ANZ National annual profit falls 80% to NZ$194 mln after bad debts and tax, ING provision (Update 1)

ANZ National annual profit falls 80% to NZ$194 mln after bad debts and tax, ING provision (Update 1)
New Zealand's largest banking group, ANZ National, has reported its net profit for the year to September 30 fell 80% to NZ$194 million because of tax provisions, bad debt charges and compensation to customers in ING funds. (Update 1 includes full statement) ANZ National said provisions for bad debts almost tripled to NZ$889 million, while it also took provisions of NZ$434 million to account for possible losses in its conduit tax case and payments to ANZ customers stuck in frozen ING funds. Here is the full ANZ release below. ANZN Annual Results 291009 (1)

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