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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Borrow

ANZ sees rebound in profits, pumps up dividends

By Cameron Micallef

May 05 2021
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Borrow

ANZ sees rebound in profits, pumps up dividends

By Cameron Micallef
May 05 2021

The big four bank has announced that its first-half profits increased dramatically as it removes provisions put in place during the COVID-19 pandemic, announcing it will pay out the additional profits to shareholders.

ANZ sees rebound in profits, pumps up dividends

By Cameron Micallef

May 05 2021
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In a statement to the market, ANZ said its statutory net profit after tax for the first half of 2021 was $2.94 billion, up 45 per cent as it released $491 million of credit provisions.

However the bank’s cash profit before credit impairments and tax was $3.94 billion, down 10 per cent on the previous half.

ANZ chief executive Shayne Elliott said work done at the bank in recent years to “simplify our operations, strengthen our balance sheet and de-risk the group” had helped ANZ to deliver a strong result.

“Following the trends of the first quarter, all parts of our business performed well,” Mr Elliott said.

“Costs were down 2 per cent, and we also increased investment in new digital capability that will provide ongoing productivity improvements and better customer outcomes.”

Mr Elliott added that ANZ was still “well placed to continue to support the ongoing economic recovery and customers doing it tough” and had almost $4.3 billion in reserve if conditions deteriorated.

“Our 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,” he said.

Mr Elliott said the bank will double its final dividends, paying shareholders 70cps, with the strong result underpinning higher dividend payments.

ANZ’s 70¢ first-half dividend represents a 180 per cent increase on the 25¢ paid in 2020 and higher than the market participated 63¢ dividend.

Mr Elliott said ANZ was now “the third largest home lender in the [Australian] market” after it made around 92,000 new home loans during the period.

While in New Zealand, the bank announced 42,000 new home loan accounts, maintaining its position as a sector leader.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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