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In the final episode of The nestegg Podcast for 2021, host Maja Garaca Djurdjevic checks in with our three experts to hear their final thoughts on the year that’s passed and their hopes for the next 12 months.

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Steve Waters, director of Right Property Group, talks Christmas selling season and opens up about the key lessons that he’s learnt this year that he will gladly take forward with him into 2022.

RMIT senior lecturer of finance Dr Angel Zhong covers meme stock ETFs as well as provides her thoughts on next year’s economic outlook.

Finally, tax and super guru Timothy Munro shares his end of year financial checklist and some handy tips that could help you keep your credit card in check over the gifting season.

Tune in to hear more below.

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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ANZ full-year profits take a dive

By Cameron Micallef

October 29 2020
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Invest

ANZ full-year profits take a dive

By Cameron Micallef
October 29 2020

The big four bank’s profits plummeted as the COVID-19 pandemic ramped up the number of borrowers struggling to repay their debt, the bank has stated.

ANZ full-year profits take a dive

By Cameron Micallef

October 29 2020
Share

The big four bank’s profits plummeted as the COVID-19 pandemic ramped up the number of borrowers struggling to repay their debt, the bank has stated.

ANZ Bank said cash profits have plunged 42 per cent to $3.76 billion for the year to 30 September with credit impairment charges of $2.74 billion and a first half impairment of Asian associates of $815 million, also related to the pandemic.

“We could never have forecast 2020, a year that started with devastating bushfires in Australia and unwound with the waves of a pandemic that continues today,” said CEO Shane Elliott.

“While we still cannot predict its course, we remain confident we can deal with its impacts.”

The bank will pay a final dividend of 35 cents per share fully franked.

“We have focused on supporting our customers while also building the strength of our balance sheet,” said outgoing chairman David Gonski.

“This gradual increase in our dividend from the deferred half-year dividend paid in September will also help support our shareholders who we know rely on dividends, while remaining in line with APRA’s guidance on dividends.”

Plato Investment Management portfolio manager Dr Peter Gardner said that compared with what many were expecting only a few months ago, there is some upside to this result for shareholders.

“Overall, the result is reflective of an extraordinarily challenging period for the big banks; however, ANZ should be praised for maintaining a strong capital position which has enabled it to return shareholders around as much as possible under the guidance set out by APRA.

“Significantly for the broader market, bad debt has come in lower than expected, signalling government stimulus is working.”

He pointed out that the outlook is slowly improving for bank dividends from where we were at the height of COVID, but he also reminded investors to remain diversified.

“The returns on cash-like products, term deposits and even government bonds had fallen to below 1 per cent even before the pandemic set in, meaning that the real rate of return of these so-called safe investments has fallen into negative territory when taking inflation into account. So, despite what we’ve seen recently in some sectors, a diversified portfolio on ASX stocks remains a compelling solution for income-seeking investors.”

Following the announcement, the price of ANZ shares fell from $18.68 to $18.57 at the time of writing.

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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.