ANZ’s cash profit fell by 3 per cent to $3.1 billion for the first six months of fiscal 2022 and the bank does not expect its mortgage book to grow as fast as the market until the end of the current half, as banks enter a new period of rising interest rates.
ANZ dropped its $8 billion cost target, citing inflationary pressures. Its shares opened 1.6 per cent higher on the ASX to $27.70 then fell to be in the red after 45 minutes of trading as it was briefing analysts.
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Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at ayesha.dekretser@afr.com.au
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
