- ANZ revealed it made a cash profit of $3.49billion for half year to March 31, 2018
- The profit met market expectations, representing a 4.1 per cent year-on-year rise
- CEO Shayne Elliott said ANZ had reshaped its workforce to make bank simpler
- The report follows royal commission finding ANZ provided poor financial advice
- Financial planners for the bank gave advice that was not in clients’ best interests
- ANZ was also found to have ignored watchdog requests to repay customer loans
ANZ has reported a massive $3.49billion cash profit for the six months to March 31 this year.
The first-half cash profit marked a 4.1 per cent increase year-on-year, as statutory profit rose 14.2 per cent to $3.32billion.
The report comes after the banking royal commission found ANZ financial planners gave advice not in clients’ best interests and ignored watchdog requests.
ANZ has reported a massive $3.49billion cash profit for the six months to March 31 this year (stock image)
ANZ, one of Australia’s ‘big four’ banks, have made plans to exit Asian investments and leave the financial planning sector.
Chief executive Shayne Elliott said the half-year profit showed the bank has delivered on promises to make itself simpler and reshape its workforce.
‘This result demonstrates our strategy to build a better balanced, better capitalised and simpler bank is delivering results for customers and shareholders despite continued headwinds for the sector,’ he said.
‘We are now benefiting from a more focused organisation with sector-leading capital and improving returns.’
Mr Elliott addressed the royal commission’s findings and said the ANZ needed to take action.
‘We must also respond comprehensively to the very real concerns that the royal commission identifies,’ he said.
The first-half cash profit marked a 4.1 per cent increase year-on-year, as statuatory profit rose 14.2 per cent to $3.32billion (pictured is CEO Shayne Elliot)
‘In a fast changing and unpredictable environment, ANZ’s experienced team is committed to building a business that is both nimble and focused on execution.
‘The progress of our multi-year transformation demonstrates we have the right team in place to manage difficult conditions and deliver for our customers and our shareholders.’
The royal commission found last month one ANZ financial planner gave advice that set clients 14 years behind their savings plan.
The commission heard one in 20 pieces of financial advice were not in the best interests of clients, and during a two year period 11 per cent of advisors were rated ‘high risk’.
ANZ also ignored requests from ASIC to repay customers who had been wronglysold loans, the commission heard.
The report comes after the banking Royal Commission found ANZ financial planners gave advice not in clients’ best interests and ignored watchdog requests (stock image)
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