Sunday, March 4, 2012

Australia's ANZ Bank posts 21 percent profit loss

Australia & New Zealand Banking Group Ltd., reeling from the fallout of the global credit crisis, reported a 21 percent loss in annual profit Thursday after charges for bad debts soared.

Net income for Australia's fourth-largest bank plunged to 3.3 billion Australian dollars (US$2.2 billion) in the 12 months through Sept. 30, from A$4.2 billion (US$2.8 billion) a year earlier, the Melbourne-based bank said in a statement.

The results _ ANZ's first profit fall since 1998 _ were impacted by a A$1.4 billion (US$941 million) increase in credit impairment charges on lending to A$1.9 billion (US$1.3 billion) and a A$700 million (US$470 million) charge for …

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