ANZ Reports 1st Half Profit of A$2.94 Billion, Up 90% — Update

Provided by
Dow Jones
By Alice Uribe
SYDNEY--Australia and New Zealand Banking Group Ltd. said its interim profit rose by 90%, boosted in part by strong home lending and an improved economic outlook.
Australia's fourth-largest lender by market capitalization reported a net profit of 2.94 billion Australian dollars (US$2.28 billion) for the six months through March.
With 92,000 new home loan accounts, ANZ said it was now the third-largest home lender in the market.
Cash earnings--a measure closely tracked by analysts that strips out non-core items such as revenue hedges and treasury shares--rose 126% to A$2.98 billion, up from A$1.32 billion a year ago. When measured only using continuing operations, ANZ's cash profit was A$2.99 billion, up 112% on year.

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