ANZ (ASX: ANZ) has reported its first-half results for FY20. We take a look at the company's headline figures, key commentary and guidance outlook, plus review the share market's reaction across the trading day.

Headline result

ANZ has posted a 60% decline in cash profit versus 1H19, with a final figure of $1.41bn.At the end of the half, ANZ had a Group Common Equity Tier 1 (CET1) ratio of 10.8%.The company has made the decision to defer the interim dividend, meaning no ordinary dividend will be paid for the time being.

While shares initially dipped on the news, strong momentum across the rest of the market lifted the stock, which ultimately closed 1.44% higher at $16.90.

Key commentary

The bank reported statutory profit after tax of $1.55bn, which was 51% lower than 1H19. Influencing the result were credit impairment charges totalling $1.67bn, with the majority, some $1.03bn, attributed to the impact from COVID-19. In the lead-up to March, however, the company noted that loan losses were at "historically low-levels".As mentioned earlier, cash profit slumped 60% to $1.41bn. Looking further into this, underlying cash profit results were also weaker, with profit before credit impairment, tax and large notables decreasing 3% to $5.11bn.Return on equity was lower by 732 basis points, dropping from 12% in 1H19 to 4.7% in 1H20.In terms of the company's balance sheet, gross loans and advances (GLAs) rose by 8% to $661.3m, total risk-weighted assets (RWAs) jumped 13% to $449m and customer deposits increased by 15% to $566.5m. In turn, the bank's Group Common Equity Tier 1 (CET1) ratio fell 73 basis points from 11.5% to 10.8%.The company also made the decision to defer its dividend until there is greater clarity, citing the uncertainty around the potential economic impact of COVID-19, and also drawing reference to guidance from APRA that aligned with this decision.In recent weeks, ANZ has received approximately 105,000 requests for assistance with regards to $36bn in home loans across Australia. Around 15% of commercial lending customers in Australia have been provided assistance with repayment deferrals. Across the half, institutional lending increased by $16bn, equivalent to 12%.

Guidance outlook

Management of ANZ today indicated that they believe swift governmental responses in both Australia and New Zealand will mitigate the impact of COVID-19 on the two countries' economies. Nonetheless, they have also noted the difficulty in forecasting the extent of how long the crisis will play out, and how long the recovery might take.In the meantime, ANZ are "fast tracking" digital investments and "analysing customer behaviour". In doing so, the company is positioning itself for the long-term, realising that there will be "opportunities for banks that focus on their customers".Over the coming months, the bank will review the evolving economic landscape before making a final decision with regards to the interim dividend deferred today.