ANZ Group Profit Impact

(Reuters) – Australian lender ANZ Group announced on Monday that its 2024 second half profit will be impacted by A$196 million ($129.63 million) after taxes, due to the acquisition of Suncorp's banking business.

The profit impact will lead to a 2 basis point reduction in its level 2 common equity tier 1 capital, which reflects its available cash, in its second half results.

ANZ completed the $3.3 billion acquisition of Suncorp's banking business earlier this year after receiving approval from Australia's Federal Treasurer. This approval came after nearly two years of scrutiny by financial regulators and treasury.

The bank is expected to report its full-year results on November 8.

> ($1 = 1.5119 Australian dollars)