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ANZ chief Nuno Matos promises bank will outperform rivals by 2028
ANZ chief executive Nuno Matos is confident his transformation strategy will have the major bank beating its rivals by early 2028, after the group’s full-year result disappointed investors.
Shares in ANZ fell 3.2 per cent to $39.05, against a broader rise in the S&P ASX/200 Index on Monday, as momentum in ANZ’s second half was seen as weak by investors, with margins in its home lending book being squeezed by ongoing competition.
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ANZ profit surges to $7.6b despite late home loan repayments rising
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ANZ Bank chief executive Nuno Matos says late repayments on home loans have ticked up as the bank reported annual cash profit of $7.6 billion.
On Monday, ANZ announced its profit for the year to September jumped 31 per cent after last year’s result was dragged down by charges from a cost-cutting drive.
ANZ said that if these “significant items” were excluded, its cash profits for the year rose 10 per cent.
The bank’s net interest margin – a key measure of profitability – was unchanged at 1.53 per cent, as the benefits from higher official interest rates were offset by competition in the home loan market.
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