ANZ credit recoveries boost earnings

ANZ Bank slashed its credit impairment charge by A$311 million ($234 million) in the year to March 31, 2018, as a result of favourable macroeconomic tailwinds and the shuttering of one of its Asian businesses.

The charge, which is subtracted from earnings, was $408 million this reporting period, down from $479 million in September 2017 and $719 million in March 2017.

The lender’s loss rate – its impairment charge divided by gross outstanding loans – declined accordingly from 24 basis points to

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