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Various write-offs to shave A$528m off ANZ's annual results

Staff reporters
Wed, 28 Oct 2020

Staff reporters
Wed, 28 Oct 2020
ANZ Bank's Australian parent said "large notable items" will shave A$528 million off its second-half results which will be announced tomorrow.These items include the A$188 million cost of remediating past mistakes and A$138 million of accelerated software amortisation.ANZ said rapidly changing technology and business requirements mean an increasingly shorter useful life of various types of software assets.The bank is also writing off A$202 million of goodwill in its Pacific business and the impact of accounting changes related to...

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