Australia and New Zealand Banking Group has posted a modest lift in first-half cash profit after managing to keep a lid on costs despite continuing strong competition in the home loan market.
Australia's third-largest bank said cash profit from continuing operations for the six months ended March 31 rose four per cent to $3.1 billion, slightly ahead of analyst estimates.
Additionally, statutory net profit for the half year was up 20 per cent from the previous corresponding period to $3.5 billion as ANZ wound back provisions worth a net $284 million amid improving economic conditions.
