ANZ has announced a 51 per cent slump in profits, mainly due to $1 billion in extra reserves for COVID-19-related loan losses.
The bank has also taken an $815 million hit to the value of its Asian investments due to coronavirus and is deferring a decision on whether to pay a dividend or how much it will be until there is greater clarity on the fallout from COVID-19.
That means they made 49% profit not a loss. The reason our big 4 banks can help those in difficulty.
Another bank only just making over a billion dollars in profit. How will they survive.....
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