be released on Thursday.

The items include a customer remediation charge, a restructuring charge and a charge for divestments and closures.

The customer remediation charge is $43 million. The bank said its remediation program is nearing completion and the latest charge related to revisions to a small number of provisions and program costs.

The restructuring charge is $37 million and the divestment and closure charge is $33 million.

The bank said the charge is equivalent to around 2 basis points of common equity tier 1 capital at level 2.

Macquarie Securities is forecasting that ANZ will report cash profit of $3.3 billion for the September 2022 half – up from $3.1 billion in the March half. It expects full-year cash profit of $6.4 billion to be up 3.2 per cent on the 2020/21 result.

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