ANZ Bank

ANZ has announced its first quarter result (it has a 30 September year end), with underlying net profit increasing 4.1% to $1.5bn compared to the same period last year. With higher funding costs reducing ANZ’s profit margins in Australia by nine basis points, varying mortgage rates independent of the Reserve Bank is a sensible move. The big four banks’ ability to pass on higher costs to its customers shouldn’t be underrated, but with mortgage lending growth slowing to levels not seen since the seventies ANZ has eliminated 1,000 jobs from its 24,000-strong workforce to help preserve profit margins. Having...

ANZ has announced its first quarter result (it has a 30 September year end), with underlying net profit increasing 4.1% to $1.5bn compared to the same period last year. With higher funding costs reducing ANZ’s profit margins in Australia by nine basis points, varying mortgage rates independent of the Reserve Bank is a sensible move.

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