ANZ Bank's Cost-Cutting Plan Boosts Shares
Update: 2025-11-10
Description
ANZ Group, a prominent Australian bank, reported a 14% drop in annual cash earnings due to legal penalties and staff layoffs. Despite this, shares rose after announcing plans to cut costs. The banks cash profit fell to $5.79 billion, down from $6.73 billion the previous year. New CEO Nuno Matos acknowledged the need for improvement and committed to streamlining operations and enhancing risk culture. The banks shares surged by 2.6% following projections of a 3% cost reduction and exceeding capital expectations. However, the net interest margin declined, indicating market pressure, but ANZ aims to manage margins through pricing adjustments and loan mix changes.
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