ANZ has recorded a staggering 60% decline in cash profit and has decided to defer paying a dividend as the bank absorbs the cost of battling the economic impact of the coronavirus.

The bank has also elected to take a $1.67 billion impairment charge, more than the bank wrote off during the GFC, with about $1 billion of that allocated to covering COVID-19 debts.

Speaking with Money News host Brooke Corte, ANZ CEO Shayne Elliott justified the bank’s decision to defer paying a dividend to shareholders.

“We are in the eye of a storm, this thing is rapidly changing, and while we might feel better than today than we did a week ago, times are still really uncertain,”

“Our question was ‘is this the right time to be writing a cheque for a billion or $2 billion to our shareholders?'”

“Once we’ve written that cheque, we can’t get it back, and so while we could pay it we might live to regret it,” he said.

Click PLAY to hear Brooke Corte speak with ANZ CEO Shayne Elliott: