"ANZ Bank cuts dividend as profits fall 24 per cent"
Pretty sure this is due to all the ozbargainers draining 50k QFF points from them and then cancelling credit cards. :D
http://www.smh.com.au/business/banking-and-finance/anz-bank-…
OzBargain Is Killing ANZ (ANZ Bank cuts dividend as profits fall 24 per cent)
watwatwat on 03/05/2016 - 10:03
Last edited 03/05/2016 - 11:10 by 1 other user
Last edited 03/05/2016 - 11:10 by 1 other user
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I'm only partly responsible. At least I kept my ANZ card for 11 months after claiming the bonus ;)
It's actually a pretty good card, especially points through Amex and the domestic car rental excess reduction.
The professionals strike again!
It's ANZ's fault for not being competitive enough, they've done this themselves
ANZ are not passing on the rate cut. That would tend to alienate people.
tl;dr for those who didn't read the article. Fall in profit is a result of one off restructuring costs, poor performance overseas in Asia/Pacific and increased bad debts (from the small mining companies & Slater Gordon).
Doesn't have anything to do with "not being competitive enough" in Australia, their core Australian division had a 6% increase to profits.
Fall in profit is a result of one off restructuring costs, poor performance overseas in Asia/Pacific and increased bad debts…
In the case of ANZ, I would rather be labelled "not competitive enough" over just plain incompetently managed though…just my $0.02 ;)
lol thanks for the laugh OP!
Ozbargain doesn't even influence 1% of their profits I would guess.
If it was due to OzBargainers, it would probably be more likely because of OzBargainers getting their mortgage/s refinanced with UBank or someone else, and ANZ probably had to cut their own rates to compete.
However I am guilty as charged as I got QFF points from ANZ.
Seriously though none of the big 4 banks are going to be killed off anytime soon.