ANZ cash profit more than doubles

Prashant MehraAAP
ANZ's first-half profit has rebounded after last year's hit due to COVID 19.
Camera IconANZ's first-half profit has rebounded after last year's hit due to COVID 19. Credit: AAP

ANZ has more than doubled first-half cash profit from a year ago to $2.99 billion, helped by increased market share in the home loans market and improving economic conditions.

Statutory net profit for the six months to March 31 also rebounded, nearly doubling from a year ago to $2.94 billion as the Big Four lender wound back almost $500 million in provisions due to improving credit conditions.

ANZ’s profit had plunged last year after it was forced to make higher provisions to cover for the potential impact from the COVID-19 disruptions.

On Wednesday, the banks also declared a better-than-expected first-half dividend of 70 cents a share, after deferring shareholder payout for the same period last year.

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