Thursday, June 8, 2023
HomeEconomyANZ posts better-than-expected half-year cash profit, but gloomy outlook

ANZ posts better-than-expected half-year cash profit, but gloomy outlook

By Savyata Mishra

(Reuters) – ANZ Group Holdings Ltd outperformed by 17 on Friday It expected first-half profit growth of .8%, but warned the second half would be tough due to intense competition and rising cost pressures in the retail banking sector.

The bank posted a record profit, driven by “solid growth in overall income,” following a rapid policy tightening by the country’s central bank.

“Continued The next six months will be more difficult than the last one. Competition in retail banking is as intense as ever, in Australia and New Zealand,” said chief executive Shayne Elliott.

ANZ’s net interest margin rose to 1.% by the end of March, but the company faced a crisis in loans and Risk of competition for deposits, and higher funding costs.

National Australia Bank, Australia’s second largest bank (OTC: NABZY) (NAB) said on Thursday that its profit margins had peaked.

ANZ warned of “emerging pressures” among its customers, spurred by rising borrowing costs, persistent inflation and The impact of the slowdown in the housing market.

ANZ’s total payout is likely to increase by nearly 5% over its financial 82 period 82 Base 9. 17 Billion Australian Dollars at constant exchange rates.

Australia’s fourth-largest bank said cash profit from continuing operations was A$3.82 billion (2.

billion) for the six months to March 17, above A$3. billion, exceeding the consensus estimate of 3.82 billion.

($1=1. 4945 AUD)



Please enter your comment!
Please enter your name here


Featured NEWS