Australia's ANZ Group announces $1.3 billion buyback, first-half cash earnings drop 7%

  • 📰 SaltWire Network
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

Explore stories from Atlantic Canada.

- ANZ Group announced a new A$2 billion share buyback on Tuesday, despite reporting a 7% slump in first-half cash earnings due to intense competition in Australia's mortgage lending market coupled with higher operating expenses.

The country's fourth-largest bank said cash profit was A$$3.55 billion for the six months ended March 31, compared with A$3.82 billion a year ago and beating a Visible Alpha consensus estimate of A$3.54 billion, compiled by UBS.Australian banks have allowed margins to fall over the last year as they struggle to compete in an intense home loan market, resulting in the lender posting a first-half net interest margin of 1.56%, down 19 basis points.

However, high rates of interest and inflation in the country have put a lid on borrowing capacity among Australians even as competition has heated up within the sector. The Melbourne-listed lender also declared an interim dividend of 83 Australian cents apiece, up from 81 Australian cents per share a year earlier.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 45. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines