ANZ: Interim result 2015

ANZ’s result provided more evidence that returns on equity might be peaking as bad debts bottom out.

The headline numbers from ANZ’s interim result were much healthier than Westpac’s. While Westpac is prepared to sacrifice some market share to maintain the quality of its massive mortgage portfolio, ANZ is lending larger amounts to increase market share.

ANZ’s Australian retail division increased profit by 8% compared to the same period last year and 2% compared to the prior six-month period. That’s well above the corresponding figures of 0% and -2% for Westpac (see Table 2).

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