ANZ Bank First-Quarter Cash Earnings Rise to A$2 BillionBy
Lending profitability declines on increased funding costs
Bad-debt provisions outlook ‘more positive’ than expected
Australia & New Zealand Banking Group Ltd. first-quarter cash earnings rose on a stronger performance from the lender’s domestic businesses, while the outlook for bad debts has improved.
Unaudited cash profit, which excludes one-time items, rose to A$2 billion ($1.54 billion) in the three months ended Dec. 31, the Melbourne-based lender said in a statement to the stock exchange Friday. That’s up 8 percent from the A$1.85 billion recorded a year earlier. Statutory net profit was unchanged at A$1.6 billion…
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