ANZ continues to defy gravity, for now

ANZ’s improving credit quality, cost control measures and strong international performance have produced solid results in a subdued lending environment. But the auto industry’s closure could yet flow to the banks.

ANZ Banking Group’s first-quarter performance signals that the Australian majors are continuing to defy the gravity of low demand for credit and pressure on net interest margins.

A 13 per cent lift in earnings relative to the previous corresponding quarter, albeit only about 3 per cent ahead of the preceding quarter, is a very strong performance in a very subdued credit environment.

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