...May 4, 2021 SYDNEY (S&P Global Ratings) May 5, 2021--A recovering economic outlook will help Australia and New Zealand Banking Group Ltd. (ANZ; ##-/Negative/A-1+) maintain 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 half year ended March 31, 2021, increased by 45% compared with the previous corresponding period. A A$491 million net release in credit provisions for the period supported the improvement. This compares with the bank increasing provisions by A$1.7 billion in the previous corresponding period. In the next two years, we expect that ANZ's credit losses will remain under control at about 30 basis points (bps)-35 bps of gross loans. The bank's net release of provisions was buoyed by the recovering economy, falling unemployment, and improved consumer and business sentiment, which should largely offset the risks posed by the fiscal support and loan repayment moratoriums coming...
