ANZ, Australia’s fourth-largest lender, said on Wednesday that profit fell 28% in the first half as bad debts almost doubled, reports Bloomberg. The stock slumped nearly 5%, the most in more than two months, after the bank reported that net income dropped to A$1.42bn ($1bn) in the six months to March 31, from A$1.96bn a year earlier. The bank’s credit impairment charge jumped 98% to A$1.44bn.

This entry was posted by Gwen Robinson on Wednesday, April 29th, 2009 at 5:09 and is filed under Capital markets. Tagged with anz. Edit this entry.