Reported 17 days ago
Australian lender ANZ Group announced annual profits below expectations, citing a challenging environment due to fierce competition in deposits and loans, along with high operating costs. For the year ending September 30, ANZ reported a cash profit of A$6.73 billion, which fell short of analysts' estimates and last year's earnings. The bank noted that competitive pressures in the home lending and deposit sectors were significant, and rising interest rates have increased customer demand for hardship support.
Source: YAHOO