ANZ Group Holdings Ltd

ANZ: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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ANZ: Lower Costs a Standout, but Our Forecasts Are Intact

Nathan Zaia , Leo Wang

Feb 12, 2026

ANZ Group's first-quarter fiscal 2026 underlying profit rose 17% to AUD 2.0 billion. A sharp 8% cut to underlying operating expenses was the key driver, further aided by modest loan growth and a slight improvement in underlying net interest margins, or NIMs. Shares rose 8% on the day.

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ANZ Group Holdings Ltd

ANZ: Lower Costs a Standout, but Our Forecasts Are Intact

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