That pushed net profit from the bank's institutional unit up 53% to overtake its retail unit, by dollar value, in the year to September, and helped the Melbourne-listed company grow overall profit 14% to A$7.4 billion ($4.7 billion), just missing a Visible Alpha consensus forecast of A$7.56 billion.
But analysts expressed concern about a faster-than-expected narrowing of profit margin from the bank's retail unit, the only one of Australia's so-called big four lenders that has persisted with offering cash handouts to lure mortgage customers looking for a cheaper deal.
The logo of the ANZ Bank is seen at Lambton Quay, in Wellington, New Zealand November 10, 2022.
ANZ CEO Shayne Elliott denied forgoing margin to grow mortgages faster than the market, and challenged comments from other banks that have said they were intentionally slowing mortgage growth while competition eroded profit.
ANZ declared a final dividend of 94 Australian cents per share, up from 74 cents a year ago.
Persons:
NIM, Lucy Craymer, Shayne Elliott, we've, Byron Kaye, Rishav Chatterjee, Roushni Nair, Lisa Shumaker, Stephen Coates
Organizations:
ANZ, Westpac, National Australia Bank, midsession, ANZ Bank, REUTERS, UBS, Thomson
Locations:
Melbourne, Lambton Quay, Wellington , New Zealand, Sydney, Bengaluru