Bulletin: Economic Recovery Buoys Australia and New Zealand Banking Group

SYDNEY (S&P Global Ratings) Oct. 28, 2021--A recovering economy will ease asset quality pressure for Australia and New Zealand Banking Group Ltd. (ANZ; AA-/Stable/A-1+) and help the bank sustain its strong creditworthiness, S&P Global Ratings said today. ANZ--one of Australia's four major banks--announced today that its statutory net profit for the year ended Sept. 30, 2021, increased by 72% compared with the previous year. A A$567 million net release in credit provisions for the period supported the improvement. This compares with the one-off large expense of A$2.7 billion for bad and doubtful debts in the previous year, largely reflecting COVID-19 related stresses. ANZ's credit losses should ease to pre-COVID-19 levels following the most recent pandemic related lockdowns in Australia. We

...October 27, 2021 SYDNEY (S&P Global Ratings) Oct. 28, 2021--A recovering economy will ease asset quality pressure for Australia and New Zealand Banking Group Ltd. (ANZ; ##-/Stable/A-1+) and help the bank sustain its strong creditworthiness, S&P Global Ratings said today. ANZ--one of Australia's four major banks--announced today that its statutory net profit for the year ended Sept. 30, 2021, increased by 72% compared with the previous year. A A$567 million net release in credit provisions for the period supported the improvement. This compares with the one-off large expense of A$2.7 billion for bad and doubtful debts in the previous year, largely reflecting COVID-19 related stresses. ANZ's credit losses should ease to pre-COVID-19 levels following the most recent pandemic related lockdowns in Australia. We believe that the recovering economy, low unemployment, and improving consumer and business sentiment should help temper the risks to the Australian banking system. ANZ will work on improving...

Bulletin