ANZ posted a flat full-year cash profit of $6.47 billion and declared a partially franked divided for shareholders for the first time in 20 years.
Releasing their results to the market this morning, the bank's statutory profit after tax dropped 7 percent to $5.95 billion.
The final dividend was 80 cents per share, partially franked at 70 percent. It's the first time a partially franked divided has been paid to shareholders since 1999.
This equates to $2.3 billion to be paid to shareholders against ANZ's market capitalisation of $78 billion.
ANZ's Chief Executive Officer Shayne Elliott said it has been a difficult year for the bank, which endured a royal commission into the financial services industry and record-low interest rates.
"This has been a challenging year of slow economic growth, increased competition, regulatory change and global uncertainty," Mr Elliott said.
"Despite the challenges, we maintained focus on improving customer experience, balance sheet strength and improving our culture and capability.
"In doing this, we significantly reduced the cost and risk of operating the bank even though strong headwinds impacted the sector.
"Investment was at record levels and we are a far stronger bank as a result of the progress made this year."
The CEO said the decision to pay a partially franked divided came as a way to try and repay shareholders.
"In proposing the Final Dividend and franking level, the Board considered the bank's strong capital position and its organic capital generation capacity," Mr Elliott said.
"Our decision to reduce franking to a new base reflects the changed shape of our business as well as recognising how important the dividend, franking and predictability is to shareholders."
ANZ shares were worth $27.64 before Thursday's open, up 13 per cent so far this year.
ANZ POSTS FLAT FY PROFIT
* Total operating income up 2.0pct to $9.49bn
* Cash profit from continuing operations flat at $6.47bn
* Statutory profit down 7.0pct to $5.95bn
* Final dividend 80 cents, 70pct franked v 80 cents, fully franked in pcp
Source: https://ift.tt/333oUnE
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