ANZ Bank has already put aside 993 million before tax for remediation costs following Australia's banking Royal Commission. ANZ says its second half 2019 cash profit will be impacted by $A559 million due to increased provisions for customer related remediation. ANZ chief financial officer Michelle Jablko said: "We recognise the impact this has on both customers and shareholders. This was largely related to product reviews in Australia Retail & Commercial for fee and interest calculation and related matters, ANZ said. "These include historical matters recently identified during the period, as well as refinements to estimates of existing customer compensation programs and associated costs."

Source: Otago Daily Times October 07, 2019 22:41 UTC