Posted 11/12/2023, 8:59:00 PM
ANZ Profit Soars on Institutional Banking But Margin Concerns Weigh on Share Price
- ANZ posts record annual profit of A$7.4 billion, driven by institutional banking services
- Profit margin from retail unit narrows faster than expected due to aggressive mortgage campaign
- Overall profit margin declines 10 basis points to 1.65%
- ANZ shares fall over worries about sacrificing profitability for volume in mortgage business
- CEO denies forgoing margin to grow mortgages faster than market
- Declares final dividend of 94 cents per share, up from 74 cents last year