ANZ Lifts 1Q Cash Profit 6% as Costs Fall Following Job Cuts

By Stuart Condie

SYDNEY--ANZ Group lifted December-quarter cash profit by 6% compared with a year earlier as Australia's fourth largest bank reported lower expenses following thousands of redundancies.

ANZ on Thursday reported an unaudited cash profit for its fiscal first quarter of 1.94 billion Australian dollars, equivalent to US$1.37 billion.

That was up 75% on the average of the prior two quarters, when the lender cut about 4,500 staff and contractors at a cost of A$585 million. Operating expenses were down by 1% on a year earlier.

"Our productivity program aimed at removing duplication and simplifying the bank is well underway, delivering a significant reduction in expenses while growing revenue," Chief Executive Nuno Matos said.

Stripping out all significant items including regulatory settlements, impairments and costs associated with the acquisition of Suncorp Bank, cash profit was up by 17% on the average of the prior two quarters.

Revenue increased by 1% on the average of the prior two quarters, supported by 0.4% growth in net interest income and 5% growth in markets income.

Customer deposits grew by 5% over three months to A$787 billion. Net loans and advances grew by 1% over the same period to A$837 billion.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

February 11, 2026 16:23 ET (21:23 GMT)