Why ANZ’s (ASX:ANZ) cash profit more than doubled in 1H2021
Summary Australia and New Zealand Banking Group Ltd ( ASX:ANZ ) on Wednesday reported a cash profit of AU$2.99 billion in the first half of 2021. The statutory profit after tax (PAT) stood at AU$2.94 billion, up 45% from the previous half. While the equity Tier 1 ratio strengthened to 12.4%, the cash return on equity increased to 9.7%. Australia and New Zealand Banking Group Ltd ( ASX:ANZ ) on Wednesday announced that its cash profit from continuing operations more than doubled to AU$2.99 billion in the half year ended 31 March 2021, compared to AU$1.41 billion a year ago. The cash profit surged as the bank released funds it had previously set aside to cover potential loan losses due to the COVID-19 pandemic. The Australian multinational banking and financial services company headquartered in Melbourne announced higher-than-expected interim dividend, driven by strong capital management, solid earnings, and improving conditions. The statutory profit after tax (PAT) of the country’...