ANZ 9-month Cash Profit Down

(RTTNews) - Australia and New Zealand Banking Group Ltd.(ANZBY.PK, ANZ.AX) or ANZ reported that its Cash Profit for the nine-months ended 30 June 2016 was A$5.2 billion, down 3% from the prior year. Statutory net profit for the latest-period was A$4.3 billion.

Profit before Provisions was up 5%, with income increasing at a faster rate than expenses. Increased technology, D&A and project costs were offset by productivity savings including lower employee (FTE) numbers. FTE reduction continued at a steady rate through the period.

Group Net Interest Margin (NIM) was stable assisted by portfolio rebalancing in Institutional offset by increased funding costs and asset pricing competition.