ANZ’s full-year cash profit slumped 14 per cent due to redundancy costs and legal penalties, as the country’s fourth-largest lender pointed to intense competition in retail banking and docked the pay of its former chief executive.
Cash profit was $5.8 billion for the year to September 30, but adjusted to $6.9 billion once the one-off costs were stripped out. The adjusted profit was flat on the prior year.
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