The ANZ Bank’s profits will be hit by a combined $360 million in additional charges when it makes its full year results Thursday next week.
The charges could drag the bank’s full year profit below the $6.2 billion expected by analysts.
The additional charges announced today to the ASX include a further $100 million in restructuring charges to support the strategy, underpinning productivity through reshaping
the workforce, reducing complexity and duplication.
The bank says it will outline the use of this charge in more detail next week.
There will also be a $168 million charge against the bank’s institutional markets revenue after recalculating what’s called the Derivative Credit Valuation Adjustment used to determine the fair value of derivative instruments.
The rest of the $360 million will be in the form of changes in software capitalisation policy and adjustments for the sale of Esanda Dealer Finance.
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