UPDATE 2-Australia's ANZ bank posts fall in H2 profit, expects recovery in mortgage demand [Reuters (UK)]
AUSTRALIA&N Z BKG S/ADR (ANZBY)
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Source: Reuters
Australia's ANZ bank posts fall in second-half profit, expects recovery in mortgage demand - Reuters 4 Min Read SYDNEY (Reuters) - Australia and New Zealand Banking Group Ltd ( ANZ.AX ) missed market expectations for second-half profit on Thursday amid record low interest rates and tough competition for home loans, but said it expected higher mortgage demand this fiscal year. Australia’s fourth-largest lender reported a near 3% drop in second-half cash profit to A$2.91 billion ($2 billion), driven by remediation charges, a sharp drop in revenue and an 8 basis point fall in net interest margins, a key measure of profitability. The result marks the beginning of the banking reporting season which most analysts expect to show a second consecutive fall in full-year cash earnings. Commonwealth Bank of Australia ( CBA.AX ) in August reported a second consecutive annual profit fall, and the two other majors are expected to post lower results in the coming days. ANZ shares fell 2.8% follow
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