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ANZ's customer remediation provisions to hit H2 cash profit

Australia & New Zealand Banking Group Ltd. said a surge in customer remediation provisions are set to impact its posttax cash profit for the fiscal second half.

The bank expects customer remediation charges to stand at A$559 million after tax in the second half, compared with A$123 million in the first half.

Under the total charges, A$405 million after tax will be allocated for continuing operations and A$154 million after tax for discontinued operations such as the advice remediation program and customer compensation charges for other wealth products.

ANZ added that its customer remediation provisions for the 2019 full year are estimated to reach A$682 million, compared with A$422 million in 2018.