Company Briefs : ANZ Group

Australia and New Zealand Banking Group yesterday said its first-half cash profit would take an A$817 million (S$841.8 million) hit largely from losses on its investment in a Malaysian bank that was involved in the 1MDB scandal.

ANZ, the country's fourth-largest lender, said it would take a further impairment charge of A$135 million on its 24 per cent stake in AMMB Holdings, having warned of a A$212 million write-down in March. AmBank said earlier this year it would pay the Malaysian government US$700 million (S$930 million) to settle claims in relation to its role in the scandal.

REUTERS

---

ANA Holdings

Japan's biggest airline, ANA Holdings, yesterday forecast a return to profit this business year, bouncing back from a record loss on expectations that air travel demand will rebound as a vaccines contain the spread of the coronavirus.

"Based on data from countries where vaccination has progressed, it appears that the spread of Covid-19 can be contained," ANA said. For the 12 months to March 2022, ANA has forecast operating profit of 28 billion yen (S$341 million). That compared with an average estimated loss of 69.4 billion yen loss based on analysts' forecasts, Refinitiv data showed.

REUTERS

---

Barclays

Barclays' profits more than doubled in the first quarter, as the group's investment bank capitalised on a share trading mania while charges against expected bad loans shrank to almost nothing.

Barclays yesterday reported a profit before tax for the three months ended March 31 of £2.4 billion (S$4.4 billion), up from £923 million a year ago and above the £1.76 billion average of analysts' forecasts. The lender took an impairment charge of just £55 million for further bad loans, much less than analysts had forecast and down from £2.1 billion in the same period a year ago.

REUTERS