FX.co ★ ANZ HY Profit Down; To Buy Back Up To A$2 Bln Of Shares

The Australia and New Zealand Banking Group Ltd. (ANZ) recently reported a decrease in its profit for the half year ending 31 March 2024. Its attributable profit fell to A$3.41 billion, which equates to 111.5 cents per share, a drop from the previous year's A$3.56 billion, or 113.0 cents per share.

The bank's cash profit for the same period was reported to be A$3.55 billion, showing a decrease from the A$3.83 billion reported for the previous year. Additionally, the net interest income was A$7.90 billion for the report period, displaying a decrease from the previous year's A$8.50 billion. On a positive note, other operating income for the period saw an increase, climbing up to A$2.11 billion from the prior year's A$1.50 billion.

In response to these figures, the ANZ has released plans to buy back up to A$2 billion of shares on-market as a part of its capital management scheme. Furthermore, the bank's Board proposed an interim dividend of 83 cents per share, partially franked at 65%.