ANZ Bank posted a six percent rise in interim net profit Tuesday on the back of restructuring its business to shift the emphasis away from Asia and onto its core assets.
The Australia and New Zealand Banking Group’s result for the six months to March 31 came in at Aus$2.91 billion (US$2.2 billion), while cash profit, which strips out one-off and other items, spiked 23 percent to Aus$3.41 billion.
The numbers were slightly below expectations, with the lender holding its dividend payout steady at 80 cents.
“We saw significant financial benefits emerging from the strategic and tactical decisions we took in 2016 to simplify the business, improve productivity and increase capital efficiency,” said chief executive Shayne Elliott.
The restructur…
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