All three of the other big four ASX banks have proved to be dividend traps in 2020 so far. "Dividend deferral appears prudent until there is more certainty on the outlook for the economy and asset quality," he said in a flash note to clients.ANZ's Australian operations saw a 24 per cent slump in cash profit to $1.367 billion from $1.786 billion and was weighed upon by a $314 million increase in customer compensation payments to $405 million for the half.The bank saw a 15 per cent rise in customer deposits to $566.5 billion from $493.4 billion in the first half of 2019 while gross loans and advances rose 8 per cent to $661.3 billion from $613.8 billion over the same period.ANZ said trading conditions were tough even before the crisis hit; cash profit was down 26 per cent before the credit impairment and tax charges.The institutional bank - which saw the bank's investments in the two Asian banks written down by $815 million - saw a fall in cash profit of a similar magnitude down 27 per cent.Around one-third of total new impaired assets came from the institutional bank, which lends to very large customers, and around one fifth of all gross impaired loans relate to exposures over $100 million.Cash profit from ANZ's New Zealand operations also suffered and were down 16 per cent on the prior corresponding period.Headcount at ANZ barely wavered after several years of reductions, falling just 420 full time equivalents or 1 per cent to 38,939 FTEs from 39,359 in the prior corresponding half.ANZ said it had received 105,000 requests from Australian customers for home loan deferrals on $36 billion worth of mortgages, representing 14 per cent of its total book.There has been 19,000 requests from New Zealand customers for home loan deferrals and 17,000 similar requests from business customers.ANZ said repayment deferrals had been provided on $7.5 billion of commercial loans representing 15 per cent of all commercial customers.When conducting its stress test to determine the level of collective provision, ANZ assumed a 13 per cent contraction in GDP in the June quarter, a spike in unemployment to 13 per cent and a 1.1 per cent fall in property prices.But property price falls would accelerate to 4.1 per cent in calendar 2020, and 6.3 per cent in 2021, by which time unemployment would have recovered to 7.3 per cent and GDP to 4 per cent growth.Its total collective provision balance of $4.3 billion using the base case would increase to $5.2 billion on a "downside" scenario and to $6.4 billion under a "severe" scenario. Thursday sees both banks release results – ANZ’s interim for the six months to March 31, Macquarie for the year to the same date. "The bank's common equity tier one (CET1) sat at 10.8 per cent as of March 31, which was down from 11.4 per cent at the end of September and missed expectations, driven lower by new lending.It remains 30 basis points above the regulator's unquestionably strong benchmark of 10.5 per cent, which it will let banks fall below to support lending during the crisis.UBS analyst Jon Mott said the CET1 ratio was lower than expected but praised the bank for opting to defer a decision about the dividend until later in the year. ANZ is assuming a 13 per cent contraction in GDP in the June quarter. ANZ’s Board also determined it will defer its decision on the 2020 Interim Dividend until there is greater clarity regarding the economic impact of COVID-19. "We are prepared for a fairly grim outlook and that’s probably in banking the right thing to do, to be extremely conservative as you go into things like this," Mr Elliott said.Coronavirus: Need to know. The increase in CP has been driven by a deterioration in economic forecasts as a result of COVID-19, not by customer downgrades or increased delinquencies. Our daily reporting, in your inbox.Follow the topics, people and companies that matter to you.The US president says he is holding up talks on virus relief payments as part of his bid to stop people from voting by post.Investors voiced shock at the extent to which soft wholesale power prices and a hike in gas costs will erode profit at the electricity and gas supplier.Faced with a formidable task in turning around its wealth management and banking businesses, AMP has pinned its hopes of corporate resurrection on AMP Capital.The Morrison government has told the states it will help them determine how much they can borrow so they can share the cost of dealing with the coronavirus pandemic.Faced with a formidable task in turning around its wealth management and banking businesses, AMP has pinned its hopes of corporate resurrection on AMP Capital.Chevron has kicked off the sale of its one-sixth stake in Australia's largest producing oil and gas project, the North West Shelf, with an eight-point pitch to potential buyers. ANZ will provide an update as part of a trading update in August in conjunction with the release of its Pillar 3.ANZ launched support packages for retail and commercial customers in Australia and New Zealand that included the option of an up to six-month loan payment deferral. The individually assessed provision charge of $626 million, increased $228 million compared to 2H19.ANZ will maintain its focus on productivity given the impact of COVID-19 on its operations. ANZ today announced a Statutory Profit after tax for the Half Year ended 31 March 2020 of $1.55 billion, down 51% on the prior comparable period. J.P. Morgan analysts have more aggressively cut their interim dividend forecasts, arguing that ANZ will cut its dividend by 50%, to come in at 40 cents per share and as to imply a 52% payout ratio. Cash Earnings per Share decreased 60% to 50 cents.Entering the crisis with a strong capital position, ANZ’s Common Equity Tier 1 Capital Ratio is 10.8% at 31 March 2020.


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