Tax case and bad debt write-offs dent ANZ National’s profits

ANZ National announced that their underlying profit was down nearly a third for the year, due to one-off costs including provisions for a possible tax bill and the ING frozen funds offer (excluding provisions, the bank’s underlying profit rose by 8%).

Finsec Campaigns Director Tali Williams said that the bank’s customers and staff knew exactly how to interpret the bank’s profit announcement. “This is further evidence that even in the depths of the recession and with a potential huge tax liability, that ANZ National is still in a good position to invest in their Kiwi workforce.”

“Many businesses in New Zealand and around the world would envy ANZ National’s ability to make profits, even after providing for some massive one-off adjustments,” said Williams. “Finsec members know that this bank can still afford to make and keep commitments to their New Zealand workforce – to at least maintain their staffing numbers and to ensure that those staff are fairly rewarded for the contribution they make to keeping the bank successful.”

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