Major bank ANZ will pay shareholders an interim dividend of 70 cents per share, as it reports cash profits have jumped by 28 per cent to $2.99 billion.<\/p>\n
ANZ said the support packages introduced during COVID-19, including loan relief for businesses and home owners, were phased out over the March half.<\/p>\n
However, the bank said the impact or duration of the pandemic continues to be uncertain, adding the bank recognised a credit impairment release of $491 million, compared to $1.7 billion during the same time last year.<\/p>\n
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ANZ Bank chief executive Shayne Elliott says the bank still faces\u201d \u201csignificant uncertainty.\u201d<\/span>Credit:<\/span>Meredith O\u2019Shea<\/cite><\/p>\n ANZ chief executive Shayne Elliott said improving credit conditions allowed the bank to write more than $500 million in new loans over the half, but added there was still a $4.3 billion reserve if conditions deteriorate.<\/p>\n \u201cThere is still significant uncertainty. You only need to look at how the pandemic is playing out overseas, as well as recent lock-downs, to realise how quickly the situation can escalate,\u201d Mr Elliott said.<\/p>\n Mr Elliott said the bank\u2019s strong capital position allowed the dividend to be paid out at double the rate of ANZ\u2019s final results in October.<\/p>\n \u201cOur disciplined approach to capital management also meant we could support customers through the COVID-19 pandemic without the need to dilute existing shareholders through equity raisings,\u201d Mr Elliott said.<\/p>\n