ANZ H1 Earnings Dive 24%

A day after Westpac produced a weak result that didn’t fool the market and suggested the long bank boom was over, the ANZ has hammered a huge nail in the coffin by revealing plans to slash shareholder payouts this year for the first time since the GFC.

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Slowing ANZ Misses Expectations

Forget all the media and some commentary hyping the NAB full year result yesterday – the 2% slide in the bank’s share price exposed that for the rubbish it was. Look instead to the just released full year figures for the ANZ – they are not good, with the barest of profit rises and an unchanged final dividend – all pointing to just how tough conditions are for these still very profitable enterprises.

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ANZ Cautious On ‘Challenging’ Environment

According to yesterday’s trading update and subsequent briefing from CEO Mike Smith and the bank’s chief financial officer Shayne Elliott, times are challenging, the ANZ is hunkering down with a sharper focus on costs, but at the same time there are lots of positives, businesses are performing strongly and in some, the bank is ahead of its rivals.

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ANZ Underwhelms

The market wasn’t all that convinced by ANZ’s interim profit, not that it looked light on, just that there was less growth than expected, especially from Asia where the bank is expanding, and Australia.

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