ANZ Group flags around A$196 million profit hit from Suncorp deal

AUSTRALIAN lender ANZ Group said on Monday its 2024 second half profit will take a A$196 million (S$172 million) hit after taxes due to impacts from the acquisition of Suncorp’s banking business.

The hit to profit will result in a 2 basis point reduction to its level 2 common equity tier 1 capital - a measure of its spare cash - in its second half results.

The lender completed the US$3.3 billion acquisition of insurer Suncorp’s banking business earlier this year after receiving approval from the Australia’s Federal Treasurer.

The approval was received after almost two years of scrutiny by financial regulators and treasury.

ANZ is expected to report its full-year results on Nov 8. REUTERS