ANZ hits the skids

ANZ's share price has been on the slide, but it's not for no reason.

Things can go wrong quickly for a bank – and you don’t even need a recession (although a global financial crisis will help). In 2007, ANZ was powering along, with an annual impairment charge of only $567m, representing just 0.18% of its outstanding loans and 9% of its pre-impairment pre-tax profit of $6.4bn, leaving a pre-tax profit of $5.9bn. Investors were loving it and priced the shares at 14 times the cash earnings per share of $2.10.

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